"19 September 2022" Archive - Page 3

Interest on delayed GST payment leviable on net liability

Sumilon Polyster Limited Vs Union of India (Gujarat High Court)

Whether interest on delayed GST payment as per section 50 of CGST Act, 2017 can be levied on gross tax liability instead of net liability?...

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Top 10 things to check before finalizing your wealth management firm

This quote, as motivating in itself, also raises a question- how to invest? Although many investment firms can provide adequate profit, they also come with risk factors. And when your money is involved, it’s a matter of concern....

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Possessing price-sensitive information without an attempt to take advantage is not insider trading

Securities And Exchange Board of India Vs Abhijit Rajan (Supreme Court of India)

Supreme Court held that mere possession of price-sensitive information doesnt prove that the person was indulged in insider trading. There must be an attempt to take advantage of or encash the benefit of the information so possessed....

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Brief analysis of amendments in IBC Regulations CIRP, Liquidation Process & Voluntary Liquidation Process

IBBI  issued a Gazette notification dated 16th Sept 2022 for amending the following 3 regulations:- 1. IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022. 2. IBBI (Liquidation Process) (Second Amendment) Regulations, 2022 3. IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, ...

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Proposal containing arbitration clause signed by one party doesn’t amount to arbitration agreement

TCI Infrastructure Limited Vs Kirby Building Systems (Uttaranchal) Private Limited (Bombay High Court)

Bombay High Court has held that a mere reference to a proposal containing an arbitration clause which was unilaterally signed by one party, would not amount to an arbitration agreement coming into existence between the parties. Suit filed before Trial Court stand restored....

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NCLAT Upholds Dismissal of CIRP petition despite opposition by Financial Creditor as Corporate Debtor Willing to Pay Full Amount

Reliance Commercial Finance Limited Vs Darode Jog Builder Private Limited (NCLAT Delhi)

Adjudicating Authority has only given an opportunity to the Corporate Debtor to deposit the entire defaulted amount for which Section 7 Application was filed, within 45 days with liberty reserve to the Financial Creditor to revive the Section 7 Application in event the amount is not deposited....

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Inadvertent human error in E way bill cannot lead to proceedings & penalties

Maharaja Cables (C/O Maxwell Logistic Pvt Ltd)  Vs Commissioner (GST) State Tax Indore (M.P.) (Madhya Pradesh High Court)

Maharaja Cables (C/O Maxwell Logistic Pvt Ltd)  Vs Commissioner (GST) State Tax Indore (M.P.) (Madhya Pradesh High Court) HC held that inadvertent human error in generating E way bill cannot lead to proceedings and penalties under Section 129 of CGST Act, 2017. A tax invoice was generated which reflected the destination as well as the [&...

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CBDT notifies Form ITR-A & rules for modified return by successor entity

Notification No. 110/2022-Income Tax [G.S.R 709(E)] 19/09/2022

CBDT notifies new Income Tax Rule 12AD modified  return of income under section 170A to be furnished by a successor entity to a business reorganisation and relevant Form ITR-A vide Notification No. 110/2022-Income Tax | Dated: 19th September, 2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES), New Delhi N...

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SC to examine constitutional validity of Goa Cess on Fluid Milk (Control) Act, 2000 provisions

Goa State Co op Milk Producers Union Ltd. Vs State of Goa (Supreme Court of India)

Goa State Co op Milk Producers Union Ltd. Vs State of Goa (Supreme Court of India) Being a dispute with respect to the constitutional validity of the relevant provisions of the Goa Cess on Fluid Milk (Control) Act, 2000, only on that ground alone and the issue is with respect to legislative competence, issue notice […]...

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ITAT allows additional ground regarding treatment of subsidy – HC confirms

PCIT Vs Crystal Crop Protection Pvt. Ltd. (Delhi High Court)

PCIT Vs Crystal Crop Protection Pvt. Ltd. (Delhi High Court) The department has reiterated its objection to the ITAT admitting additional ground raised by the assessee regarding the treatment of subsidy. However, in the impugned order, the ITAT has given detailed reasoning for permitting the additional ground after relying upon the judgme...

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