2 Archive - 24 November 2022

"24 November 2022" Archive - Page 7

MPVAT: VAT Leviable for Trial Period of production too when Sale taken place during the same period

Prism Cement-Unit II Vs Commissioner of Commercial Tax (Madhya Pradesh High Court)

Prism Cement-Unit II Vs Commissioner of Commercial Tax (Madhya Pradesh High Court) A bare reading of the expression “Business” u/S.2(d) of M.P. VAT Act, 2002 reveals that tax is leviable inter alia on the event of manufacturer whether or not such event is carried on with motive to make gain or profit and whether or […]...

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Customs Duty Exemption cannot be denied for procedural lapse

M J Gold Pvt Ltd Vs Principal Commissioner of Customs (Import) (CESTAT Delhi)

M J Gold Pvt Ltd Vs Principal Commissioner of Customs (Import) (CESTAT Delhi) Admittedly, the Customs Authority while verifying the origin of goods had issued a questionnaire and denied the benefit on the ground that the complete questionnaire was not answered by the appellant creating a doubt about the Country of origin Certificate. The ...

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Addition deleted for Cash Deposits during demonetization out of withdrawals for Daughter’s Marriage –

Harjeet Kaur Vs ITO (ITAT Delhi)

Harjeet Kaur Vs ITO (ITAT Delhi) Admittedly, the assessee had deposited cash in her bank accounts during the demonetization period. However, before the Assessing Officer, the assessee had explained that such deposits were out of cash withdrawals made earlier by her for the purpose of her daughter’s marriage. The Assessing Officer has pa...

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Change in COC Composition will not affect costs & fees ratified by earlier CoC

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi)

DBS Bank India Pvt. Ltd. Vs Rakesh Kumar Jain (NCLAT Delhi) The proviso in Regulation 12(3) of CIRP Regulations, 2016 clearly stipulates that if any decision is taken by the committee (CoC), prior to the reconstitution, which in this case is the ratification of the fees and the expenses, its validity will not be affected. […]...

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TCS applicable on Scrap Sale by Trader, Not Engaged in Manufacturing Activity

Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad)

Umeshkuamr Harilal Shah Vs ITO (TDS) (ITAT Ahmedabad) It is undisputed fact that the assessee is not a manufacturer and the scrap which was sold by the assessee was not from the manufacturing activity. The decision of the Special Bench in case of Bharti Auto Product (supra) was observed that scrap means wasted which is […]...

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Standard of Pre-Existing Dispute under IBC is not Equivalent to Principle of ‘Preponderance of Probability’

Rajratan Babulal Agarwal Vs Solartex India Pvt. Ltd. (Supreme Court of India)

Pre-existing dispute under IBC must be employed cannot be equated with even principle of preponderance of probability which guides a civil court at the stage of finally decreeing a suit....

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Penalty not imposable on Service Tax Paid before Issuance of SCN

Nurture Marketing Pvt. Ltd Vs Commr. of CGST & CX (CESTAT Kolkata)

Nurture Marketing Pvt. Ltd Vs Commr. of CGST & CX (CESTAT Kolkata) Appellant submitted that the commission in respect of volume purchase by the Second Level of distributor for the periods of 2006-07 to 2010-11 earned by the appellant is to the tune of Rs.1,22,46,991/- and the Service Tax on the same was Rs.13,94,933/- and […]...

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Penal interest for delay in payment of lease amount allowable- ITAT allows capitalisation

ITO Vs Logix Buildtech Private Limited (ITAT Delhi)

ITO Vs Logix Buildtech Private Limited (ITAT Delhi) ITAT held that Penal interest arises out of default in payment of installment / lease rent as per the schedule agreed and the normal interest along with penal interest compounded half yearly was agreed to be paid on the default amount and for the default period as […]...

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