"29 November 2022" Archive

Purchasing dealer entitled to claim refund of excess CST paid

Commissioner of Commercial Taxes & Another Vs Tata Steel Limited & Others (Calcutta High Court)

Calcutta High Court held that purchasing dealer is entitled for concessional rate of tax as they have fulfilled the conditions in Section 8 of the Central Sales Tax Act, 1956 and the Form “C” declarations having been verified and found to be in order by the concerned authority of the State of West Bengal. Thus, purchasing dealer are e...

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Bail not granted as person likely to temper evidences

Pooja Singhal Vs Directorate of Enforcement (Jharkhand High Court)

Jharkhand High Court rejected the bail application as the person is likely to hamper the investigation as already there were attempts to submit the false certificate to obtain the benefit on medical grounds. Further, if the bail is granted, the petitioner is also likely to temper the evidences....

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No duty leviable in absence of corroborative evidence on allegation of Clandestine manufacture and removal of Finished Goods

Maa Foundry Private Limited Vs Commissioner of Central Excise (CESTAT Kolkata)

Duty could not be demanded on the ground that there was absence of corroborative evidence on allegation of clandestine manufacture and removal of finished goods as ,the allegation of clandestine manufacture and removal of finished goods by the Appellant made in the Show Cause Notice, was merely on assumption and presumption, without suffi...

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Reopening of concluded assessment merely on audit objection is impermissible

Birsa Minerex Vs Sales Tax Officer and another (Orissa High Court)

Orissa High Court held that concluded assessment could not be reopened by the Assessing Authority merely on the basis of audit objection....

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Scope of interference to notice by Court under Article 226 is limited

Sanmar Foundries Limited Vs Commissioner of Central Excise and Customs (Madras High Court)

Madras High Court held that that the scope of interference to a show-cause notice by a writ Court exercising its power under Article 226 of the Constitution of India, is very limited, barring few exceptions, like lack of jurisdiction or abuse of process of law, etc. Here, writ petition entertained as show cause notice issued on lack of ju...

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GST on Third Party Exports

‘Third-party exports’ means exports made by an exporter or manufacturer on behalf of another exporter(s). In such cases, shipping bills shall indicate the name of both the exporter/ manufacturer and exporter(s). The applicable GST rate for third party exports are as follows:- -For intra-State supply, GST should be applied at t...

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Introduction of credit risk based single issuer limit for investment by mutual fund schemes

Circular No. SEBI/HO/IMD/IMD-1 DOF2/P/CIR/2022/164 29/11/2022

Mutual fund scheme shall not invest more than 10% of its NAV in debt instruments, issued by a single issuer, comprising money market securities and non-money market securities rated investment grade or above by a Credit Rating Agency (CRA)....

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Incorporation of new policy condition against Organic Non-Basmati Broken Rice

Notification No. 45/2015-2020-DGFT [S.O. 5538(E)] 29/11/2022

Export of Organic Non-basmati rice, including Organic Non-basmati broken rice, will be governed as per provisions under Notification No.03/2015-2020 dated 19th April, 2017 – Notification No. 45/2015-2020-DGFT | Dated:  29th November, 2022.  Government of India Department of Commerce Directorate General of Foreign Trade Vanijya Bh...

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No assessment u/s 153A in absence of Incriminating Material for passing an order u/s 153A

PCIT Vs PGF LTD (Delhi High Court)

Where appellant-Revenue did not reveal that the statements recorded under Section 132(4) disclose some incriminating material on the basis of which orders under Section 153A had been passed then, no assessment under Section 153A should be made....

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Threshold limits for applicability of 15 provisions of Companies Act, 2013

Article explains Threshold limits for applicability of 15 provisions of Companies Act, 2013 related to Key Managerial Personnel, Appointment of Company Secretary, Independent Directors, Woman Director, Meeting of Independent Director, Audit Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, State...

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January 2023