"11 January 2023" Archive - Page 3

Disallowance of marketing and survey expenses unsustainable as identity of party is proved

Rajasthan Patrika Private Limited Vs ACIT (ITAT Jaipur)

ITAT Jaipur held that disallowance of marketing and survey expenditure merely because of non-production of the concerned party whose identity is proved is unsustainable in law....

Repatriation of sale proceeds of export expiry with statutory period of six months

Krishna Murarai Poddar Vs State of West Bengal & Anr. (Calcutta High Court)

Calcutta High Court held that conjoint reading of section 18(1)(c) and section 18(1)(a) of the Foreign Exchange Regulation Act, 1973 definitely propagate that the duty to get the sale proceeds of export to be repatriated expiry with the statutory period of six months....

Re-exporting of goods without payment of customs duty not permissible on expiry of bonded period

Commissioner Of Customs Vs Baroda Rayons Corporation Ltd. (Gujarat High Court)

Gujarat High Court held that as the bonded period is expired, the importer is liable to pay the customs duty. Importer cannot re-export the goods under section 69 without payment of the customs duty....

Use ‘Price / Yield range setting’ facility provided on e-Kuber platform: RBI

Notification No. RBI/2022-23/163, IDMD.No.S2800/08.02.032/2022-23 11/01/2023

All market participants are, advised to utilize Price / Yield range setting facility provided on e-Kuber platform before placing bids in Primary Market auctions....

Debt means any liability inclusive of interest which is claimed as due from any person under SARFAESI Act: SC

Sidha Neelkanth Paper Industries Private Limited Vs Prudent ARC Limited (Supreme Court of India)

The Hon’ble Supreme Court observed in a case where the borrower also challenges the auction sale and does not accept the same and also challenges the steps taken under Section 13(2)/13(4) of the SARFAESI Act with respect to secured assets, the borrower has to deposit 50% of the amount claimed by the secured creditor along with interest ...

GST: Karnataka AAR allows withdrawal of application by TE Connectivity Services India Pvt. Ltd.

In re TE Connectivity Services India Pvt. Ltd. (GST AAR Karnataka)

Whether subsidized deduction made from employees availing transportation or canteen services within office is supply under Section 7 of CGST Act...

GST on subsidised transportation and canteen services to employees – AAR allows withdrawal of application

In re TE Connectivity India Pvt. Ltd. (GST AAR Karnataka)

Whether the subsidised deduction made by the Applicant from the employees who are availing transportation services and / or canteen services within the factory would be considered as a 'supply' by the Applicant under the provisions of Section 7 of Central Goods and Service Tax Act, 2017 and Karnataka Goods and Service Tax Act, 2017....

Deposit of balance amount on the Order of Trial Court shows readiness and willingness to perform Contract: SC

Basavaraj Vs Padmavathi & Anr. (Supreme Court of India)

The Hon’ble Supreme Court observed that deposit of earnest money as well as balance amount on order of the Trial court shows readiness and willingness on the part of the plaintiff to execute the Contract....

Legal sale of gold using prohibited currency/ SBNs not permissible

Vaishnavi Bullion Private Limited Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad held that no legal sale of gold can be made with the use of either prohibited currency or prohibited Specified Bank Notes (SBNs)...

Sale of software products/licenses is not royalty and hence not taxable

Digite Inc. USA Vs ADIT (ITAT Delhi)

ITAT Delhi held that payment received from sale of software products/ licenses doesn’t fall in the nature of royalty as per Article 12(3) and as per section 9(1)(vi) and hence the same is not taxable in India....

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