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Archive: 19 October 2024

Posts in 19 October 2024

Condonation rejected as time limit prescribed u/s. 61 of IBC not satisfied: NCLAT Chennai

October 19, 2024 150 Views 0 comment Print

NCLAT Chennai held that appellant having knowledge of the proceedings fall within the purview of the term ‘Person Aggrieved’ u/s. 61(1) hence cannot be exempt from applying for certified copy within prescribed time.

Construction of Dewas by-pass road is works contract hence tax leviable under Commercial & Entry Tax Act

October 19, 2024 471 Views 0 comment Print

Madhya Pradesh High Court held that construction of Dewas by-pass road on a [Build, Operate and Transfer] BOT basis is in the nature of works contract and accordingly, commercial tax under the Commercial Tax Act as well as Entry Tax Act leviable.

Central Excise classification of propylene: CESTAT set aside demand & allowed appeal

October 19, 2024 138 Views 0 comment Print

BPCL challenges the Central Excise classification of propylene, seeking relief against the differential duty imposed by the authorities.

RBI Designates Hizb-Ut-Tahrir as Terrorist Organization

October 19, 2024 249 Views 0 comment Print

RBI mandates compliance following MHA’s listing of Hizb-Ut-Tahrir as a terrorist organization under the Unlawful Activities (Prevention) Act, 1967.

8 Principles to avoid Financial Crisis

October 19, 2024 1587 Views 0 comment Print

Follow these 8 principles to avoid financial crises and safeguard your investments through knowledge, preparedness, and smart financial decisions.

Reserve arising out of amalgamation is capital reserve and hence not taxable u/s. 28(iv): ITAT Mumbai

October 19, 2024 597 Views 0 comment Print

Held that reserve arising out of amalgamation is capital in nature and cannot be treated as revenue under the ambit of section 28(iv) of the Act. CIT (A) is correct in holding that capital reserve cannot be treated as an Income u/s 28(iv) of the Act.

Revision order u/s. 263 quashed as order passed in original proceeding itself is illegal: ITAT Surat

October 19, 2024 594 Views 0 comment Print

ITAT Surat held that if the order passed in the original proceeding itself is illegal, then that cannot give rise to valid revision proceedings. Thus, revision order u/s. 263 quashed as order passed u/s. 147 r.w.s. 144 & 144B is invalid.

Profits estimated at 10% of contractual receipts hence no separate disallowance u/s. 40A(3) or 40(a)(ia) warranted: ITAT Chennai

October 19, 2024 489 Views 0 comment Print

The assessee is a contractor who is involved in the construction of roads, bridges, runways and tunnels etc. The assessee is also engaged in the business of operating petrol bunks, cinema theatres and manufacture of blue metals and ready-mix concrete.

Unutilized Cenvat credit can be adjusted against Service Tax demands under GST regime

October 19, 2024 345 Views 0 comment Print

CESTAT Mumbai sets aside service tax demand against Konkan Railway for excess Cenvat credit adjustment due to unutilized credit under CGST Act, 2017.

WhatsApp’s Privacy Policy and Competition Law Breach in India: A Legal Analysis

October 19, 2024 639 Views 0 comment Print

WhatsApp’s 2021 privacy update faces a CCI probe for potential competition law breaches in India, exploring dominant market abuse and data-sharing with Meta.

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