Assessee had been mainly providing e-platform for conducting e-auction, e-procurement services for disposal of scrap arisings, surplus stores, etc. from PSUs and Government Departments including Defence.
Goods imported under the 2 BEs were seized and were later provisionally released on execution of bond with bank guarantee. Statement of Managing Director (MD) of assessee was recorded on 17.09.2020.
Assessee- TAAI filed the appeal under Section 53B of the Competition Act, 2002, challenging the Competition Commission of India‘s (CCI) order dated 8.05.2020 alleging that the Department of Expenditure, Government of India, the Respondent No. 2, Balmer Lawrie & Co. Ltd.
The CoC resolved not to initiate liquidation process and decided to file an application for dissolution of the CD. In pursuance of the resolution passed by the CoC in its fifth Meeting dated 29.04.2024, an IA was filed by the RP which came to be rejected by the Adjudicating Authority.
Supreme Court while adjudicating matters emphasized the need to follow the legal framework laid down by statutory provisions for the withdrawal of petitions and settlement of claims in a Corporate Insolvency Resolution Process (CIRP).
This would lead one to the inescapable conclusion of no perceivable or plausible tax liability possibly being created. Consequently, the proceedings initiated in terms of the impugned SCNs‟ and their continuance would be futile and impractical.
Further, in reference application filed under the Settlement Act, the Dy CST passed an order of settlement u/s 13(1) and arrived at the same figure of the settlement amount which were calculated by the assessee in its application.
Assessee had deposited Rs.2,25,00,000/- during the demonetization period in the bank account and explained the reason of the cash deposit, hence he had discharged the onus and prove the genuineness of the transaction.
Central Sales Tax was not applicable on mere stock transferring of beer from manufacturing units to depots situated in other State as movement of goods could not be considered incidental to the Master Agreement
Since there was no genuine hardships in filing their ITR within prescribed time limit, the application was not maintainable since the ITR was already filed by assessee and the same was taken on record, and thus the issue of condoning delay in filing the ITR would not arise.
