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.
Addition of unsecured loans as unexplained cash credits under Section 68 was unjustified as all the above transactions were duly recorded in the books of account and there was no undisclosed cash credit involved in these transactions.
Integrated Goods and Services Tax ( IGST ) on ocean freight could not be levied on Free on Board ( FOB ) transactions also as once the IGST was paid on value of goods including the freight, cost and insurance, it would not make any difference between the transactions was on CIF basis or FOB basis
Supreme Court rules that royalty on advertisement hoardings by Patna Municipal Corporation cannot be equated with a tax. Case clarifies royalty vs. tax distinction.
Delhi High Court remands Alcatel Lucent’s transfer pricing case to ITAT, questioning selection of comparables in ALP determination. Detailed review of objections awaited.
