Under special insolvency resolution framework for Micro, Small and Medium Enterprises (MSMEs), called the pre-packaged insolvency resolution process (pre-pack), provided in the Insolvency and Bankruptcy Code, 2016 (the Code/IBC), only eligible corporate debtors (CDs) may file applications for resolution under this framework.
During the current year (from 01.01.2021 to 10.12.2021) total 9781 number of One Person Companies (OPCs) were registered under the provisions of the Companies Act, 2013
Tata Steel Ltd. Vs The State of West Bengal (West Bengal Taxation Tribunal) 1. Prelude The above bunch of cases have been heard analogously. West Bengal Tax On Entry of Goods into Local Area Act. 2012 (hereinafter referred as Entry Tax Act) was introduced w.e.f 01.04.2012 in purported exercise of the power conferred under Article […]
Gondia Beedi Leaves Contractors Association Vs Union of India (Bombay High Court) It is admitted that the re-sale of Tendu leaves, as it is without any process, after purchase from the Forest Department would amount to trading which does not qualify for exemption under sub-section (1A) of Section 206C of the Income Tax Act. It […]
DCIT Vs Landis+ Gyr Ltd. (ITAT Kolkata) Expenditure incurred for construction / acquisition of new facility which had to be abandoned midway will be allowable as a revenue expenditure as incurred wholly or exclusively for the purpose of assessee’s business. It is to be noted that in the instant case also, the expenditure incurred by […]
Refund of CVD and SAD in question is allowable, as credit is no longer available under the GST regime, which was however available under the erstwhile regime of Central Excise prior to 30.06.2017. Accordingly, I hold that the appellant is entitled to refund under the provisions of Section 142(3) and (6) of the CGST Act.
Mayur Batra Vs ACIT (Delhi High Court) Petitioner states that before levying the penalty under section 271(1)(c), the replies of the petitioner filed on 17th December, 2021 and reiterated as well as uploaded on 22nd and 27th January, 2022 were not considered by the respondents. He further states that the petitioner has not been granted […]
The main objective of trifurcation of the erstwhile Municipal Corporation of Delhi was to create compact municipalities at various centres in Delhi in the interest of providing more efficient civic services to the public. However, trifurcation of the erstwhile Municipal Corporation of Delhi was uneven in terms of territorial divisions and revenue generating potential. As a result, there was huge gap in the resources available to the three corporations compared to their obligations.
The objective of this consultation paper on Review of determination of Offer Price in case of disinvestment of PSU Companies is to seek comments from the public on the proposal to relax certain provision with regard to determination of open offer price in case of divestment of Public Sector Undertaking companies by the Central Government and/or State Government.
GST rates on all goods including Life Saving Medicines are prescribed on the recommendations of GST Council. A large number of lifesaving medicines are already at the lower rate of 5%. Others attract 12% GST rate.
