NCLAT Delhi held that withdrawal of first notice via second notice under Sec.13(2) of the SARFAESI Act doesn’t invalidate the effect of the recovery certificate which the DRT has passed. Accordingly, PIRP was laid in time and hence appeals are allowed.
Allahabad High Court held that bank not permitted to unilaterally reduce interest rates on Fixed Deposit Receipt [FDR] after issuance of the FDRs. Accordingly, these petitions are allowed and bank is directed to compute interest on FDRs at originally contracted rates.
The Court refused to quash a detailed GST show-cause notice, holding that the purchaser must participate in adjudication over alleged fraudulent ITC claims.
Input tax credit was upheld as the requirement of actual tax deposit by sellers was introduced only prospectively and could not be applied retrospectively.
The Supreme Court ruled that duty-free imports under export incentive licences cannot be denied without evidence of fraud. Valid licences and verified exports were held sufficient to retain benefits.
Calcutta High Court held that marking of company with ‘management dispute’ by ROC has nothing to do with transaction of the company with its banker. Hence, freezing of bank account based on the same is unlawful.
The tribunal rejected duty demands after finding no evidence of circular trading or overvaluation. Valid licences and verified exports were held sufficient to defeat the Revenue’s case.
The Court held that failure of a creditor to file a return for the relevant year cannot alone justify a Section 68 addition. Once identity and banking trail are proved, the burden on the assessee stands discharged.
The Court held that a bona fide purchaser cannot be denied ITC merely because the supplier failed to pay GST. Recovery must be made from the defaulting seller, not the genuine buyer.
The court examined an eight-year delay in releasing a sanctioned tax refund. It ruled that such inaction is unacceptable and directed immediate payment with statutory interest.
