News Updates
AA Not Required To Assess The Correct Amount Of Debt At Admission Stage: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Manmohan Gupta v MDS Digital Media Pvt. Ltd. & Anr., has held that the Adjudicating Authority is not required to express any opinion on the correctness of debt amount at the...
“Life Is Hell For Me” In Mandoli Prison, Says Alleged Conman Sukesh Chandrashekar ; Supreme Court Seeks Affidavit From Authorities On Security Measures
The Supreme Court of India on Friday asked the Superintend of Mandoli jail (Delhi) to file an affidavit on the safety and security measures in a plea filed by alleged conman Sukesh Chandrashekhar. A Bench of Justices Ajay Rastogi and Bela Trivedi passed the order today while hearing Sukesh's plea seeking to transfer to him to another jail. “We direct Jail Superintendent,...
Interest Equalisation Scheme: DGFT Notifies Amendments
The Directorate General of Foreign Trade (DGFT) has amended the Interest Equalisation Scheme in respect of the Unique Identification Number (UIN).As per Trade Notice no. 38/2021-22 dated 15.03.2022 the eligible Interest Equalisation beneficiaries w.e.f 01.04.2022 were required to submit an Acknowledgement consisting of a Unique Identification Number (UIN) to the concerned bank to avail of...
Constitutionality Of Taxing Intermediary Services Under GST: Bombay High Court Upholds Validity Of Section 13(8)(b) Of IGST Act
The Bombay High Court has upheld the constitutionality of taxing intermediary services under the IGST Act."The provisions of Section 13(8)(b) and Section 8(2) of the IGST Act are legal, valid, and constitutional, provided that the provisions of Section 13(8)(b) and Section 8(2) are confined in their operation to the provisions of the IGST Act only, and the same cannot be made applicable for...
NCLT Notifies Changed Timings For New Delhi Benches W.E.F. 21 April 2023
The National Company Law Tribunal (“NCLT”), has released a Circular dated 20.04.2023 notifying that the timings of certain courts of NCLT New Delhi Bench have been changed. The changes are applicable from 21.04.2023 onwards. The timing of following courts at NCLT New Delhi Bench has been modified: NCLT New Delhi, Court Room No. III (Second Half) Shri Bachu Venkat...
No Justification For Not Adjudicating The Notice For More Than 13 Years After Its Issuance: Delhi High Court
The Delhi High Court has held that there is no justification for not adjudicating the notice for more than thirteen years after its issuance.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the larger public interest requires that the Revenue Department and its officials adjudicate the show cause notice expeditiously and within a reasonable time....
CBIC Waives Interest On Customs Duty Payable By Importers And Exporters Through ECL Till April 13, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has extended the interest waiver on customs duty payable by importers and exporters through the Electronic Cash Ledger (ECL) till April 13, 2023.The Board has notified the Customs (Waiver of Interest) Third Order, 2023.The waiver contained in the order shall take effect if the three conditions are fulfilled.Firstly, the duty and interest...
Service Tax Under RCM Not Payable By Company If Personal Property Rented Out By The Directors To The Company: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax under the Reverse Charge Mechanism (RCM) is not payable by the company if personal property is rented out by the directors to the company.The bench of Justice Dilip Gupta (President) and P. V. Subba Rao (Technical Member) has noted that the Commissioner (Appeals) assumed that...
Value Of Bought Out Items Supplied Along With Manufactured Goods Cannot Be Included In Assessable Value Of Manufactured Goods: CESTAT
The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the value of bought-out items supplied along with manufactured goods cannot be included in the assessable value of the manufactured goods.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has observed that the manufacture of lattice masts is an independent...
Service Tax Exemption On Handling Of Agriculture Produce By A Cargo Handling Agency: CESTAT
The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is exempted from the handling of agricultural produce by a cargo handling agency.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has noted that as per Notification No. 10/2002-Service Tax dated. 01.08.2002, the government exempts the taxable...
Adjustment Of Difference In Depreciation To The Profits Eligible For Income Tax Exemption: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that adjustment of the difference in depreciation to the profits makes them eligible for income tax exemption.The bench of Amit Shukla (Judicial Member) and Padmavathy S. (Accountant Member) has observed that the adjustment of the difference in depreciation to the profits eligible for exemption under Section 10A will not...
Assessment Order Issued Without DIN, Invalid; S. 292B Of ITA Not Applicable: Delhi High Court
The Delhi High Court has upheld the order of the Income Tax Appellate Tribunal (ITAT) where it had set aside the assessment order issued by the Income Tax Department without quoting the Document Identification Number (DIN). The court remarked that in view of the CBDT Circular no. 19/2019, dated 14.08.2019, all assessments, appeals, orders, which find mention in paragraph 2 of the...