Assessee Proved Creditworthiness Of Loan Transactions: ITAT Deletes Addition

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition as the assessee proved the creditworthiness of loan transactions.The two-member bench of Sanjay Garg (Judicial Member) and Rajesh Kumar (Accountant Member) has observed that where all the evidence were filed by the assessee proving the identity and creditworthiness of the loan transactions, the fact...

MS Dhoni's Contempt Plea: Madras HC Orders IPS Officer Sampath Kumar To Appear In Court On December 9

The Madras High Court on Friday ordered IPS officer G Sampath Kumar to appear in court on December 9 in a contempt petition filed by cricketer MS Dhoni.The bench of Justice PN Prakash and Justice RMT Teekaa Raman ordered statutory notice when the matter was taken up today.Dhoni had approached the court seeking initiation of criminal contempt proceedings against the IPS officer for...

Provident Fund Dues Are Not Assets Of Corporate Debtor, They Have To Be Paid In Full: NCLAT Delhi

The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), while adjudicating an appeal filed in Assam Tea Employees Provident Fund Organization v Mr. Madhur Agarwal & Anr., has held that provident fund dues are not the assets of the Corporate Debtor and they have to be paid...

Arbitrator Gets Jurisdiction Only With Respect To 'Notified' Claims; Delay/ Failure to Certify Claim as 'Notified', Does Not Operate As Waiver: Delhi High Court

The Delhi High Court has ruled that an arbitrator gets the jurisdiction only with respect to the claims which are 'notified' by the specified authority, as provided in the arbitration clause, and that if the claims are not notified, they will not form the subject matter of arbitration. The Single Bench of Justice V. Kameswar Rao held that the procedure of forwarding a panel of names...

Does Moratorium Under IBC Take Away ED's Power To Order Attachment Of Property Under PMLA? Delhi High Court Says No

Observing that assets, which may have been obtained by the commission of a scheduled offense cannot be accorded exemption or immunity from the rigours of the PMLA, the Delhi High Court on Friday ruled that provisions of the money laundering Act are not subservient to the moratorium provision comprised in Section 14 of the Insolvency and Bankruptcy Code, 2006. "Acceptance of such a...

CBIC Issues Guidelines for verifying the Transitional Credit

The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines for verifying the transitional credit in light of the order of the Supreme Court in the case of Union of India vs. Filco Trade Centre Pvt. Ltd.The Supreme Court has directed that the common portal be opened for filing prescribed forms for availing of transitional credit through TRAN-1 and TRAN-2 for two months,...

Policeman Caught With Foreign Currency At Airport: Delhi High Court Upholds Dismissal, Says Lawbreaker Cops Must Be Dealt With Iron Hands

The Delhi High Court has upheld the dismissal of a police head constable who was caught with 75 dirhams while on duty of checking passengers' passports at the Indira Gandhi International Airport in 1996, observing that the police officers who break law must be "dealt with iron hands."Calling it an "open and shut case", a division bench of Chief Justice Satish Chandra Sharma and...

Show Cause Notice Issued To The Driver Of Consignment Is Not Adequate: Madras High Court

The Madras High Court has held that the show-cause notice issued to the driver of the consignment is not adequate.The single bench of Justice S. Srimathy has quashed the demand for tax and penalty in Form GST MOV-09 and directed the department to issue a fresh notice.The petitioner is an assessee on GST MOV-09. The petitioner submitted that, mistakenly, the consignment was mentioned as if it...

Tax Paid On Purchases To Meet The CSR Obligations Is Eligible For ITC: Telangana AAR

The Telangana Authority of Advance Ruling (AAR) has ruled that the tax paid on purchases made to meet the obligations under corporate social responsibility (CSR) will be eligible for input tax credit (ITC) under the CGST and SGST Acts.The two-member bench of S.V. Kasi Visweswara Rao and Sahil Inamdar has observed that the expenditure made towards corporate responsibility under Section 135 of...

Delhi High Court Quashes Reassessment Order In The Name Of A Non-Existing Entity

The Delhi High Court has quashed the reassessment order in the name of a non-existing entity.The division bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that not only was the notice issued in the name of the transferor company but the order under Section 148A(d) of the Income Tax Act, as well as the notice under Section 148, have been issued on the PAN of the...

Bombay HC Allows Time For ED To Amend Appeal Against Sanjay Raut's Bail & Challenge Special Court's "Uncalled For" Remarks Against It

The Bombay High Court on Friday adjourned to November 25 the Enforcement Directorate's plea challenging the bail granted to MP Sanjay Raut from Shiv Sena (Uddhav Balasaheb Thackeray)'s political party, in the Patra Chawl money laundering case. Justice Bharati Dangre adjourned the matter after ASG Anil Singh for ED sought time to amend the plea and take certain additional grounds based...

CBIC Issues Clarification On Refund Related Issues

The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on GST refund-related issues.The CBIC has received various representations from the trade and field formations seeking clarification on various issues pertaining to the implementation of the formula prescribed under Rule 89(5) of the CGST Rules, 2017 and the restriction on refund of unutilised ITC on account...