News Updates
Summary Of SCN In Form GST DRC-01 Cannot Substitute Requirement Of Proper SCN: Jharkhand High Court
The Jharkhand High Court has held that the summary of show cause notice in Form GST DRC-01 cannot substitute the requirement of a proper show cause notice under section 73(1) of the CGST Act, 2017. The division bench of Justice Aparesh Kumar Singh and Justice Deepak Roshan has observed that the levy of a penalty of 100% of tax dues reflected in the Summary of the Order contained in...
Export Of Wheat Flour, Maida And Semolina Will Require Quality Certificate For Shipments From 14 August, 2022: DGFT
The Director General of Foreign Trade (DGFT) has notified that the export of wheat flour, maida, and semolina will require a quality certificate for shipments from August 14, 2022.The existing export policy of wheat flour (Atta), maida, samolina (Rava/Sirgi), wholemeal atta, and resultant atta shall be "free". However, the export of wheat flour (atta) is subject to the recommendation of...
ITAT Allows Deduction On Penalty Levied By SEBI For Shortfall In Margin Money
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT)has allowed the deduction of the penalty levied by the Securities and Exchange Board of India (SEBI) for a shortfall in margin money.The bench of B.R. Baskaran (Accountant Member) has observed that the penalty levied by SEBI for shortfall in margin money cannot be considered as a penalty for violation of any law falling within...
Income Tax Officers Are Frequently Violating Principles Of Natural Justice: Allahabad High Court
The Allahabad High Court has criticized the Income Tax Authorities for frequently violating the principles of natural justice. The Court ruled that the harassment caused to the assessees and the breach of principles of natural justice by the Income Tax Officers has become uncontrolled due to the absence of an effective system of accountability of the erring officers. The Bench...
Married Daughters Entitled To Motor Accident Compensation For Parent's Death; Can't Discriminate Between Sons & Daughters : Karnataka High Court
The Karnataka High Court has said that even married daughters are entitled for compensation on all the heads from the insurance company on the death of their parent in an accident. A single judge bench of Justice H P Sandesh, sitting at Dharwad made the observation while dismissing the appeal filed by Reliance General Insurance Company Ltd challenging the order of the...
Person Exercising Legal Right In Court Has Correspondent Duty Not To Act In Manner Which May Lead To Violation Of Others' Rights: Delhi High Court
The Delhi High Court has observed that a person exercising a legal right in the court of law has a corresponding obligation and duty from acting in a manner which may lead to violation of the rights of other individuals."Vindicating of any personal grievance by violent means has to be rejected at the threshold," Justice Anoop Kumar Mendiratta added. The Court was dealing with a man seeking...
Section 5 Limitation Act Application Not Required If Application Under Section 34 Of A&C Act Is Within Statutory Period: Orissa High Court
The Orissa High Court has ruled that there is no requirement under Section 34(3) of the Arbitration and Conciliation Act, 1996 (A&C Act) to file a separate application for condonation of delay in filing an application to set aside an arbitral award under Section 34 of the A&C Act, since the prescribed and the extended periods are both provided under Section 34 of the...
Reagitating The Issue Attained Finality, By NCLT And Supreme Court, Is Abuse of process : NCLAT, Principal Bench
The Principal Bench of the NCLAT consisting of Justice Ashok Bhushan (Chairperson), Justice M. Satyanarayana Murthy (Judicial Member) and Barun Mitra (Technical Member) in the case of Vikas Dahiya (Ex-Director of Golden Tobacco Ltd.) Vs. Arrow Engineering Ltd. held that the doctrine of Res Judicata applies to proceedings under the IBC and challenge to the findings in incidental...
Sub Inspector Was Unaware Of 'Arnesh Kumar' Guidelines: Police Commissioner Submits Before Kerala High Court
An interesting development transpired in the Kerala High Court recently when a Commissioner of Police communicated in his statement to the Court that a Sub Inspector of Police was oblivious of the principles laid down by the Supreme Court in Arnesh Kumar v. State of Bihar.A Division Bench of Justice Alexander Thomas and Justice Shoba Annamma Eapen condemned the cavalier manner in which the...
GST Rates: 4 Myths Cleared
A lot of people are still not clear about GST rates on certain goods and services and there are a lot of myths that are doing the rounds. Here's a reality check for both GST rates on certain goods and services. Myth 1: GST charged on cash withdrawal from banks. Truth: No GST is levied when withdrawing cash from banks. In addition, there is no tax on customer cheques. The...