TaxCorp Total Solution

ITAT : Ahmedabad ITAT Upholds Revisionary Order Under Section 263, Holds Assessment Erroneous for Allowing Exemption Under Section 11 Despite Evidence of Fund Misappropriation

09-10-2024 (2024) TaxCorp(LJ) 34569 (ITAT)

ITAT : Mumbai ITAT Reinstates Assessee's Appeal, Criticizes CIT(A) Overreach in Tax Order

09-10-2024 (2024) TaxCorp(LJ) 34570 (ITAT)

ITAT : Mumbai ITAT Determines Non-Binding Nature of Tribunal Findings Under Black Money Act; Mandates Disclosure of Foreign Assets by Assessees

08-10-2024 (2024) TaxCorp(LJ) 33219 (HC)

HC - Sales Tax Subsidy to Industrial Units in Maharashtra Classified as Capital Receipt: Delhi HC's Verdict.

08-10-2024 (2024) TaxCorp(LJ) 33227 (ITAT)

ITAT - Compensation to Freelance Journalist for Contract Non-Renewal Ruled Non-Taxable.

08-10-2024 (2024) TaxCorp(LJ) 33777 (ITAT)

ITAT - Offshore Contract Taxation: Delhi ITAT Orders a Reassessment.

08-10-2024 (2024) TaxCorp(LJ) 34457 (ITAT)

ITAT : Mumbai ITAT Grants Stay to Indian Hotels Company Limited on Rs. 357.03 Cr Demand, Citing Strong Prima Facie Case and Balance of Convenience

08-10-2024 (2024) TaxCorp(LJ) 34471 (ITAT)

ITAT : Raipur ITAT Reverses Revenue’s Post-Search Assessment, Affirms No Additions Without Incriminating Evidence

08-10-2024 (2024) TaxCorp(LJ) 34476 (HC)

HC : Punjab & Haryana High Court Dismisses Assessee's Appeals: Seized Cash from Third Party Cannot Be Adjusted Against Tax Liability

08-10-2024 (2024) TaxCorp(LJ) 34479 (HC)

HC : Bombay High Court Upholds Faceless Mechanism for Central and International Taxation Charges Under Section 148A

04-10-2024 (2024) TaxCorp(LJ) 34557 (SC)

SC : Supreme Court Upholds TOLA's Applicability to Income Tax Reassessment Notices

04-10-2024 (2024) TaxCorp(LJ) 34558 (ITAT)

ITAT : Maharashtra Airports Development Co. Declared as State Entity: ITAT Exempts Interest Income from Taxation

03-10-2024 (2024) TaxCorp(LJ) 34535 (SC)

SC : Supreme Court Upholds Software Taxation Precedent; Dismisses Revenue's SLP Against Microsoft

03-10-2024 (2024) TaxCorp(LJ) 34546 (SC)

SC : Supreme Court Upholds Finality in Tax Dispute: Revenue's Special Leave Petition Dismissed

03-10-2024 (2024) TaxCorp(LJ) 34552 (SC)

SC : Supreme Court Directs Immediate Withdrawal of Excess Surcharge; Addresses Systematic Errors in Revenue Calculations

03-10-2024 (2024) TaxCorp(LJ) 34553 (SC)

SC : Supreme Court Disposes Hundreds of Tax Cases due to CBDT’s Low Tax Effect Circular

02-10-2024 (2024) TaxCorp(LJ) 34349 (HC)

HC: Bombay High Court Rules on TDS Obligations in Distribution Agreements.

02-10-2024 (2024) TaxCorp(LJ) 34556 (ITAT)

ITAT : Mumbai ITAT Rules Assessment Order Invalid Due to Lack of Timely Digital Signature

01-10-2024 (2024) TaxCorp(LJ) 34351 (ITAT)

ITAT: Indore Tribunal Overturns Revenue's Denial of Section 11 Exemption Due to Auditor’s Error.

01-10-2024 (2024) TaxCorp(LJ) 34357 (HC)

HC: Kerala High Court Curtails Appeals over Monetary Limits: Exemption Upheld for Trust.

01-10-2024 (2024) TaxCorp(LJ) 34358 (ITAT)

ITAT: Nagpur Tribunal Overturns Reopening of Assessment Due to Lacks in Independent Investigation.

01-10-2024 (2024) TaxCorp(LJ) 34359 (ITAT)

ITAT: Unsubstantiated Additions Reversed: Mumbai Tribunal Upholds CIT(A)’s Decision in Cash Deposit Case

01-10-2024 (2024) TaxCorp(LJ) 34361 (ITAT)

ITAT: Ahmedabad Tribunal Rebukes Revenue for Unlawful Reopening in Deemed Dividend Case.

01-10-2024 (2024) TaxCorp(LJ) 34362 (ITAT)

ITAT: Ahmedabad Tribunal's Directive: Accurate Expense Apportionment for Income from Other Sources

01-10-2024 (2024) TaxCorp(LJ) 34365 (HC)

HC: Reassessment Proceedings Found Invalid Due to Influence from Superior Authorities.

01-10-2024 (2024) TaxCorp(LJ) 34367 (HC)

HC: Bombay High Court Rules Expenditure on Machinery Rental as Capital for Cement Unit Setup

01-10-2024 (2024) TaxCorp(LJ) 34549 (HC)

HC : Chhattisgarh HC Upholds State University's Appeal, Overturns CIT(E) Rejection of Registration Under Section 10(23C)

30-09-2024 (2024) TaxCorp(LJ) 34550 (HC)

HC : Karnataka High Court Upholds ITAT Ruling, Finds No Substantial Question of Law Regarding Business Loss from Sale of Shares

30-09-2024 (2024) TaxCorp(LJ) 34551 (HC)

HC : Gauhati High Court Overturns ITAT Ruling on Section 14A Disallowance of Exempt Income, Upholding Legislative Intent

09-10-2024 (2024) TaxCorp(IDT) 9437 (GST)

HC : Madras HC Strikes Down Show Cause Notice Due to Minimal Delay in GSTR-3B Filing, Citing Relaxation on Input Tax Credit Provisions

09-10-2024 (2024) TaxCorp(IDT) 9438 (GST)

HC : Andhra Pradesh High Court Orders Reconsideration of Assessee’s TRAN-1 Application for CENVAT Credit Transition

09-10-2024 (2024) TaxCorp(IDT) 9451 (GST)

HC : Madras HC Rules in Favor of Assessee for IGST Refund on Ocean Freight, Upholding Mohit Minerals Precedent

09-10-2024 (2024) TaxCorp(IDT) 9452 (GST)

HC : Refund of IGST on Zero-Rated Supplies: Bombay HC Ruling Reminds Exporters of Duty Drawback Boundaries

09-10-2024 (2024) TaxCorp(IDT) 9453 (GST)

HC : Allahabad HC Upholds ITC Demand Over Lack of Concrete Evidence

09-10-2024 (2024) TaxCorp(IDT) 9454 (GST)

AAR : Odisha AAR Rules Deposit Work Services Are Distinct from Electricity Transmission, Not Subject to Exemptions

09-10-2024 (2024) TaxCorp(IDT) 9455 (GST)

HC : Gujarat High Court Orders Reactivation of Assessee’s GST Registration Amidst Procedural Error

09-10-2024 (2024) TaxCorp(IDT) 9461 (VAT)

HC : Allahabad HC Upholds Tribunal's Classification of Vitamins and Minerals Pre-Mix as Unclassified Goods Subject to 12.5% VAT

09-10-2024 (2024) TaxCorp(IDT) 9462 (Customs)

CESTAT : CESTAT New Delhi Overturns Interest Demand on Customs Duty for Solar Modules: In Favor of ACME Aklera Power Technology Private Limited Due to Intended Use Doctrine

09-10-2024 (2024) TaxCorp(IDT) 9463 (Service Tax)

CESTAT : Oracle India Pvt. Ltd. Prevails in CESTAT Ruling, Defeating Rs. 15 Crores Service Tax Demand on Pre-May 2008 Software Updates

08-10-2024 (2024) TaxCorp(IDT) 9579 (GST)

HC : Calcutta HC Calls for Procedural Fairness in Interest Demand amidst Appellate Tribunal Delay

08-10-2024 (2024) TaxCorp(IDT) 9584 (GST)

HC : Gujarat HC Invalidates GST Demand on Cotton Seed Oil Cake Supply, Upholding Tax Exemption

08-10-2024 (2024) TaxCorp(IDT) 9585 (GST)

HC : Madhya Pradesh HC Rules GST Authorities Must Follow Procedure Under GST Act Before Invoking IPC Provisions

08-10-2024 (2024) TaxCorp(IDT) 9586 (GST)

HC : Karnataka High Court Voids Consolidated Show Cause Notice for Assessment Years 2017-18 to 2020-21; Affirms Need for Individual Notices under CGST Act

08-10-2024 (2024) TaxCorp(IDT) 9588 (Customs)

CESTAT : CESTAT Ahmedabad Upholds Confiscation and Penalty for Duty Evasion Through Country of Origin Manipulation

08-10-2024 (2024) TaxCorp(IDT) 9596 (Customs)

HC : Madras High Court Rules Against Revenue's Denial of Refund on Customs Duty Claim; Refers to 3E Infotech Precedent

08-10-2024 (2024) TaxCorp(IDT) 9597 (VAT)

HC : Andhra Pradesh High Court Grants Relief to Patanjali, Cancels Pending Tax Liabilities Following NCLT's Approval of Resolution Plan under IBC, 2016

08-10-2024 (2024) TaxCorp(IDT) 9598 (Service Tax)

CESTAT : CESTAT Kolkata Rules Against Service Tax on Shopping Mall Parking Charges: Clarification on Definition of 'Renting of Immovable Property'

08-10-2024 (2024) TaxCorp(IDT) 9599 (Excise)

CESTAT : CESTAT Delhi Affirms Refund Eligibility for 100% EOU Despite Claims Under Incorrect Provisions

08-10-2024 (2024) TaxCorp(IDT) 9600 (GST)

HC : Madras HC Overturns Revenue's Duplicated Demand Pertaining to GSTR Mismatches and Orders Fresh Assessment

04-10-2024 (2024) TaxCorp(IDT) 9633 (GST)

SC : Supreme Court Upholds ITC Provisions under CGST Act, Clarifies Definitions and Functionality Test

04-10-2024 (2024) TaxCorp(IDT) 9636 (GST)

HC : Uttarakhand HC Overturns AAAR Ruling on GTA Service Valuation: Free Fuel Not Part of Freight Consideration

03-10-2024 (2024) TaxCorp(IDT) 9286 (Customs)

SC - Supreme Court Upholds No Interest or Penalties on Delayed CVD Payments in Mahindra & Mahindra Case.

03-10-2024 (2024) TaxCorp(IDT) 9435 (GST)

HC : Bombay High Court Allows Withdrawal of SCN under CGST Act; Stays Adjudication on Refund Recovery Pending Appeals

03-10-2024 (2024) TaxCorp(IDT) 9554 (GST)

HC : Himachal Pradesh High Court Rejects DGGSTI's Blocking of Assessee's Credit Ledger, Upholding Single Authority Jurisdiction in GST Cases

03-10-2024 (2024) TaxCorp(IDT) 9631 (Excise)

CESTAT : CESTAT Chennai Declines Demand on CENVAT Credit for Service Tax on Overseas Payments Citing Limitation

03-10-2024 (2024) TaxCorp(IDT) 9632 (Excise)

CESTAT : CESTAT Ahmedabad Declares Mixing of Fine Crumb Rubber Not Manufacturing, Quashes Demand as Time Barred

02-10-2024 (2024) TaxCorp(IDT) 9622 (GST)

HC : Gujarat High Court Orders Release of Assessee's Bank Accounts by Nullifying Summary Attachment Due to Inadequate Justification

02-10-2024 (2024) TaxCorp(IDT) 9623 (GST)

HC : Rajasthan High Court Rescinds GST Registration Cancellation, Upholds Right to Appeal Given Illness

02-10-2024 (2024) TaxCorp(IDT) 9624 (GST)

HC : Andhra Pradesh High Court Clarifies Authorization Requirements Under CGST Act for Assessing Unregistered Persons

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18700 (HC-SAFEMA)

Appellate Tribunal Upholds Penalty for FEMA Violations in Foreign Currency Transactions, Reduces Fine Based on Compliance Strides - In view of the Appellate Tribunal's decision, it is clear that adherence to the formalities of legal proceedings is paramount, especially in regulatory compliance contexts. Assessees engaged in foreign currency transactions must ensure all operations comply strictly with the provisions of FEMA, obtaining necessary permissions from the RBI. Furthermore, any request for cross-examination or other evidential considerations should be diligently documented during proceedings to avoid adverse outcomes.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18699 (HC-SAFEMA)

Appellate Tribunal Upholds Penalty for FERA Violations Related to Non-Realization of Export Proceeds by Universal Traders and Zen Series - The Tribunal's decision to uphold the penalty under Section 18(2) of the FERA against both firms reflects the significance of compliance with export regulations. The Appellant's inability to present adequate evidence to support their case emphasizes the necessity for assessees engaged in international trade to maintain thorough records and demonstrate due diligence in the realization of export proceeds. This case serves as a counsel for exporters to implement robust internal controls and documentation processes to avoid penalties in similar situations.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18698 (HC-SAFEMA)

Appellate Tribunal Upholds Severe Penalties for Illegal Currency Transactions Under FEMA - The Tribunal's decision to confiscate the seized Indian currency alongside the substantial penalties imposed signifies a rigorous enforcement of FEMA's regulations against illegal foreign exchange activities. Stakeholders must prioritize compliance with FEMA by implementing stringent controls and structures to avoid potential legal ramifications similar to those experienced by the respondents in this case.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18697 (HC-SAFEMA)

Legal Decision Upholds Contravention of FEMA, Yet Significantly Reduces Penalty Amount - The Tribunal’s decision serves as a critical reminder of the importance of maintaining accurate financial records and proper documentation when conducting business that may involve foreign entities. The reduced penalty reflects an understanding of the appellant's previous compliance and acknowledgment of the deposits already made. Practically, this case highlights that retracted statements don't preclude the use of other forms of supporting evidence in establishing contraventions under FEMA. In the future, assessees should maintain clear financial documentation to substantiate their business claims and avoid potential violations of FEMA.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18696 (HC-SAFEMA)

Appellate Tribunal Upholds Property Forfeiture under SAFEMA, Dismissing Tenant’s Claims of Ownership - In light of the evidence presented and the legal precedents considered, the Tribunal's ruling confirms the authority of the forfeiture under SAFEMA, illustrating the minimal weight given to claims of tenancy absent corroborative evidence or legal standing. The prevailing understanding is that claims of lack of ownership rights do not afford a shield against forfeiture when the property is tied to illegal earnings.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18695 (HC-SAFEMA)

Appellate Tribunal Ruling: FDI Reporting Delay Subject to Penalty Despite Claim of Technical Default - The decision of the Appellate Tribunal reinforces the stringent requirements for timely reporting of FDI under FEMA and the associated penalties for non-compliance, even in instances characterized as technical defaults. Assessees must prioritize compliance with reporting timelines to avoid facing substantial penalties. The Tribunal’s reduction of the penalty signifies a move towards balanced enforcement, advocating for both adherence to the law and reasonable punitive measures.

09-10-2024 (2024) TaxCorp (FEMA-INTL) 18694 (HC-SAFEMA)

High Court Upholds FERA Violation by Appellant, Reduces Penalty in Light of Long-Dormant Appeal Process - In light of the legal decision, it remains imperative for future assessees to understand the profound implications of maintaining clear and consistent statements when engaged in transactions that may interact with FERA provisions. This case serves as a critical reminder to diligently document and be forthcoming about foreign exchange transactions to mitigate the risk of penalties.

07-10-2024 (2024) TaxCorp (FEMA-INTL) 18693 (ITAT-SAFEMA)

Appellate Tribunal Remands FEMA Violation Case for Fresh Adjudication Over Unclear Direct Investment Rules - The Tribunal's decision underscores the necessity for clear definitions and interpretations within the regulatory framework of FEMA, particularly regarding direct investments and what constitutes a bona fide business activity. The remanding of the matter emphasizes the court's commitment to a fair adjudication process where all arguments, particularly concerning established regulatory frameworks and definitions, are explored. Moving forward, stakeholders in similar circumstances must meticulously document and justify the legitimacy of their investments based on established legal routes, ensuring they have a sound basis under the relevant regulations to avoid potential contraventions.

06-10-2024 (2024) TaxCorp (INTL) 18692 (ITAT-AHMEDABAD)

Income Tax - Sections 143, 256 - Reinstatement of Scrutiny Appeal: ITAT Critiques Non-Reasoned Order by CIT(A) - The tribunal's decision to overturn the CIT(A)'s ex-parte dismissal reinforces the imperative for tax authorities to not only scrutinize compliance but also to provide a fair opportunity for appellants to present their case. It establishes the necessity for reasoned and reflective judgments from appellate authorities that must align with legislative stipulations. Tax professionals should ensure that appeals contain substantive arguments and engage proactively during proceedings to avoid unintended dismissals that lack merit-based considerations.

06-10-2024 (2024) TaxCorp (INTL) 18691 (ITAT-MUMBAI)

Foreign Tax Credit Claim Upheld: ITAT Rules Filing of Form 67 is Directory Requirement, Not Mandatory - This decision emphasizes that procedural requirements, while important, should not impede genuine claims that align with the broader objectives of minimizing tax burdens on income earned overseas. Hence, tax practitioners and assessees are advised to ensure that all necessary documentation is in order; however, awareness of the non-mandatory nature of specific procedural submissions like Form 67 can serve to safeguard against undue denial of rightful credits.

06-10-2024 (2024) TaxCorp (INTL) 18690 (ITAT-MUMBAI)

Income Tax - Sections 144C, 148, 250 - NRI Assessee Reassessment: ITAT-Mumbai Grants Additional Opportunity to Present Case Post Reopening - Based on the current legal decision, it is imperative for taxpayers, especially NRIs, to remain proactive in responding to tax assessments and appeals. The ruling shines a light on the procedural rights of the assessee to present their defense against re-opening of assessments, underscoring the necessity to not only file returns promptly but also respond adequately to judicial processes. Assessees should maintain thorough records and remain engaged during the assessment process to safeguard their rights.

06-10-2024 (2024) TaxCorp (TP) 18689 (ITAT-BANGALORE)

Income Tax - Sections 92CA, 154, 254 - ITAT-Bangalore Rules Time-Expired for AY 2010-11 Assessment; Additional Grounds Accepted in Favor of Assessee - In light of the ITAT's findings, it is apparent that strict adherence to the time limits established in the Income Tax Act is of paramount importance for the validity of assessment orders. Taxpayers should be keenly aware of the timelines relevant to their assessment years and the consequent implications of any extensions for TPO references. It is actionable for assessors and taxpayers to diligently track due dates and ensure all assessments comply with statutory provisions to safeguard against possible invalidations.

06-10-2024 (2024) TaxCorp (FEMA-INTL) 18688 (HC-KARNATKATA)

High Court Upholds Priority of Secured Creditors Under SARFAESI Act, Affirming Mortgage Precedence Over Tax Claims - The High Court's ruling reinforces the primacy of secured creditors under the SARFAESI Act against subsequent claims from tax authorities. This judgment serves as a vital reminder for creditors and assessees to ensure that proper mortgage documents are established and recorded at the earliest to safeguard their financial interests against future governmental claims. Responsive legal measures should be undertaken to assess implications carefully when dealing with secured transactions to protect assets effectively.

03-10-2024 (2024) TaxCorp (TP) 18687 (HC-KARNATKATA)

Income tax - Sections 153(1), 92CA(3) - High Court of Karnataka Upholds Assessee's Claim on Limitation Period for Transfer Pricing Orders, Confirms Mandatory Nature of Timelines - The High Court's decision reinforces the principle that the timelines stipulated by tax legislation, particularly concerning Transfer Pricing Orders under Section 92CA(3), are both critical and mandatory. The ruling provides a significant legal backdrop for taxpayers and tax authorities alike, underlining the non-negotiable nature of procedural deadlines. Following this precedent, all stakeholders must ensure compliance within the prescribed timeframes to avoid invalid orders.

03-10-2024 (2024) TaxCorp (TP) 18686 (HC-DELHI)

Delhi High Court Upholds ITAT Ruling on AMP Expenditure as Non-International Transaction and Rejects Bright Line Test in ALP Determination - The Delhi High Court's affirmation of the ITAT's ruling presents a significant development in the assessment of AMP expenditures, clarifying that such costs do not automatically constitute 'International Transactions'. Legal practitioners and tax professionals must now consider this precedent in their interpretations of AMP-related expenses. It is vital for companies engaged in cross-border transactions to document and justify their AMP expenditures robustly, as they may be scrutinized under the principles of ALP without reliance on the BLT.

03-10-2024 (2024) TaxCorp (TP) 18685 (HC-DELHI)

Income Tax - Sections 92B, 92F - Advertisement Funding Fails to Qualify as International Transaction, Says Delhi High Court - The Delhi High Court's decision elucidates that financial assistance received from a parent company does not automatically confer the status of an international transaction on AMP expenditures. As such, businesses engaging in similar reimbursement arrangements should diligently document the purpose and terms of such transfers, particularly in the context of Transfer Pricing regulations under Section 92 of the Income Tax Act and the relevant Rules (Rule 10A to 10E). Companies are advised to maintain clarity on the nature and intent behind AMP expenditures and ensure comprehensive reporting in Form 3CEB to mitigate potential disputes.

03-10-2024 (2024) TaxCorp (TP) 18684 (HC-DELHI)

Government Companies Excluded as Comparables in Tax Assessment: High Court of Delhi Rules - The High Court of Delhi has clarified essential guidelines for the inclusion of government companies as comparables within transfer pricing frameworks. By emphasizing that government companies are not driven solely by profit motives and that their operational frameworks differ markedly from private entities, stakeholders are advised to critically evaluate each government's role and its implications in profit calculations during tax assessments. This case underscores the need for thorough and context-sensitive appraisals of companies involved in public service when conducting transfer pricing evaluations.

03-10-2024 (2024) TaxCorp (TP) 18683 (HC-P&H)

CUP Method Validated Against TNMM: Punjab and Haryana High Court Upholds ITAT Decision - The High Court has solidly endorsed the ITAT's application of the CUP method for determining the arm's length price in the context of related party transactions. Given the specifications laid out in this ruling, assessors are advised to maintain comprehensive records and justification documentation for their transfer pricing evaluations. Companies engaging in inter-company transactions must adhere to the guidelines established over previous years, ensuring consistency in methodologies to support their positions in any potential disputes with tax authorities. Proper documentation is crucial to substantiate the use of favored pricing methods to withstand scrutiny during assessments.

03-10-2024 (2024) TaxCorp (TP) 18682 (HC-DELHI)

High Court of Delhi Upholds ITAT Rulings on Transfer Pricing Comparables and AMP Expenses - It is evident from the High Court's judgments that the standards for comparability in transfer pricing cases not only require functional similarity but also a rigorous analysis of operational realities related to international transactions. Tax professionals and assessees must closely align their documentation and methodologies, particularly regarding AMP expenses and functional characteristics, with established legal precedents to withstand scrutiny in future assessments.

03-10-2024 (2024) TaxCorp (TP) 18681 (HC-DELHI)

Delhi High Court Examines Transfer Pricing Comparability in Software Development Services Dispute Involving Joint Venture - The High Court's examination of this case affirms the strict adherence to functional comparability and the appropriate selection of comparables in transfer pricing mechanisms. Assessees engaging in similar international transactions must ensure comprehensive benchmarking studies that are not only compliant with the regulations under the Income Tax Act but also reflective of realistic and operationally comparable entities. This judgment underscores the importance of maintaining a consistent and rational approach in transfer pricing assessments to avoid arbitrary adjustments that may adversely affect profitability.

07-10-2024 (2024) TaxCorp(CL) 30286 (DELHI)

Delhi HC Empowers Struck-off Companies to Pursue Legal Remedies Post Deregistration - The Delhi High Court's decision underscores the legal principle that a company's name's removal from the Register does not negate its existence for all practical legal purposes, especially concerning the pursuit of debts. This ruling empowers entities facing deregistration to actively manage their financial recoveries and gives creditors a pathway to pursue outstanding payments. Hence, companies should integrate this understanding into their operational and financial practices, ensuring that they maintain meticulous records of their financial transactions and liabilities, even amidst potential challenges to their registration status.

03-10-2024 (2024) TaxCorp(CL) 30285 (NCLT)

Legal Name Restoration Granted for Aster Venture Pvt. Ltd.: NCLAT Overturns NCLT Order Amidst Filing Defaults - In light of the above deliberations, it is clear that the NCLAT's judgment serves as a precedent for similar cases where companies may have suffered compliance deficits due to understandable circumstances. The NCLAT recognized the necessity of accommodating the operational reality of companies while ensuring that statutory obligations, albeit critical, are not the sole determinant for their continued existence. It is recommended that companies maintain consistent compliance with filing duties to avoid such adverse circumstances, making necessary arrangements well in advance to safeguard their operational integrity.

27-02-2024 (2024) TaxCorp(CL) 30284 (NCLT)

NCLT Declines Intervention in Corporate Arrangement Scheme under Companies Act, 2013 - In light of current legal frameworks and the precedents established by the Supreme Court, it is clear that interventions at the pre-admission stage in insolvency proceedings are not only unwarranted but also directly contravene the interests of primary stakeholders. Industry practitioners should recognize the importance of adhering to procedural conventions to ensure that personal and collective interests are adequately represented without compromising the efficiency of the process. All parties must act within the permissible parameters set by the law, which aim to expedite the resolution process rather than prolong it.

03-07-2024 (2024) TaxCorp(CL) 30283 (NCLT)

Legal Decision on Approval of Resolution Plan Under the Insolvency and Bankruptcy Code - In light of the comprehensive analysis conducted and the verification of statutory compliance, the Adjudicating Authority has granted approval to the Resolution Plan. It is imperative that stakeholders involved in similar insolvency proceedings recognize the importance of adhering to the specific legal requirements delineated in the IBC and its accompanying regulations. The prevailing legal framework necessitates diligent preparation and submission of Resolution Plans to avoid contravention of established norms, thereby facilitating smoother resolution processes in cases of corporate insolvency.

07-03-2024 (2024) TaxCorp(CL) 30282 (NCLT)

Illegal Sale Of Company Land And Equity Allotments Dismissed As Oppression Claims Fail In Nclt Hyderabad - The NCLT's ruling emphasized the lack of demonstrable irregularity in both the sale of land and equity share allotments. The decision highlights the importance of documented consent and the rationale behind corporate financial decisions under pressure. As such, stakeholders within companies should meticulously document decision-making processes, obtain consent as needed, and ensure compliance with statutory obligations to mitigate potential claims of mismanagement or oppression.

09-02-2024 (2024) TaxCorp(CL) 30281 (NCLT)

Legal Crux of Oppression and Mismanagement Case Resolved by NCLT Hyderabad - In light of the findings, it is imperative that companies conduct robust governance practices and ensure compliance with statutory requirements when convening meetings for the appointment or removal of directors. Shareholders must maintain a clear understanding of their rights under the Companies Act, particularly concerning the processes for the management of their affairs. For companies contemplating such actions, maintaining detailed records and adherence to legal requirements not only strengthens their case but also protects against potential challenges.

07-02-2024 (2024) TaxCorp(CL) 30280 (NCLT)

Fraud Allegations Dismissed: NCLT Denies Investigation into Respondent Companies' Affairs - In line with the Tribunal's decision, it is crucial for future Petitioners contemplating action under Section 213 of the Companies Act to ensure that their claims are buttressed by robust and credible evidential support. The failure to meet evidentiary requirements can result in immediate dismissal of the Petition, underscoring the necessity for thorough documentation and substantiation of allegations prior to seeking judicial intervention.

25-01-2024 (2024) TaxCorp(CL) 30279 (NCLT)

National Company Law Tribunal Ruling on Maintainability of Company Petition Under Section 399 of the Companies Act, 1956 - In light of the aforementioned decision, it is crucial for petitioners seeking relief under Sections 397 and 399 of the Companies Act, 1956 to ensure strict compliance with the statutory requirements for maintainability. The strict interpretation of consent requirements and adherence to limitation periods is vital in avoiding dismissal of petitions. Future cases must reinforce the necessity of proactive measures in gathering consent and filing timely complaints to ensure that their claims are valid and actionable.

20-09-2024 (2024) TaxCorp(CL) 30278 (SC)

Supreme Court Upholds Land Acquisition as Safety Measure, Denies Return to Landowner Under Section 101 of 2013 Act - The Supreme Court’s ruling signifies a clear legal doctrine that emphasizes the responsibilities of parties involved in land acquisition. It asserts that land returned under Section 101 must demonstrably benefit the original owners and cannot arise from claims of negligence. This sets a judicial precedent ensuring that the efficient and purposeful use of land, particularly in the context of public safety, takes precedence over potential claims of a financial nature from landowners.

24-09-2024 (2024) TaxCorp(CL) 30277 (NCLT)

NCLAT Rules on Maintainability of Amended Petition Lacking Proper Application and Natural Justice - The NCLAT decision underscored the imperative of adhering to procedural propriety by requiring a formal application for amendments alongside the opportunity for the opposing party to contest such proposals. The failure to comply with these essential legal standards led to the dismissal of the amended petition, reaffirming the significance of protecting the rights of all parties to legal proceedings. Going forward, parties seeking to amend petitions must ensure compliance with procedural rules to avoid the risk of their submissions being deemed untenable.

20-09-2024 (2024) TaxCorp(CL) 30276 (NCLT)

NCLAT Rules Against Waiver Request for Oppression and Mismanagement Claims; Affirms Strict Adherence to Section 244 of the Companies Act - The decision underscored the importance of having a substantive shareholding when asserting claims of oppression and mismanagement under the Companies Act. Appellants must establish exceptional circumstances in the context of shareholding to be considered for waivers. As the NCLT has confirmed its high threshold for waiver approval in these types of cases, future petitioners must carefully evaluate the grounds for their claims to ensure adherence to the statutory requirements before proceeding.

19-09-2024 (2024) TaxCorp(CL) 30275 (DELHI)

NCLAT Clarifies Imposition of Moratorium Under IBC During CIRP - No Stay Granted - The NCLAT's decision to uphold the moratorium under Section 14 of the IBC underscores the sanctity of the insolvency framework aimed at preserving the corporate debtor's assets. It is imperative for stakeholders involved in insolvency proceedings to closely align their strategies with the statutory restrictions imposed by the moratorium, ensuring that no proceedings contravene the protections established therein. Any request for legal recourse during the period of moratorium must be diligently reconsidered in light of the judicial interpretations and precedents that direct against compromising the debtor's financial equilibrium.

19-09-2024 (2024) TaxCorp(CL) 30274 (NCLT)

Tribunal's Authority Affirmed to Order Share Purchase in Case of Oppression and Mismanagement - The Tribunal’s ruling to order the purchase of shares under Section 242(2)(b) of the Companies Act, 2013 serves as a pivotal affirmation of its authority to adjudicate matters of oppression and mismanagement. The application of judicial principles from preceding decisions emphasizes that substantial justice can be upheld in scenarios where direct evidence of oppression is not distinctly present. Stakeholders should recognize that the Tribunal retains broad powers to ensure operational continuity and safeguard the interests of all parties, thereby fostering effective company management and decision-making.

02-09-2024 (2024) TaxCorp(CL) 30273 (DELHI)

Petition Dismissed for Non-compliance with Companies Fresh Start Scheme, 2020 - The decision affirms that strict compliance with the conditions of exemption notifications is non-negotiable. Parties seeking to leverage such statutes must exhibit clear eligibility within the specified timeframes and criteria. The ruling serves as a reminder that past applications will not receive reaffirmation or re-evaluation post-disqualification period.

30-04-2024 (2024) TaxCorp(CL) 30272 (MADRAS)

Legal Crux on the Abuse of Dominant Position: Examination of Challenges Raised Against Regulatory Orders - The court’s decision stresses the importance of clear and transparent communication regarding a participant’s legal standing in regulatory proceedings associated with allegations of abuse of dominant position. As such, legal representatives for parties engaged in similar contexts should proactively ensure that notifications regarding status changes and relevant findings are received and understood to facilitate proper navigation of legal recourse.

15-05-2024 (2024) TaxCorp(CL) 30271 (DELHI)

Court Invalidates Restoration of Dismissed Case Due to Non-Compliance with Procedural Norms - The current decision unequivocally reaffirms the lack of jurisdiction exercised by the learned Special Judge. With the quashing of both the restoration order and its derivative ramifications, the ruling underscores the necessity for judicial adherence to established legal principles, particularly those governing jurisdiction as articulated in past precedents. Future actions in cases of similar nature must ensure compliance with procedural protocols to prevent unwarranted restoration of dismissed complaints, facilitating a more structured legal process.

09-09-2024 (2024) TaxCorp(CL) 30270 (SC)

Validity of Share Transfer and Rectification Petition in Lexus Technologies Pvt. Ltd. Case - This decision emphasizes the imperative that NCLT must not only adhere strictly to the legal provisions under the Companies Act but also rigorously examine evidence presented before it. Future cases demanding rectification of share registers must ensure a comprehensive review of all relevant materials, confirm the validity of transactions, and ascertain the presence of any fraudulent activity to sustain justified conclusions. The failure to perform these duties could lead to a misapplication of justice that undermines the rights of parties involved.

06-09-2024 (2024) TaxCorp(CL) 30269 (NCLT)

Oppression and Mismanagement: Court Dismisses Appeal for Recall of Order due to Lack of Proper Legal Procedure - The Court’s decision to dismiss the appeal reinforces the importance of adhering to proper legal protocols in seeking recourse against judicial orders. Parties involved in litigation should ensure that all arguments and claims are presented in the initial proceedings and be aware of the appeal mechanisms available to them, as ignoring these can lead to a forfeiture of rights. The ruling serves as a cautionary tale, highlighting that failing to utilize appropriate legal remedies in a timely fashion may undermine one's position and former opportunities for redress.

13-08-2024 (2024) TaxCorp(CL) 30268 (DELHI)

Court Denies Interim Stay on LOC; Travel Request to Dubai and New York Rejected Due to Lack of Justification - The court's ruling indicates a stringent approach to requests for permission to travel when facing legal restrictions such as an LOC. Moving forward, petitioners in similar situations must prioritize establishing clear, logical justifications for their travel needs, particularly when immediate family members may have alternative arrangements to meet.

13-08-2024 (2024) TaxCorp(CL) 30267 (DELHI)

Section 212 of the Companies Act, 2013 - Supreme Court Denies Interim Relief to Director Implicated in Serious Fraud Investigation - On deliberation, the Court dismissed the petitioner’s application on the grounds of insufficient justification and non-compliance with the investigatory directives set forth by the SFIO. The ruling serves as a poignant reminder for corporate directors under scrutiny: compliance with investigatory requests is imperative, and claims of personal urgency must be substantiated with valid evidence rather than mere representations.

30-08-2024 (2024) TaxCorp(CL) 30266 (DELHI)

Court Rules on Extension for 40th AGM: Emphasis on Lack of Special Reasons in Decision-Making - The court's decision in this case underscores the necessity for compliance with statutory requirements when granting extensions for AGMs under Section 96 of the Companies Act. It also outlines that shareholders do not possess an automatic right to a hearing in such instances. Moving forward, companies must ensure that any requests for extensions are accompanied by a clear demonstration of ‘special reasons’ to avoid legal challenges. Thus, companies should maintain comprehensive records and provide adequate justification in their applications to fortify against potential disputes.

22-02-2024 (2024) TaxCorp(CL) 30265 (NCLT)

Company Name Restoration: Era Financial Services (India) Limited Wins Appeal Against ROC - The decision highlights the importance of distinguishing between the grounds for striking off a company and the appropriate provisions for appeal or application for restoration.
It emphasizes the need for companies to comply with statutory requirements, particularly those related to incorporation and subscription payments.
The restoration of the company's name under Section 252(1) indicates that the appellate authority may consider mitigating circumstances and allow for the revival of a company if the grounds for striking off are addressed.

09-12-2022 (2024) TaxCorp(CL) 30264 (SC)

Supreme Court Authorizes Submission of Fresh Resolution Plan by Appellant After BSE Lifts Market Ban - The Supreme Court's decision not only reinstated the appellant’s opportunity within the CIRP but also reinforced the principles of compliance essential for eligibility under the IBC. This ruling signifies the imperative for assessors to maintain rigorous adherence to SEBI regulations and to be proactive in resolving prior restrictions that may impede eligibility.

30-08-2024 (2024) TaxCorp(CL) 30263 (NCLT)

Justification for Appellant’s Removal in C.P. 3638 of 2018 upheld by Appellate Tribunal - In light of the current decision, it becomes actionable for individuals subjected to prolonged inquiries without formal charges to seek prompt resolution. This highlights the necessity of ensuring timely closure of investigations and protecting individual rights against unwarranted constraints. Stakeholders in similar situations should advocate for expedited processes, fearing unjust prejudice caused by extensive delays.

14-09-2022 (2024) TaxCorp(CL) 30262 (NCLT)

Ineligibility of Corporate Debtor Affirmed by NCLT Amidst SEBI Sanctions During Insolvency Resolution Process - The NCLT's decision underscores the importance of compliance with regulatory mandates for corporates undergoing insolvency proceedings. It establishes a precedent indicating that failure to adhere to SEBI regulations results in disqualification under the Insolvency and Bankruptcy Code, thus rendering any resolution plan submitted during such a period as void.

05-07-2024 (2024) TaxCorp(CL) 30261 (DELHI)

Classification of Enterprises Under MSMED Act: Jurisdiction Affirmed for Arbitration on Payment Dispute - The judgment reinforces the premise that any enterprise classified under the MSMED Act is entitled to utilize the mechanisms provided therein for conflict resolution over payment disputes. Enterprises must ensure compliance with registration processes under the MSMED Act to secure their rights effectively while highlighting that the timing of registration can influence the ability to claim dues. Thus, future claimants are advised to diligently fulfil registration requirements, as the timing can significantly impact jurisdiction and entitlement status.

22-08-2024 (2024) TaxCorp(CL) 30260 (BOMBAY)

COURT DIRECTS SEBI AND STOCK EXCHANGE TO PAY ₹80 LAKHS TO FATHER-SON DUO FOR ILLEGAL FREEZING OF DEMAT ACCOUNTS - The Bombay High Court has set a significant precedent underlining the necessity for due process and adherence to legal protocols in regulating the actions by SEBI and recognized Stock Exchanges regarding promoters. The Court has ruled that freezing of demat accounts without a legal basis is unwarranted and illegal. All regulatory bodies must demonstrate proper investigative procedures and maintain clarity on individuals' roles before imposing sanctions.

22-08-2024 (2024) TaxCorp(CL) 30259 (SEBI)

SEBI's Strict Action Against Anil Ambani: Ban from Securities Market Over Fraudulent Loan Scheme - The SEBI’s decision to impose these bans against Anil Ambani and associated parties serves as a compelling reminder of the stringent regulations governing the securities market. Accordingly, financial institutions and associated parties must prioritize transparency and adherence to corporate governance principles to avoid severe regulatory repercussions. The actionable takeaway for stakeholders is to reassess their compliance mechanisms and ensure robust oversight of company practices to mitigate risks associated with fraudulent activities.

22-08-2024 (2024) TaxCorp(CL) 30258 (SC)

Legal Decision Rekindles Debate on Criminal Liability Amid Regulatory Settlements - The Supreme Court’s decision to remand the matter back to the High Court highlights the complex interplay between regulatory resolutions and criminal proceedings. The legal principles established necessitate a careful evaluation of each party's culpability independent of regulatory conclusions and emphasize that regulatory consent cannot absolve one from criminal liability. The emphasis on expeditious resolution signifies important procedural implications for ongoing and future litigation where criminal allegations overlap with regulatory findings.

30-07-2024 (2024) TaxCorp(CL) 30257 (NCLT)

Share Capital Reduction Approved for Petitioner Company under Section 66 of the Companies Act, 2013 - The decision by the Tribunal to approve the reduction of the share capital is significant for the Petitioner Company, as it allows for a strategic and legally-compliant management of its equity structure. The accountability and adherence to statutory provisions serve to enhance corporate governance. It is crucial for the company to execute the filing protocols promptly and publish the order as required to avoid repercussions from non-compliance.

18-09-2024 (2024) TaxCorp(IDT) 134475 (HC-GUJARAT)

Gujarat High Court Rules Against Mandatory Charge-Wise Register for Exemption Claims under Notification No. 115/86-CE - The decision by the Gujarat High Court clarifies that under Notification No. 115/86-CE, the requirement to maintain a charge-wise register is not a condition for claiming exemptions for excise duty. Assessees who calculate their cotton seed oil usage on a monthly basis, as permitted by the Notification, can legally claim their refunds without needing to maintain separate charge-wise records. This ruling is an important affirmation of administrative flexibility and fairness in the application of tax exemptions.

09-10-2024 (2024) TaxCorp(IDT) 134474 (CESTAT-KOLKATA)

Clandestine Manufacture Claims Dismissed: CESTAT Kolkata Highlights Insufficient Evidence and Violations of Natural Justice - The CESTAT Kolkata ruling unequivocally underscores the vital necessity for the Revenue to present compelling evidence when alleging clandestine manufacture and clearance. The decision points to a critical failure in the bureaucratic processes of assessment when those processes operate under presumptions devoid of factual grounding. For legal practitioners and tax assessors, this ruling serves as a clarion call to ensure that allegations made against taxpayers must be grounded in verifiable evidence, demonstrating adherence to the principles of natural justice and fair trial.

09-10-2024 (2024) TaxCorp(IDT) 134473 (CESTAT-CHENNAI)

CESTAT Chennai Modifies Penalty for Wrongly Availed Credit, Emphasizes Absence of Intent to Evade Duty - The CESTAT Chennai decision underscores the legal principle that mere procedural lapses do not justify severe penalties absent proof of intent to evade tax obligations. This ruling indicates the importance of intentionality in matters of statutory compliance and reinforces the appellant's right to rectify mistakes proactively. Therefore, assessees should diligently monitor their compliance but also ensure appropriate measures are in place to rectify errors swiftly to mitigate potential penalties.

08-10-2024 (2024) TaxCorp(IDT) 134472 (CESTAT-AHMEDABAD)

Legal Victory for Gutka Manufacturers: CESTAT Confirms Duty-Paid Goods Cannot Be Confiscated - The CESTAT's decision affirms that procedural lapses—like incorrect buyer mentions on invoices—do not equate to a legitimate basis for confiscating goods that have already complied with duty obligations. This judgement underlines the importance of adherence to due process, including the right to cross-examination, in ensuring fairness and upholding the principles of natural justice in tax matters.

01-10-2024 (2024) TaxCorp(IDT) 134471 (HC-DELHI)

Delhi High Court Ruling on Regular Bail Denial Amidst Discrepancy in Contraband Weight - Based on the deliberations and the legal standards applied, the Delhi High Court determined there were insufficient grounds to grant bail to the applicant. The decision underscores the importance of adhering to procedural requirements within the NDPS framework while simultaneously weighing the implications of the nature and quantity of contraband involved. Practitioners should advise clients to maintain thorough records and ensure compliance with all procedural norms to bolster their position in similar legal scenarios.

09-10-2024 (2024) TaxCorp(IDT) 134470 (CESTAT-CHENNAI)

Refund of 4% SAD Upheld by CESTAT Chennai Despite Discrepancies in Description - In light of the CESTAT’s affirmation of the First Appellate Authority's earlier stance, it can be concluded that minor discrepancies in product descriptions are insufficient grounds for denying a refund claim under the Customs Tariff Act. It is advisable for assessees to maintain meticulous documentation and ensure that discrepancies of a non-substantive nature do not impede their claimed entitlements to refunds.

09-10-2024 (2024) TaxCorp(IDT) 134469 (CESTAT-CHENNAI)

CESTAT Chennai Rules Against Revaluation of Imported Goods, Upholds Transaction Values Based on Lack of Evidence - In light of the CESTAT Chennai’s ruling, it becomes evident that the Revenue's attempt to challenge the declared transaction values solely on the basis of NIDB data is untenable. This decision reinforces the principle that declared values are to be accepted unless sufficient independent evidence is presented to prove otherwise. Appellants must ensure that their documentation is comprehensive and transparent to mitigate disputes regarding valuation.

08-10-2024 (2024) TaxCorp(IDT) 134468 (CESTAT-NEW DELHI)

CENVAT Credit Dispute: Manufacturer Penalized for Incorrect Claims on Non-Input Goods - In light of the current decision, it is imperative for manufacturers to meticulously verify that the inputs for which they are claiming CENVAT credit align with the definitions provided in the CENVAT Credit Rules. Organizations should ensure proper documentation and classification of all input materials in accordance with Form B and maintain comprehensive records when availing of CENVAT credit. Immediate steps should be taken to reverse incorrect claims to mitigate potential audits or penalties.

07-10-2024 (2024) TaxCorp(IDT) 134467 (CESTAT-ALLAHABAD)

CESTAT Allahabad Remands Case of Wrongly Availed CENVAT Credit in Service Tax for Evaluation of Outward Transportation Charges - In light of the CESTAT's decision, it is imperative that appellants maintain comprehensive records that justify the CENVAT credit claims for all categories of services. The need for proper documentation and adherence to guidance from Board Circulars cannot be overstated. Stakeholders must ensure that their substantiations meet the verification demands of the authorities to avoid adverse determinations of credit entitlement in future assessments. The ruling reinforces the significance of procedural fairness and thorough fact-checking in tax matters.

04-10-2024 (2024) TaxCorp(IDT) 134466 (HC-MP)

Secured Creditors Prevail Over Central Excise Dues in Madhya Pradesh High Court - The decision by the Madhya Pradesh High Court reinforces the legal standpoint that secured creditors maintain precedence over Central Excise dues in the absence of dedicated statutory provisions. This ruling creates a clearer pathway for secured creditors dealing with insolvency issues, emphasizing the necessity for adequate representation of interests in recovery proceedings.

30-09-2024 (2024) TaxCorp(IDT) 134465 (HC-PATNA)

Bail Granted in Gold Smuggling Case: Patna High Court's Ruling on Customs Act Violations - In light of the ruling by the Patna High Court, the petitioner has been granted bail after a thorough evaluation of the circumstances surrounding the case, including the nature of the allegations and the time spent in custody. Moving forward, it is imperative for the petitioner and legal counsel to adhere strictly to the bail conditions set forth by the court. This ruling serves as a guiding precedent in similar cases regarding the handling of bail applications in customs-related offenses.

30-09-2024 (2024) TaxCorp(IDT) 134464 (HC-DELHI)

Delhi High Court Reiterates Eligibility for MEIS Benefits Amid Processing Errors in Shipping Bills - The Delhi High Court's decision serves as a pivotal reminder of the principles governing eligibility and benefits under the MEIS framework. It mandates that inadvertent errors must not preclude deserving applicants from accessing benefits to which they are legally entitled. Stakeholders in the export sector should ensure thorough documentation and prompt resolution of any discrepancies in shipping documents to prevent delays in reward claims.

08-10-2024 (2024) TaxCorp(IDT) 134463 (CESTAT-CHENNAI)

CESTAT Chennai Overturns Valuation Based on Invalid Quotation Evidence: Rejects Revenue's Claims of Under-invoicing - The CESTAT Chennai's ruling establishes a clear precedent that reinforces the stringent requirements for valuation in customs assessments. Importers should ensure that any invoices or quotations used as valuation evidence are not merely proforma and that they engage in mutual agreement with authorities when it comes to transaction pricing. It is an actionable direction for importers to maintain thorough documentation supporting declared values, thus safeguarding against unwarranted valuation disputes.

08-10-2024 (2024) TaxCorp(IDT) 134462 (CESTAT-CHENNAI)

CESTAT Chennai Allows Refund of SAD Despite Discrepancies in Invoices and Certifications - The CESTAT Chennai's decision underscores that administrative discrepancies in documentation, particularly those curable or lacking fraudulent intent, should not serve as a solid ground for denying valid tax claims. The case emphasizes the necessity for clear and adequate documentary support in tax-related claims while also recognizing the potential for rectifying minor errors without prejudicing assessees.

08-10-2024 (2024) TaxCorp(IDT) 134461 (CESTAT-CHENNAI)

CESTAT Chennai Rules on Refund of Special Additional Duty, Highlights Violation of Natural Justice Principles - The ruling by CESTAT Chennai stands as a testament to the fundamental principles of natural justice within judicial proceedings. It reiterates the necessity for authorities to provide a fair hearing, especially when requested by appellants. Moreover, the recognition of the lack of unjust enrichment, coupled with the adherence to Notification No. 102/2007, serves as a procedural safeguard for taxpayers. Moving forward, those engaging with refund processes must ensure that documentation is precise, and requests for formal hearings are explicitly articulated to mitigate similar issues. Taxpayers seeking refunds are advised to maintain thorough records of VAT payments and duty debits to bolster their claims.

07-10-2024 (2024) TaxCorp(IDT) 134460 (CESTAT-HYDERABAD)

Double Payment and Time-Barred Refund: CESTAT Hyderabad Clarifies Statutory Limits - In light of the CESTAT Hyderabad's decision, it is imperative for assessees to diligently adhere to statutory time limits when claiming refunds. This ruling underscores that even extraordinary circumstances, such as the COVID-19 pandemic, do not provide carte blanche to disregard established legal deadlines. Therefore, assessees should ensure timely filing and follow-up on refund claims, integrating rigorous compliance checks into their tax planning strategies.

04-10-2024 (2024) TaxCorp(IDT) 134459 (CESTAT-NEW DELHI)

CESTAT New Delhi Declares Fraudulent Activities and Misrepresentation as Grounds for Disciplinary Action - The ruling delivered by the CESTAT serves as a critical reminder for customs brokers to exercise rigorous oversight over their operations and to ensure complete compliance with applicable regulations. Brokers must implement robust internal controls to ascertain the legitimacy of the IECs used by their clients and to avoid associating with entities engaged in fraudulent practices.

Failure to comply with the regulatory framework can lead to severe repercussions, including license revocation and forfeiture of security deposits. As an actionable decision, customs brokers must reassess their due diligence processes and enhance their compliance monitoring protocols to evade similar repercussions in the future.

03-10-2024 (2024) TaxCorp(IDT) 134458 (CESTAT-NEW DELHI)

Reassessment of Imported Goods Value: CESTAT Quashes Demands for Differential Duty and Penalties - In light of this decision, businesses engaged in the importation of goods should ensure comprehensive documentation, including a detailed justification for transaction values declared in accordance with Rule 12 of the Valuation Rules. It will be prudent for importers to maintain meticulous records of their import history, including the exact specifications of goods alongside corresponding Bills of Entry, to substantiate their declared values. This CESTAT decision emphasizes the necessity of clear and cogent reasoning in customs valuation to avoid unwarranted demands for differential duties.

07-10-2024 (2024) TaxCorp(IDT) 134457 (CESTAT-NEW DELHI)

SSI Exemption Validated for Rural Manufacturers Utilizing Third-Party Brand Names: CESTAT Ruling - This decision highlights the necessity for an unequivocal understanding of exemption notifications, particularly regarding geographic limitations and brand name usage. For the appellant, the ruling affirms their right to claim the SSI exemption despite the brand name's presence, illustrating a clear distinction in the legal interpretation of exemption clauses. Moving forward, it is advisable for manufacturers situated in rural areas to closely assess the applicability of such exemptions based on their operational descriptions and compliance with notification specifics.

01-10-2024 (2024) TaxCorp(IDT) 134456 (CESTAT-AHMEDABAD)

CESTAT Ahmedabad Quashes Penalties Under Central Excise Rules Due to Lack of Evidence and Violation of Natural Justice - In light of the adjudication by the CESTAT Ahmedabad, it is crucial for all stakeholders engaged in excise duty assessments to ensure that penalties are only imposed based on compelling evidence derived from legally substantiated processes. The decision serves as a robust reminder of the mechanisms of natural justice and underscores the requirement for proper examination and cross-examination of evidence in excise proceedings.

01-10-2024 (2024) TaxCorp(IDT) 134455 (CESTAT-CHANDIGARH)

CESTAT Chandigarh Rules on Classification of Melamine & Formaldehyde, and Phenol & Formaldehyde Mixtures; Finds Applicability of Exemption Notification. - Based on the current legal decision, it is imperative for manufacturers utilizing Melamine & Formaldehyde and Phenol & Formaldehyde mixtures to evaluate the classification of their products under Chapter 35.06. This ruling serves as a pivotal guidance point, reinforcing that the application of area-based exemptions under Notification No. 50/2003-CE remains intact for those adhering to correct classifications. Consequently, businesses should actively reassess their product classifications and ensure they align with the Tribunal's interpretation to leverage potential tax exemptions.

20-09-2024 (2024) TaxCorp(IDT) 134454 (CESTAT-ALLAHABAD)

Need For Proper Authority In Jurisdictional Decisions: Cestat Allahabad Ruling On Doctrine Of Merger - This ruling serves as a significant reminder of the necessity of adherence to jurisdictional authority and the principles of natural justice. For future assessments concerning similar matters, tax professionals should ensure that all orders are issued by a competent authority and that previous comments or insights are duly addressed to mitigate risks of appeal dismissals based on natural justice violations. Tax management strategies should incorporate rigorous checks on the statutory authority to avoid potential disputes arising from jurisdictional incompetence.

17-09-2024 (2024) TaxCorp(IDT) 134453 (SC)

Clarity on Arrest Procedures Under Section 104 of the Customs Act, 1962: SC Issues Reminder to Customs Authorities - In light of the Supreme Court's ruling, it is imperative that customs authorities fully understand and implement the provisions of Section 104 of the Customs Act, 1962. This case serves as a landmark for clarifying the obligations of enforcement authorities and reiterates the consequences of disregarding statutory mandates. Assessing the nature of contentions involved, it may be prudent for individuals transacting with customs to remain well-informed about their rights under the law to ensure they are protected during any arrest procedures.

30-09-2024 (2024) TaxCorp(IDT) 134452 (SC)

Legal Order Allows Restoration of Appeals Before Customs Tribunal - In light of the Supreme Court's order allowing for the recall of the impugned orders and giving the appellant(s) a fair opportunity to restore their appeals, it is imperative that the appellants capitalize on this decision. They should promptly prepare and file the necessary application(s) before the Customs, Excise & Service Tax Appellate Tribunal, ensuring that all relevant documentation and justifications for the recall are adequately articulated. This decision not only reinforces the judiciary's commitment to justice but also serves as a reminder to all concerned parties about the importance of maintaining a meticulous approach in procedural compliance while engaging with appellate processes.

30-09-2024 (2024) TaxCorp(IDT) 134451 (HC-DELHI)

Delhi High Court Upholds Claim for MEIS Benefit Despite Inadvertent Errors in Shipping Bills - In conclusion, the Delhi High Court has reaffirmed the principles of fairness in administrative processes by allowing the Petitioner the opportunity to rectify inadvertent errors impacting their MEIS claim. The decision underscores the necessity for customs authorities to engage in thorough examination and to afford claimants an opportunity to correct procedural inconsistencies, vital for preserving the integrity of governmental support schemes.

26-09-2024 (2024) TaxCorp(IDT) 134450 (HC-DELHI)

Delhi HC Upholds Rejection of Appeal for Export Obligation Non-Compliance Due to Incomplete Documentation - The Delhi High Court's decision underscores the necessity for strict adherence to export documentation requirements as regulated under customs and foreign trade law. The ruling clearly indicates that failure to provide original documentation, comply with specified timelines for export obligations, and adequately respond to objections leads to inescapable rejection of appeals. For similar cases, it is critical for assessees to maintain meticulous records of all export documentation and respond promptly to any queries or objections raised by customs authorities to avoid adverse legal consequences.

03-10-2024 (2024) TaxCorp(IDT) 134449 (CESTAT-AHMEDABAD)

Legal Crux of CESTAT Ahmedabad Decision on Diversion of Duty-Free Sesame Seeds Under Advance Authorization Scheme - The CESTAT Ahmedabad decision reinforces the principle that adherence to export obligations can be validly demonstrated through reliable evidence of indigenous material usage. The ruling advocates for a coherent interpretation of export guidelines, instilling confidence among entities utilizing advance authorizations to meet their operational needs.

23-07-2024 (2024) TaxCorp(IDT) 134448 (CESTAT-CHENNAI)

Clear Float Glass Classification Dispute Resolved: CESTAT Affirms Tariff Heading and FTA Eligibility - In light of the current CESTAT decision, importers of Clear Float Glass should ensure that their products are classified under CTH 7005 1090 based on established precedents, as it has significant implications for eligibility under tax exemptions. Importers can now confidently rely on this ruling to prevent arbitrary reassessments by customs authorities.

06-09-2024 (2024) TaxCorp(IDT) 134447 (CESTAT-CHANDIGARH)

CESTAT Chandigarh Rules on Classification of Coin Blanks, Education Cess, and Penalty - The tribunal's decision establishes a meaningful precedent concerning the classification of manufactured goods versus raw materials, clarifying that coin blanks—almost finished products—should be classified separately from raw copper strips. Further, it reinforces the principle that once any component, like Education Cess, is integrated into Customs duties, it cannot be charged the second time under the same context. This underscores the importance of accurate classification and proper compliance with regulations to avoid undue penalties.

21-08-2024 (2024) TaxCorp(IDT) 134446 (HC-RAJASTHAN)

Rajasthan High Court Upholds Provisions of Customs Act in Gold Smuggling Case - On the basis of this decision by the Rajasthan High Court, it is apparent that individuals or entities involved in potential smuggling activities of gold should ensure strict compliance with import regulations to avoid falling under the purview of prohibited goods as defined by the Customs Act. Considering the implications of the ruling, it would be advisable for potential importers to conduct thorough due diligence and ensure adherence to all specified conditions related to the import of gold to prevent legal repercussions.

Direct Tax

01-10-2024 Circular No. 11/2024

Order authorizing Income-tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income-tax Act, 1961

01-10-2024 NOTIFICATION NO. 106/2024

U/s 138(1) of IT Act 1961 - Central Government specifies Principal Secretary to Government & Chairman, Odisha Computer Application Centre (OCAC), Department of Electronics & Information Technology (E&IT), Government of Odisha

30-09-2024 Notification No. 4 of 2024

Procedure for making declaration and furnishing undertaking in Form-1 under Rule 4 of The Direct Tax Vivad Se Vishwas Rules, 2024

29-09-2024 Circular No. 10/2024

Extension of time lines for filing of various reports of audit for the Assessment Year 2024-25

27-09-2024 NOTIFICATION NO. 105/2024

Corrigendum - Notification No. 104/2024 dated the 20th September, 2024

GST

09-10-2024 Notification No. 24/2024-Central Tax

Seek Amendment in Notification No. 5/2017- Central Tax, dated the 19th June, 2017

09-10-2024 Notification No. 25/2024-Central Tax

Seeks to exempt supply of metal scrap between registered person from TDS compliance

08-10-2024 Notification No. 05/2024- Union Territory Tax (Rate)

UTGST Rate Schedule u/s 7(1) - Seeks to amend Notification No. 1/2017- Union Territory Tax (Rate) dated the 28th June, 2017

08-10-2024 Notification No. 06/2024- Union Territory Tax (Rate)

Reverse charge on certain specified supplies of goods u/s 7(3) of UTGST Act - Seeks to amend Notification No. 4/2017- Union Territory Tax (Rate), dated the 28th June, 2017

08-10-2024 Notification No. 07/2024- Union Territory Tax (Rate)

Rates for supply of services under UTGST Act - Serial no. 8 amended -Seeks to amend Notification No. 11/2017-Union Territory Tax (Rate),dated the 28th June, 2017

Corp Law

08-10-2024 Circular No. SEBI/HO/AFD/AFD-POD-1/P/CIR/2024/135

Specific due diligence of investors and investments of AIFs

07-10-2024 Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2024/134

Timelines for disclosures by Social Enterprises on Social Stock Exchange (“SSE”) for FY 2023-24.

03-10-2024 NOTIFICATION No. S.O. 4333(E)

Amendment in Notification No. S.O. 1647 (E), dated the 5th May, 2016

03-10-2024 Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

03-10-2024 NFRA No. NF- 25013/2/2023-O/o Secy-NFRA

Responsibilities of Principal Auditor and Other Auditors in Group Audits

IDT

08-10-2024 Notification No. 65/2024-Customs (N.T.)

Appointment of Common Adjudicating Authority

07-10-2024 DGFT - Public Notice No. 26/2024-2025

Amendment in Appendix 10M of Para 10.15 in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2023 to include more items under the purview of Global Authorization for Intra-Company Transfer (GAICT) of SCOMET items/software/technology

07-10-2024 DGFT - Trade Notice No. 20/2024-25

Provision for Import/ Re-import of "Exhibits and Sample"

04-10-2024 DGFT - Trade Notice No. 19/2024-25

Clarification on RCMC Requirements for Post-Export Remission-Based Schemes under FTP 2023

04-10-2024 Notification No. 06/2024-Customs (CVD)

Seeks to extend the levy of countervailing duty on "Continuous Cast Copper Wire Rod" originating in or exported from Indonesia, Malaysia, Vietnam and Thailand

01-10-2024 FTP - Notification No. 33/2024-25

Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 31st December 2024

01-10-2024 FTP - Notification No. 34/2024-25

Streamlining of Halal Certification Process for Meat and Meat Products

30-09-2024 Circular No. 19/2024-Customs

Digitization of Customs Bonded Warehouse procedures relating to obtaining Warehouse License, Bond to Bond Movement of warehoused goods, and uploading of Monthly Returns

30-09-2024 DGFT - Trade Notice No. 18/2024-2025

Extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months beyond 30th September, 2024.

30-09-2024 FTP - Notification No. 32/2024-25

Extension of RoDTEP scheme for exports made from DTA Units and AA/EOU/SEZ Units

Budget 2024-25

Finance (No. 2) Bill, 2024: Complete Coverage

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