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NCLT Approval Impact on Service Tax Refund Appeal: CESTAT Chandigarh Ruling
In a significant decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh addressed the case of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal ruled that once a resolution plan has been approved by the National Company Law Tribunal (NCLT), any
“New Export Policy for Chapter 01-39 under ITC (HS) 2023 Implemented by DGFT”
The Directorate General of Foreign Trade (DGFT) has recently issued Notification No. 60/2023 on February 13, 2024, announcing the implementation of the ‘Indian Trade Classification (Harmonised System) of Export Items, 2023’ for Chapter 01-39 of Schedule 2. This significant notification falls under the ambit of
NCLT Bengaluru Bench Emphasizes Finality in Resolution Plan Approval Process
NCLT Bengaluru Bench: Resolution Plan Approval Process Must Not Lead to Endless CIRP In a recent ruling, the National Company Law Tribunal (NCLT) Bengaluru Bench addressed the case of Parag Finlease Pvt. Ltd. vs. Mr. Ratnakar Shetty, the Resolution Professional (RP) of Unishire Lifestyle Dwellings
High Court Upholds Income Tax Search; Condemns Misconduct
Heading 1: Validity of Income Tax Search Upheld The Gujarat High Court has upheld the validity of search and seizure operations conducted by the Income Tax (I-T) department at the residence and office of lawyer Maulik Sheth. The search, carried out between November 3 and
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Resolution Plan Approval by NCLT Renders Pending Service Tax Refund Appeal Abated, Rules CESTAT Chandigarh In a recent decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh ruled on the matter of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal held
Merely entry in Form 26AS does not make it taxable, Revenue will have to prove income
In a recent ruling by the Income Tax Appellate Tribunal, Nagpur Bench, the appeal of Mr. Sanjay Kisan Chopde against the Income Tax Department for the assessment year 2014-15 was meticulously examined and adjudicated upon. The tribunal’s detailed order addressed a crucial matter concerning the
Chandigarh Mayor Election Controversy: High Court Intervenes Amid Fraud Claims”
The recent election of Manoj Sonkar, a Bharatiya Janata Party (BJP) candidate, as the Mayor of Chandigarh has been marred by controversy, with allegations of fraud and irregularities prompting legal challenges and scrutiny from the judiciary. The Punjab and Haryana High Court has taken cognizance
Understanding the Impact of MSME Section 43B: Ensuring Timely Payments and Tax Compliance”
Clarification on MSME Section 43B Impact: Payments made or due to vendors registered under MSME, as defined in the Micro, Small and Medium Enterprises Development (MSMED) Act 2006, are affected. To encourage timely payments to micro and small enterprises, such payments now fall under section
“Finance Ministry Foresees Post-Election GST Rate Changes”
A senior official from the Finance Ministry has indicated that any significant changes to the Goods and Services Tax (GST) rates are likely to occur only after the upcoming Lok Sabha elections. The official mentioned that while minor adjustments may happen based on the
Navigating Tax Disputes: Insights from the Bombay High Court Judgment
Overview of the Dispute At the heart of the matter lies the verification of tax dues intertwined with claims over specific pieces of jewelry. The multiplicity of parties involved adds layers of complexity to the case, as each party asserts ownership rights over the disputed
Important FAQ’s on 43B
Q1: When does the amendment become effective? A1: The amendment applies from FY 2023-24, corresponding to AY 2024-25. Q2: What defines an MSME? A2: MSME classification is based on investment and turnover, with Micro units having up to Rs.1 crore investment and Rs.5 crore turnover,
“Jharkhand High Court: Upholding Tax Scrutiny on Unverified Cash Loans”
In a recent verdict, the Jharkhand High Court has upheld the income tax addition due to the failure of assessees to substantiate the authenticity of creditors providing cash loans. The decision, delivered by the bench comprising Justice Rongon Mukhopadhyay and Justice Deepak Roshan, underscores the