NCLT New Delhi Orders Liquidation Of Samtex Desinz Private Limited Under Section 33 Of IBC

NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors...

Non-Resident Shareholders Can’t Take Benefit Of Lower Tax Rate Prescribed In DTAAs For Taxation Of Dividend Where DDT Is Applicable: ITAT

The Mumbai Special Bench of the Income Tax Appellate Tribunal (ITAT) has held that non-resident shareholders cannot take advantage of the lower tax rate prescribed in Double Tax Avoidance Agreements (DTAAs) for taxation of dividends where Dividend Distribution Tax (DDT) is applicable.The bench of G. S. Pannu (President), N.V. Vasudevan (Vice President), and Vikas Awasthy (Judicial Member)...

AO Cannot Make Ad-Hoc Disallowance Of Expenses For Want Of Supporting For Each Expense, Without Pointing Defect In Vouchers: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the AO cannot make an ad hoc disallowance of expenses for want of support for each expense, without pointing to defects in vouchers on a sample basis furnished by the assessee.The bench of Yogesh Kumar US (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that the assessee has furnished copies of...

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...