News Updates
NCLT Allahabad Approves Dwiti Construction Pvt. Ltd’s Resolution Plan For M/S Vaishali Real Estate Private Limited
The NCLT Allahabad bench comprising of Shri Praveen Gupta (Judicial Member) and Shri Subrata Ashish Verma (Technical Member) has approved a 3.91 crore resolution plan of Dwiti Construction Pvt. Ltd for M/S Vaishali Real Estate Private Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted...
Godrej Zymegold Contains Can Be Characterised As Fertilizer, Classified Under CTH 3101: CESTAT
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that Godrej Zymegold, which contains nitrogen and chlorine, suffices to characterize the product as fertilizer, classified under CTH 3101.The bench of Ajay Sharma (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that the department has taken recourse to the definition...
Service Tax Paid On Insurance Of Plant, Machinery For Manufacture Is Admissible As Cenvat Credit: CESTAT
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the service tax paid on the insurance of plant, machinery, and equipment required for manufacture is admissible as CENVAT Credit.The Bench of Anil G. Shakkarwar (Technical Member) has observed that the co-generation plant, though not installed during the relevant period, received consultancy...
NCLT Indore Permits Forensic Audit Of Corporate Debtor On An Application Made By Financial Creditor
The National Company Law Tribunal (“NCLT”), Indore Bench, comprising of Shri Ashok Kumar Bhardwaj (Judicial Member) and Shri Kaushalendra Kumar Singh (Technical Member), while adjudicating a petition filed in Motel Rahans Pvt Ltd. v JSM Devcons Pvt Ltd., has allowed an application filed by a secured Financial Creditor of the Corporate Debtor wherein transaction audit of the...
CESTAT Allows Income Tax Deduction On Account Of Octroi And Additional Sales Tax
The Chandigarh Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the income tax deduction on account of octroi and additional sales tax.The Bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the gist of the SCNs was to deny the deduction on account of Octroi and Additional Sales Tax for the reason that the same...
'Even Profit Making Entities Indifferent To Consumers': Cochin Airport Directed To Compensate Passenger Who Got Drenched While Boarding, Caught Fever
The District Consumer Disputes Redressal Commission at Ernakulam recently directed the Cochin International Airport Ltd. (CIAL) to pay a compensation of Rs. 16,000/- to a passenger for its failure to provide adequate facilities to him to board the flight without getting drenched in the rain. The bench comprising President D.B. Binu and members V. Ramachandran and Sreevidhia T. N., while...
CBIC Rolls Out Automated Return Scrutiny Module For GST Returns In ACES-GGST Backend Application For Central Tax Officers
The Central Board of Indirect Taxes and Customs (CBIC) has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.During the recent review of the performance of the CBIC, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman gave directions to roll out an automated return scrutiny module for GST returns...
Section 14A Disallowance Cannot Be More Than Exempted Income: ITAT
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that section 14A disallowance cannot be more than exempted income.The bench of G.S. Pannu (President) and Sandeep Singh Karhail (Judicial Member) has directed the AO to restrict the disallowance made under section 14A of the Income Tax Act to the extent of exempt income earned by the assessee.Section 14A is a...
ITAT Allows Income Tax Deduction On The Interest Income Received From The Co-Operative Bank
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction under Section 80P(2)(d) of the Income Tax Act on the entire amount of interest income received from the Co-operative Bank.The bench of Sandeep Singh Karhail (Judicial Member) and S. Rifaur Rahman (Accountant Member) found that CIT(A) granted the relief to the assessee, allowing deduction...
Right To Practice Of Foreign Law Degree Holders Affected By Delay In Declaring Result Of Qualifying Exam: Sr Adv Indira Jaising Writes To BCI
Senior Advocate Indira Jaising has addressed an open letter to the Bar Council of India (BCI), expressing concerns over the delay in declaring the results of the 18th Qualifying Examination for Foreign Law Degree Holders, which is a prerequisite for them to commence practising law in India. Approximately 75 law graduates are affected by this delay. Jaising has urged the the apex body for...
SIT Constituted To Probe Sexual Harassment Case Against WFI Chief Brij Bhushan Singh: Delhi Police To Court
The Delhi Police on Friday informed a Delhi Court that a Special Investigation Team has been constituted to probe the sexual harassment case against Wrestling Federation of India president Brij Bhushan Singh.Public Prosecutor Atul Srivastava informed Additional Chief Metropolitan Magistrate Harjeet Singh Jaspal of Rouse Avenue Courts that a status report has been filed in the matter under...
CBIC Lowers The E-Invoicing Threshold To Rs. 5 Crores w.e.f. August 1, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has notified the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores w.e.f. August 1, 2023.Currently, businesses having a turnover of more than Rs 10 crore are required to generate e-invoices for business-to-business (B2B) transactions.The e-invoicing threshold was reduced to Rs. 50 crore under the third phase from...