Home Highlights February 2012 Year 2012 This

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1. Refund claim - monies obtained by the revenue, against the encashment of three bank guarantees - Given the fact that there is a stay on the demand raised by the...

2. Grant of interest on the amount of bank guarantee, which was wrongly encashed by the Customs Department - the amount encashed by way of bank guarantee remained with the...

3. Interest on Refund - claim of interest from the date of encashment of bank guarantees till grant of refund - The 3rd respondent has committed an error in recording an...

4. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

5. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

6. Refund - The solvent security is that of a person who is entitled to/recipient of the amount. Whereas, the ‘bank guarantee’ is a guarantee given by the bank on behalf of...

7. Invocation of Bank guarantee by respondents before prosecuting the appeal by petitioner - petitioner's case is that if the respondents invoke the bank guarantee, the...

8. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

9. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

10. Amendment of section 281B. - Attachment of property - If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh...

11. Nature of interest income - Appropriate taxable head of income - Because except its subsidiary, the assessee has not given Bank Guarantee to anybody else, which can...

12. Authorised Dealer of Foreign Exchange u/s 65 (105) (zm) - Section 65 (105) (12)(a) as also section 65 (12) (a)(ix) specifies services using the expression ‘services...

13. RCM - payment of guarantee fee towards receipt of Bank Guarantees - These are not the guarantees provided by a corporation for it’s subsidiaries but are pure bank...

14. Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against...

15. Reduction on rate of deduction from 12% to 11% u/s 80IB - Inter unit investments - interest allocation on deemed basis - CIT(A) correctly allocated the interest to the...