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- 2021 (1) TMI 1111 - NATIONAL COMPANY LAW TRIBUNAL, KERALA
Date of removal of disqualification of Director - whether the Corporate Debtor has complied with the conditions stipulated in the settlement agreement produced before this Tribunal? - HELD THAT:- It is true that the IBA has been disposed of on the basis of settlement arrived between the parties stating that they have settled the matter stating that on 26.8.2020 settlement has been arrived for a total sum of ₹ 2,25,00,000/- as full and final settlement of the entire claim between the Corporate Debtor M/s Sree Bhadra Parks and Resorts Limited on the terms mentioned in the settlement agreement. When a settlement has been arrived between the parties, it is duty bound by the Corporate Debtor to make good the payments proposed in that settlement. They cannot go back making various allegations including maintainability of the IBA after mak....... + More
- 2021 (1) TMI 1110 - KERALA HIGH COURT
Levy of penalty - release of subject goods on payment of redemption fine conforms to the scheme of Sections 2(33), 111(d) and 135 of Customs Act, 1962, section 3 of FTDR Act, 1992 read with notification dated 18.12.2019 and 28.3.2020 issued by Union of India or not? - HELD THAT:- The Customs Act defines what is prohibited goods and effect of importing prohibited goods; consequence of goods imported contrary to Section 111(d) option to pay redemption fine in lieu of confiscation or confiscation. This Court is of the view that the exercise of discretion and jurisdiction either by the adjudicating authority or by the Appellate Tribunal ought not to be moulded by a cast. The jurisdiction under Sections 111 (d) and 125 of Customs Act, 1962 is read with the provisions of FTDR Act, 1992, foreign trade policy and the notifications issued by the G....... + More
- 2021 (1) TMI 1109 - ITAT DELHI
Settlement of dispute relating to the tax arrears for the assessment years under consideration under The Direct Tax Vivad se Vishwas Act, 2020 - as stated that the necessary declaration in accordance with Section 4 of The Direct Tax Vivad se Vishwas Act, 2020 has been filed by the assessee - appeals have been preferred by the assessee against the Separate orders passed by the Learned Commissioner of Income Tax (Appeals)-16, New Delhi {CIT(A)} for Assessment Years: 2008-09 & 2007-08 - HELD THAT:- As aforesaid is subject to a caveat that in case the dispute relating to tax arrears for the captioned assessment years are not ultimately resolved in terms of the aforestated Act, the appellant (i.e., the assessee) shall be at liberty to approach the Tribunal for reinstitution of the appeals and the Tribunal shall consider such applications a....... + More
- 2021 (1) TMI 1108 - ITAT MUMBAI
Deduction u/s 80P - AO treated the assessee as a cooperative bank other than primary agricultural credit society and denied the claim of deduction u/s 80P - HELD THAT:- As relying on decisions in the case of the appellant [2018 (6) TMI 1746 - ITAT MUMBAI] and the decision of the Hon'ble High Court of Karnataka in the case of Tumkur Merchants' case [2015 (2) TMI 995 - KARNATAKA HIGH COURT] it is held that the appellant is eligible for deduction u/s. 80P(2)(a)(i) in respect of the income and it is also eligible for deduction in respect of dividend income of ₹ 1,19,589/- u/s. 80P(2)(d) of the Act. The AO is directed to allow deduction u/s. 80P as claimed by the appellant and assess the total income at Rs. Nil. Ground no. 1 is allowed of assessee.
- 2021 (1) TMI 1107 - BOMBAY SESSIONS COURT
Seeking seven days custody of both the accused for their interrogation - money laundering - proceeds of crime - diversion of funds - schedule offence under Section 420 of IPC - HELD THAT:- No doubt udner Section 17(1)(f) of PMLA on 26.01.2021 the statement of accused Babulal Varma came to be recorded by ED and also questions pertaining to ₹ 410 crores obtained from Yes Bank was also put forth including non-constructions of tenements. But the facts remain to be answered that when these two persons are now arrested and produced before this Court, who not only obtained SRA scheme for construction, but mortgaged it and now even without making construction of the Rehab scheme at Wadala and Antop Hill they have diverted ₹ 410 crores, which was obtained as a loan from Yes Bank, after mortgaging FSI and after construction of rehabilit....... + More
- 2021 (1) TMI 1106 - ITAT BANGALORE
Foreign tax credit available - Eliminating double taxation of doubly taxable income in the hands of assessee - difference in FTC available to assessee on taxes paid in USA, Japan and Germany vis-s-vis Korea - HELD THAT:- India US DTAA - A perusal of the aforesaid provision makes it clear that, if a resident Indian derives income, which may be taxed in United States, India shall allowed as a deduction from the tax on the income of the resident, an amount equal to the tax paid in United States of America, whether directly or by deduction. The conditions mandated in the treaty is that if any "income derived" and "tax paid in United States of America on such income", then tax relief/credit shall be granted in India on tax paid in United States of America. India Japan DTAA - Article 23(2) of India Japan DTAA deals with elim....... + More
- 2021 (1) TMI 1105 - SUPREME COURT
Maintainability of application - initiation of CIRP - Corporate Debtor failed to repay the loan obtained from the Assignor Bank - Non Performing Asset - Financial Debt - time limitation - HELD THAT:- It is well settled by a catena of decisions of this Court, that Article 137 of the Limitation Act gets attracted to applications filed under Sections 7 and 9 of the IBC. The right to sue accrues when a default occurs, and if that default has occurred over three years prior to the date of filing of an application under Section 7 of the IBC, the application would be barred under Article 137 of the Limitation Act. At the highest, limitation started ticking on 27th March 2003, when a Recovery Certificate was issued by the DRT. The appellant has not disclosed any material in its application under Section 7 of the IBC to demonstrate that the applic....... + More
- 2021 (1) TMI 1104 - MADRAS HIGH COURT
Maintainability of petition - no notice of personal hearing provided - HELD THAT:- A reply has been filed to the show cause notice as early as on 23.08.2010 and thereafter, no further proceedings have been initiated by the respondent. The petitioner has also not bothered to appear before the respondents or seek a clarification with regard to what has transpired thereafter. Even without approaching the respondent by way of a representation or a letter seeking clarity in the matter, the petitioner has approached this Court seeking a certiorari of the show cause notice, which is more than a decade old. Moreover, there appears to be absolutely no trigger for the present Writ Petition and no notice of personal hearing or any other communication has been received after the show cause notice issued in August, 2010 - there is no cause of action at this juncture to justify this Writ Petition - Petition dismissed.
- 2021 (1) TMI 1103 - ITAT DELHI
Disallowance of the additional depreciation claimed by the Appellant Company u/s. 32(1)(iia) - Manufacture or production - AO has held that the process of delivery of CNG to automobiles at the CNG filling centres does not amount to manufacture or production or an article or thing which is mandatory requirement for claiming additional depredation u/s. 32 (1)(iia) - Whether the compressed natural gas produced by the appellant, having different name, character and use from natural gas can be said to be covered by the phrase manufacture or production? - HELD THAT:- As decided in CENTRAL U.P. GAS LIMITED [2016 (12) TMI 814 - ALLAHABAD HIGH COURT] compressed natural gas in its compressed form has a distinct identity and character and use. It is settled law of the Apex Court in the case of Income Tax Officer Vs.Arihant Tiles and Marbles P. LTD. ....... + More
- 2021 (1) TMI 1102 - SC ORDER
Refund of amount deposited with the Customs Authorities - time limitation for claiming refund - Section 27 of the Customs Act - HELD THAT:- As short question of law is involved, list this appeal for hearing in the first week of April, 2021.
- 2021 (1) TMI 1101 - TRIPURA HIGH COURT
Levy of VAT - goods provided by a DTH provider to its customer - petitioner contends that for providing such equipments no charge is collected from the subscriber and petitioner continues to be the owner of the goods and thus the State authorities cannot collect value added tax on such equipments - HELD THAT:- The present petition are squarely covered by the decision of Division Bench of this Court in case of BHARTI TELEMEDIA LTD. VERSUS STATE OF TRIPURA AND OTHERS, TATA SKY LTD. VERSUS STATE OF TRIPURA AND OTHERS [2015 (11) TMI 46 - TRIPURA HIGH COURT]. The question involved in the said petition was with respect to inviting value added tax on the goods provided by a DTH provider to its customer so that the customer could enjoy such service. It is also a case where concededly there was no sale of goods - Nevertheless the High Court referr....... + More
- 2021 (1) TMI 1100 - AUTHORITY FOR ADVANCE RULING, ODISHA
Classification of supply - Works Contract Services or not - activities of supply installation, operation and maintenance of Greenfield Public Street Lighting System (GPSLS) carried out by the Applicant - levy of GST under Entry 3(vi) of Notification No. 11/2017-CT(Rate) dated 28 June 2017 (as amended) - inclusion of capital subsidy received/receivable by the applicant in the Transaction Value for the purpose of calculation of GST payable in terms of Section 15 of the CGST Act, 2017 - HELD THAT:- In the agreement submitted by the applicant the major part of the contract is supply of goods. The price of these goods are supplied to the client by the applicant constitutes 98.58% of total contract price. Further we find that the goods that are supplied are used by the applicant to provide services like installation, commissioning and maintenan....... + More
- 2021 (1) TMI 1099 - AUTHORITY FOR ADVANCE RULING, ODISHA
Classification of supply - Works Contract Services or not - activities of supply installation, operation and maintenance of Greenfield Public Street Lighting System (GPSLS) carried out by the Applicant - levy of GST under Entry 3(vi) of Notification No. 11/2017-CT(Rate) dated 28 June 2017 (as amended) - inclusion of capital subsidy received/receivable by the applicant in the Transaction Value for the purpose of calculation of GST payable in terms of Section 15 of the CGST Act, 2017 - HELD THAT:- In the agreement submitted by the applicant the major part of the contract is supply of goods. The price of these goods are supplied to the client by the applicant constitutes 98.58% of total contract price. Further we find that the goods that are supplied are used by the applicant to provide services like installation, commissioning and maintenan....... + More
- 2021 (1) TMI 1098 - AUTHORITY FOR ADVANCE RULING, ODISHA
Levy of GST - Capital Subsidy (90 per cent of Project Capital Expenditure) received by the Applicant as per SIOM Agreement and Escrow Agreement from Odisha Government /ULBs for the Green Field Public Street Lighting System in the State of Odisha - composite supply or not - balance 10% of the Project Capital Expenditure and O&M Fees received as Annuity Fee over the period of 7 years by the Applicant as per SIOM Agreement considering the Si. No. 3(vi) of the notification No. 11/2017 Central Tax (Rate), dt. 28-06-2017 as amended by Notification No. 31/2017 Central Tax (Rate), dt. 13-10-2017 and corresponding notifications of Odisha State Tax Rate as amended - time for raising GST Invoices for Capital Subsidy and Annuity Fee (consisting of 10% of Project Capital Expenditure and O&M Fee) payable in 7 years - rate of tax on the supplies....... + More
- 2021 (1) TMI 1097 - AUTHORITY FOR ADVANCE RULING, RAJASTHAN
Classification of supply of service - activity of bullet proof body building (in addition to fixing bullet proof windshield glass, bullet proofing of engine and fuel tank on the motor vehicles (2.5 Ton capacity) having Tarpaulin cover in the cargo compartment - whether classified under head 9988 (ic) or 9988 (id) of the GST tariff or not? - Since the applicant has already charged IGST @ 28% by classifying the supply as supply of goods under GST tariff for goods heading 8707, whether the customer should claim the refund from the department or the applicant should lodge the claim the refund, in the event of the above classification being upheld by the AAR? - HELD THAT:- The applicant is engaged in the manufacture of Bullet proof glass, bullet proof Vehicles, Lectern etc. in their factory. Besides, applicant is also undertaking armouring by ....... + More
- 2021 (1) TMI 1096 - GUJARAT HIGH COURT
Constitutional validity of Section 16(4) of the GST Act, 2017 - Vires of Articles 14, 19(1)(g) and 300A respectively of the Constitution - HELD THAT:- Let Notice be issued to the respondents, returnable on 25th March 2021. The respondents shall be served directly through Email. In the meantime, one set of the entire paper book be furnished to Mr. Devang Vyas, the learned Additional Solicitor General of India, who would be appearing for the respondents.
- 2021 (1) TMI 1095 - GUJARAT HIGH COURT
Valuation - Independent transaction of purchase of land and construction contract for construction of bungalow on such land - Validity of Entry No.3(if) of the Notification No.11/217 -Central Tax (Rate) dated 28th June, 217 read with Para-2 of the said notification - HELD THAT:- The writ applicant has been able to make out a strong prima facie case to have an interim order in his favour in terms of para-27(F) of the writ application. We, accordingly, grant such relief. We permit the writ applicant to deposit the amount of tax as raised under the invoice without prejudice to his rights and contentions as raised in this writ application. Mr. Sheth, the advocate on record, shall furnish one set of the entire paper-book to Mr. Devang Vyas, the learned Addl. Solicitor General of India at the earliest so that he can obtain necessary instructions in the matter by the next date of hearing.
- 2021 (1) TMI 1094 - DELHI HIGH COURT
Profiteering - benefit of input tax credit to its customers/homebuyers not passed on - Section 171 of the CGST Act and Chapter XV of the CGST Rules (more particularly, Rules 126, 127 & 133 of the CGST Rules) - HELD THAT:- Issue notice. Mr. Farman Ali, learned counsel for the respondent No.1 and Mr. Ravi Prakash, learned counsel for respondents No. 2 and 3 accept notice. Counter affidavits be filed within a period of two weeks. Rejoinder, if any, be filed before the next date of hearing. List along with other batch petitions on 15th February, 2021.
- 2021 (1) TMI 1093 - DELHI HIGH COURT
Vires of Section 171 of the CGST Act, 2017 and other provisions under Chapter XV of the Act - composition of the Respondent No. 2/National Anti-Profiteering Authority under Rule 122 of the CGST Rules, 2017 - HELD THAT:- Although in the order passed in NESTLE INDIA LTD. & ANR. VERSUS UNION OF INDIA & ORS. [2020 (2) TMI 671 - DELHI HIGH COURT] the court has apparently not interdicted the suo moto investigation, but at the same time we notice that this Court has given protection to nearly all the Petitioners, faced with similar circumstances, i.e., wherever the authority has directed investigation in relation to products/services which were beyond the scope of original investigation. Therefore, we see no reason to deny the same relief to the Petitioner herein. Petitioner is therefore entitled to the interim protection, pending dispos....... + More
- 2021 (1) TMI 1092 - ALLAHABAD HIGH COURT
Vires of Sections 69 and 132 of the Central Goods and Services Tax Act, 2017 and U.P. Goods and Services Tax Act, 2017, Section 135 of the Central Goods and Services Tax Act, 2017 and U.P. Goods and Services Tax Act, 2017 and Sections 16 (2) (c) of the Central Goods and Services Tax Act, 2017 and U.P. Goods and Services Ta Act, 2017 - HELD THAT:- Since, vires of provision of the Central Goods and Services Tax Act, 2017 and U.P. Goods and Services Tax Act, 2017 have been challenged, let issue notices be issued to Attorney General of India and the Advocate General of State of U.P. Sri Manish Kumar Niranjan, learned counsel for respondent no.1 and learned Standing Counsel for respondent no.2 pray for and are granted four weeks' time to file their respective counter affidavits. Learned counsel for the petitioner shall have one week therea....... + More
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