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GST
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2023 (6) TMI 137
Principles of Natural Justice - reply filed belatedly - contention of the petitioner that the impugned order passed is without affording an opportunity of hearing and that their reply filed in Form DRC 06 has been rejected as having been belatedly filed - HELD THAT:- Admittedly reply has been rejected stating that, it was beyond the period prescribed. However, it must be noticed that though the reply itself came to be rejected as having been filed belatedly, in the reply filed by the petitioner. The mandate under Section 75(4) of the CGST Act, 2017 is clear that, when a written request is made from the person chargeable with tax or penalty seeking for personal hearing, the same is required to be considered. Clearly there is violation of the mandate under Section 75(4) of the Act and the submission of the learned counsel for the Reve....... + More
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2023 (6) TMI 136
Validity of audit report issued under section 65(6) of Bihar Goods and Services Tax Act, 2017 - non-consideration of the rectification application - petitioner argues that the order passed on audit report is amenable to the rectification under section 161 and without the same being considered, the show-cause notice issued by the Assessing Officer at Annexure- 5 cannot be proceeded with. HELD THAT:- The report was finalized as per Annexure-3, which specifically indicates that the representative of the tax payer appeared on different dates of hearing with books of accounts and other documents. Detailed analysis of the summary returns was also done with reference to the books of accounts and the relevant documents. The observations are found in page-2 of Annexure-3A, wherein it has been specifically noticed that the Jurisdictional off....... + More
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2023 (6) TMI 135
Cancellation of GST registration of petitioner - non-filing of returns for a continuous period of six months - HELD THAT:- The order dated 01.12.2020 clearly falls short of the requirement of Article 14 of the Constitution of India. The appellate order dated 30.12.2021 clearly exceeds the power conferred upon the appellate authority as it decides the appeal on the issues which were neither a part of the show-cause notice nor was a consideration when the order dated 01.12.2020 was passed. Both the orders i.e. 01.12.2020 30.12.2021 are set aside - the matter is remanded back to the authority concerned to pass a fresh order after giving an opportunity of hearing to the petitioner in accordance with law.
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Income Tax
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2023 (6) TMI 128
Grant of approval for 12AB - No effective opportunity to refute the rejection given - denial of natural justice - HELD THAT:- CIT(E) without further opportunity to the appellant rejected the application in violation of principle of natural justice as commanded by proviso to section 12AA(1)(b)(ii) of the Act, thus action of the Ld. CIT(E) suffered from sufficiency of reasonable opportunity to the appellant to refute the rejection vis- -vis to comply with the requirements sought. Opportunity of being heard should be real, reasonable and effective and same should not be empty formalities, it should not be a paper opportunity. The doctrine of natural justice is a facet of fair play in action and no person shall be saddled with a liability without being heard. Remand the matter back to the file of Ld. CIT(E) for according reasonable effective opportunity to refute the rejection. Appeal allowed for statistical purposes.
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2023 (6) TMI 127
Computation of capital gain on transfer of Plot - Adoption of certain amount as Cost of Acquisition - HELD THAT:- On an overview, it can be seen that there are basically two transfer transactions of the assessee, first, the transfer by compulsory acquisition of land by the Government of Maharashtra and the, second, of the transfer of plots to M/s. Shriram Builders Developers, which were allotted to the assessee in lieu of the compulsory acquisition. In a nutshell, the assessee was allotted the two plots as quid pro quo for the compulsory acquisition of his land after paying back Rs. Y. In that view of the matter, the fair market value of these two plots minus Rs. Y will constitute full value of consideration in the first transaction of transfer of agricultural land by compulsorily acquisition. AO, has observed that the first ....... + More
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2023 (6) TMI 126
Additions on account of sundry creditors - notices being issued to companies had failed to respond and gave confirmation of the outstanding credits - CIT-A deleted the addition - HELD THAT:- The order of ld. CIT(A) has showed that additional evidence was admitted and remand report was called from Ld. AO wherein no adverse comments was made with regard to reconciliation of account of STC, MMTC and PEC was given. Further the matter of fact is that all these three enterprises are public sector undertakings. Thus, the opinion of Ld. CIT(A) based upon the evidence before it and the aforesaid fact of the parties being Public Sector Undertakings to delete the additions on account of sundry creditors requires no interference. The appeal of revenue is dismissed.
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2023 (6) TMI 125
Revision u/s 263 - allowability of the claim of deduction either u/s.80P(2)(a)(i) or u/s.80P(2)(d) - PCIT has held the assessment order to be erroneous and prejudicial to the interest of the Revenue only on the ground that the claim of deduction u/s.80P on the interest income was not in order - HELD THAT:- As observed that though co-operative banks, other than primary agricultural credit society or a primary co-operative agricultural and rural development bank, are not eligible for deduction pursuant to insertion of section 80P(4) w.e.f. 1.4.2007, but this provision does not dent the otherwise eligibility u/s 80P(2)(d) of a co-operative society on interest income on investments/deposits parked with a co-operative bank, which is a registered co-operative society as per section 2(19) of the Act, defining co-operative society to mean a co....... + More
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2023 (6) TMI 124
Assessee in default u/s 201(1) on non-payment of TDS - non deposit of TDS deducted to the account of the Central Government - assessee pleaded that in view of the second proviso to section 201(1) of the Act, the assessee cannot be treated as an assessee in default - CIT(A) observed that the second proviso to section 201(1) was introduced in the statute only w.e.f. 01.07.2012 and, hence, the said certificate filed by the assessee in Form No.26A from the Chartered Accountant of Payee cannot be used for the year under consideration as a shelter for not to be treated as an assessee in default. HELD THAT:- The second proviso to section 201(1) of the Act, though introduced w.e.f. 01.07.2012 have been held to be retrospective in operation by the decision of Ansal Landmark Township Pvt. Ltd. [ 2015 (9) TMI 79 - DELHI HIGH COURT] - Hen....... + More
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2023 (6) TMI 123
Suppression of income - Difference between service tax return and the revenue - as per books of accounts of the Assessee wherein reversal entry has been passed - case of the Assessee that since audit was initiated at the end of 2014, the service tax return could not be revised online as 90 days period was over and as found that the assessee had also tried to file revised return by manually to the service tax department which has not been accepted - HELD THAT:- There is no system of manual return filing/revised return by online due to expiry of limitation period. The assessee had tried to revise the service tax return, but the assessee was not successful in revising the service tax return. Considering the fact that the difference between service tax return and the revenue was occurred due to the wrong exchange rate applied to export ....... + More
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2023 (6) TMI 122
Penalty u/s. 271F - non- filing of ITR - assessee has failed to explain the reasonable cause for non filing of the returns inspite of having earned income from various sources - Reasonable cause for failure - assessee is an Advocate by profession and is also a partner in a law firm - HELD THAT:- Assessee has merely stated that owing to the financial crisis and his Accountant quitting the employment the assessee was unable to file returns, cannot be a reasonable cause for the failure on the part of the assessee. It is also pertinent to point out the fact that the assessee was on a bonafide belief that income of a partnership firm is exempted from tax, is an unacceptable contention that cannot be relied upon by a person like the assessee who is himself in the Advocacy of law. As well aware of the Latin maxim Ignorantia juris non excu....... + More
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2023 (6) TMI 121
Estimation of profit from unaccounted sales - Profit estimation on total turnover - CIT(A) deleting the addition on account of estimation of profit from unaccounted sales made by the assessee from the clandestine removal of the goods - As stated by the D.R. in the Central Excise proceedings on the clandestine removal of the goods, the assessee settled the issue by availing Sabka Vishwas Scheme 2019 and paid the taxes on 12-11-2019 - HELD THAT:- As submitted by assessee, Tribunal in the case of Ganga Glazed Tiles Pvt. Ltd. [ 2018 (8) TMI 1847 - ITAT RAJKOT ] deleted addition following the judgment in the case of Vrundavan Ceramics (P.) Ltd. [ 2019 (7) TMI 547 - GUJARAT HIGH COURT ] Revenue s further appeal before the Hon ble High Court were dismissed and SLP filed before Hon ble Supreme Court [ 2020 (1) TMI 1502 - SUPREME COURT ] which ....... + More
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2023 (6) TMI 120
Exemption u/s 11 - application seeking registration u/s. 12AA rejected - assessee failed to furnish the details as called for under the provisions of the Act - HELD THAT:- The assessee filed Form No. 10AB on 28-09-2022 which clearly shows that the assessee filed said application well within the time i.e. before 30-09-2022 and the said application was rejected for noncompliance by the assessee in furnishing required documents as sought by the CIT(Exemption), but however, the CBDT vide Circular No. 6 of 2023 clarified the time for filing Form No. 10AB was further extended till 30-09- 2023. Assessee shall be given an opportunity to furnish all the required documents as called by the CIT(Exemption) in the interest of justice. The order of CIT(Exemption) is not justified in cancelling the provisional registration granted on 06-04-2022 u/....... + More
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2023 (6) TMI 119
Penalty u/s 271(1)(c) - addition on account of agricultural income on the basis of average income of two years - HELD THAT:- Admittedly such addition is based on estimation of two years average income and on such estimation, no penalty is leviable. As it is settled law that on estimation addition no penalty is leviable. Interest as obtained through interest bearing fund and used for non-business purposes - Assessee has voluntarily offered such interest expenditure during the assessment. Thus, the assessee is not to be penalized on such addition as he himself has offered before assessment proceedings. Direct the AO to delete the entire penalty levied under section 271(1)(c) - Grounds of appeal raised by the assessee are allowed.
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2023 (6) TMI 118
Reopening of assessment u/s 147 - assessee did not file his return of income - undisclosed capital gain - On the basis of the information available in AIR that the assessee along with 17 other co-owners has sold immovable property and since the assessee has not filed any return of income, therefore, no income under the head capital gains has been offered for taxation - HELD THAT:- If there is reasonable information on the basis of which a reasonable person can form a requisite belief that income chargeable to tax has escaped assessment, then proceedings u/s 147 can be validly initiated - sufficiency or correctness of the material is not a thing to be considered at the stage of recording reasons. Therefore we find no infirmity in the initiation of proceedings u/s 147 in the facts of the present case. Accordingly, grounds raised in ass....... + More
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2023 (6) TMI 117
Enhancement of income - Exercise of power by the CIT(A) u/s 251 - introducing new source of income - AO had not applied his mind to the question of taxability or non-taxability of the three issues raised - HELD THAT:- Power of enhancement u/s 251(2) of the Act is restricted to the subject matter arising out of assessment proceedings or the source of income which has been considered expressly or by clear implication by the Ld. AO from the point of view of taxability of the assessee. In the present case, it is manifest that ld. AO did not consider the issues relating to allocation of common expenses in terms of provisions contained in section 115VJ requiring a reasonable basis, disallowance to be made under section 14A of the Act and deduction claimed under section 80GGB and 80G of the Act. It is also manifest that ld. CIT(A) had ra....... + More
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2023 (6) TMI 116
Disallowances made u/s 143(1) - disallowance u/s 37, disallowance u/s 40(a)(ia) and disallowance u/s 43B - suo motu disallowances made by the assessee - HELD THAT:- The impugned order does not spell out how the ratio of the decisions referred to in the order were applicable to the facts of the case. The assessee is not disputing the nature of such expenditure - whether to be allowed or disallowed. The assessee itself says that such items of expenditure are inadmissible items and while computing the total income, they themselves disallowed the same. But there is no whisper as to the fact in the impugned order. We accept the contention of the assessee that these disallowances have to be deleted, after verification at the end of the jurisdictional AO - We, therefore, set aside the orders of the lower authorities and restore the issue t....... + More
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2023 (6) TMI 115
Rectification of mistake u/s 154 - denial of claim for deduction u/s 80P by CPC u/s 143(1)(a) - CIT(A) dismissed the appeal of the assessee on the ground that denial of deduction u/s 80P(2)(d) does not amount to a mistake apparent from the record - HELD THAT:- CIT(Appeals) has dismissed the appeal of the assessee on the ground that the point of difference between computation of book profit made by CPC by denying the claim of deduction under Section 80P as such involved debatable issues and thus was outside the purview of Section 154 of the Act, but on the other hand he has upheld the denial of claim of deduction under Section 80P by way of adjustments u/s 143(1) which, in our view, covers within its scope correction of arithmetical mistakes and adjustment of incorrect claim u/s 143(1) through Centralized Processing of Returns. Also ....... + More
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2023 (6) TMI 114
Exemption u/s 11(1)(a) and Section 11(2) for Deemed income u/s 11(3) - as per assessee apparently there is no such prohibition that deemed income u/s 11(3) shall not be eligible for claim of exemption - HELD THAT:- We observe that in the case of Prabhas Patan Jain vs. Income Tax Officer,[ 2023 (2) TMI 963 - ITAT RAJKOT] has held that exemption under section 11 is not available on deemed income and, therefore, assessee was not eligible to claim exemption under section 11(1)(a) and section 11(2) in respect of deemed income under section 11(3) of the Act. CIT(Appeals) has not erred in facts in law in holding that deemed income under Section 11(3) of the Act is not eligible for claim of exemption under Section 11(1)(a) and 11(2). Assessee would be allowed to accumulate the income if there is real income which is in possess....... + More
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2023 (6) TMI 113
Long-term capital gains - receipts by the assessee as per the consent decree passed by the Hon ble Bombay High Court in the suit for specific performance of the Agreement to Sell filed by the assessee t ransfer of any right, title, or interest in the property - main allegation of the Revenue that the amount paid to the assessee is not in lieu of right to sue , rather the same was paid to the assessee since it transferred/sold its rights/interest in the property, i.e. Villa Nirmala to R A Realty and therefore, capital gain arose to the assessee HELD THAT:- As decided in Sterling Construction Investments [ 2015 (4) TMI 838 - BOMBAY HIGH COURT] once the suit for specific performance has been refused then the receipt of monetary sum cannot be taxed as claimed by the Revenue as the same is in the nature of compensation in money for....... + More
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2023 (6) TMI 134
Validity of Reopening of assessment - Time Limit for Notice - two consequential notices issued - as submitted reassessment proceeding has been triggered pursuant to a survey carried out against the petitioner - HELD THAT:- Information which emerged post the survey would be deemed to be considered as information, suggesting that income chargeable to tax has escaped assessment. As also since clause(a) to the first proviso appended to Section 148A does not refer to survey , the regime provided u/s 148A had to be applied to the petitioner, which is why notices were issued u/s 148A(b) of the Act. What emerges from the record is that, clearly, two notices were issued u/s148A(b) i.e., notice dated 28.03.2023 and 29.03.2023. What has also emerged is that the entire survey report was not submitted to the petitioner, since Mr Agarwal, d....... + More
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2023 (6) TMI 112
Addition u/s 69 - cash deposits unexplained - cash-gift received - time gap between gifts received and cash deposited in bank a/c. - HELD THAT:- CIT(A) observation regarding his observation that gifts were made in cash and not through banking channel, we find merit in the submission of Ld. AR that the assessee s father received sale consideration of property in cash and that is why he made cash gift to assessee. Regarding cash-gift received from mother, we find merit in the submission of Ld. AR that mother being a lady used to keep cash with her. In fact, this practice of ladies keeping cash is widely known to everyone. Therefore, making a gift of Rs. 1,50,000/- out of such cash held by her, is justified. Regarding another observation of CIT(A) that the assessee had not specified any occasion i.e. birth-day, wedding anniversary, ....... + More
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2023 (6) TMI 111
Penalty u/s. 271B - assessee had not filed audit report - Qualification of CA doing audit for assessee - assessee pleaded before the AO that assessee had submitted its books to his Chartered Accountant (CA), but he failed to audit the books, then there was some dispute with the CA - HELD THAT:- Assessee had not given books to a qualified CA. We do not know, the exact qualification of Mr.Kadam, who calls himself Accountant. As per Section 288 Explanation. In this section, accountant means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) who holds a valid certificate of practice under sub-section (1) of section 6 of that Act . Only a qualified CA is permitted to Audit books of account. In the affidavit it is claimed by the Accountant of the firm, t....... + More
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2023 (6) TMI 110
Transfer of case u/s 127 - Assumption of jurisdiction of AO for the assessment - HELD THAT:- With the documentary evidences and the judicial precedence we are of view that the assessment is not in accordance with the provisions of law since the assessment order has been passed by ITO, Ward-1(1), Exemption, Kolkata whereas assumption of jurisdiction for the assessment was done by ITO, Ward-51(1), Kolkata who issued the notice u/s 143(2) - Also, a valid order u/s 127 which is required to be passed for transferring a case from one AO to another AO could not be brought on record, though claimed to have been mentioned in the referred documents. We, therefore, are inclined to allow the additional ground raised by the assessee in holding the impugned assessment order as bad in law, liable to be struck down. Accordingly, the additional ground taken by the assessee is allowed.
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2023 (6) TMI 133
Reopening of assessment - addition u/s 68 - unexplained cash credit - shares were issued to the Director of assessee Company at Rs. 10 whereas, shares were allotted to M/s. Walden at a premium of Rs. 990, thus nature of money received from M/s. Walden was not satisfactorily explained - HELD THAT:- So far as any sum credited consists of share application money, the same is dealt by proviso to Section 68. Admittedly, the proviso had been inserted with effect from 01.04.2013. Admittedly the Assessment year in this case is 2008-09. Therefore as held in Kumar Nirman [ 2020 (3) TMI 340 - KARNATAKA HIGH COURT] the authority in NRA Iron Steel Pvt. Ltd[ 2019 (3) TMI 323 - SUPREME COURT] has no application. As decided in Gagandeep Infrastructure Pvt Ltd [ 2017 (3) TMI 1263 - BOMBAY HIGH COURT] pre-amended section 68 of the Act has held t....... + More
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2023 (6) TMI 132
Assessment of trust v/ss trustees - Unexplained assets (money) seized - unexplained income in the hands of 2nd petitioner, the managing trustee - assessment in his individual capacity - scope and authority of the 2nd respondent to requisition the assets under clause (c) to sub- section (1) to Section 132A - HELD THAT:- Trust is an independent assessable unit for the purpose of income tax and distinct from the trustee viz., 2nd petitioner herein, who is subject to assessment in his individual capacity. A look at the facts would show that to resolve the controversy raised in the writ petition and to direct the return of the seized money, would necessarily require this court to examine the title over the assets seized from 2nd petitioner herien viz., whether it belongs to 1st or 2nd petitioner. Income Tax Department having already....... + More
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2023 (6) TMI 109
Assessment u/s 144 - addition applying net rate of 8% on total deposit in bank - cash deposited during demonetization - onus to prove - HELD THAT:- Finding of the AO that deposits in this bank account in the name of Yogi Enterprises are business receipts is without any basis and evidence on record. The onus is entirely on the assessee to file return of income as also to explain nature and source of each of the deposits in this account, and also to comply with the requirements of various provisions of statute as are concerning with the allowability of deductions towards business expenses while computing business income, such as provisions of Section 37(1), 40A(2) , 40A(3), 40(a)(ia), 36(1)(va) etc etc. The onus is squarely on the assessee to prove that he is carrying on business and compliance with provisions of statute before any ....... + More
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2023 (6) TMI 108
Assessment of trust - Disallowance of payment of donation as non-genuine - HELD THAT:- We observe that assessee has made the donation on 30.01.2009 and assessee has submitted all the relevant information with regard to payment of donation and all these donations were made through banking channels. It is fact on record that the trust was searched on 27.10.2014 and subsequently registration of the trust was cancelled on 01.11.2016. As decided in Shri Mrunal H. Shah [ 2021 (5) TMI 794 - ITAT MUMBAI] assessee has duly discharged the onus casted upon him and it was incumbent upon Ld. AO to refute the same - no such inquiry has been conducted and the disallowance has been made on mere allegations. Therefore, respectfully following the earlier order, we delete the disallowance - Decided in favour of assessee.
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2023 (6) TMI 107
Revision u/s 263 - AO has not verified the expenditure claimed by the assessee particularly EDP expenditure and royalty - HELD THAT:- We observe from the financial statements submitted before us that assessee has more or less claimed similar amount in the current Assessment Year compared to previous assessment year. It is brought to our notice that AO has issued various notices u/s. 143(2) and 142(1) and collected the various informations relating to TDS deduction on royalty payments as well as EDP expenses. It is not the case wherein AO has not made any enquiry, however, he has carried out enquiries but he failed to discuss the same in the Assessment Order. AO has carried out certain verification, therefore the provisions of section 263 in particular Explanation 2 cannot be invoked in the present case. Various verifications made....... + More
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2023 (6) TMI 131
Reopening of assessment u/s 147 - notice issued u/s 148A(b) - non availing the opportunity to defend its case to the petitioner - HELD THAT:- There is no gainsaying that the impugned order and the notice passed u/s 148A(d) and 148 remain without availing the opportunity to defend its case to the petitioner. There was an evident breach of principles of natural justice. Observance of natural justice is essential part of quasi judicial process. When the provisions of section 148A themselves provide expressly for giving opportunity of hearing to the assessee, it was indispensable for the department to extend the reasonable opportunity to the petitioner to respond to the notice to put forth his case. As some technical snag on the portal, which deprived the petitioner of such opportunity. Petitioner deserves to be given due opportunity. ....... + More
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2023 (6) TMI 130
Validity of Reopening of completed assessment - notice was issued to person who was dead - responsibilities of legal representative of the deceased assessee - HELD THAT:- As decided in Mitesh Goradhandas Somaiya [ 2022 (9) TMI 1252 - GUJARAT HIGH COURT] fact or circumstances to suggest that the legal representative of the deceased assessee in any manner submitted to the jurisdiction of the income tax authorities or in any way participated in the proceedings to persuade the court to hold otherwise. On the contrary, communication was sent to the Income Tax officer by the legal representative that the noticee/assessee had died. Thus the present petition deserves to be allowed. It is hereby allowed by holding that the impugned notice, which was against the dead assessee, could not be sustained. Decided against revenue.
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2023 (6) TMI 129
TP Adjustment - period of limitation - Whether order of the TPO as barred by limitation u/s 92CA(3A)? - As contended sixty days period expired on 31.10.2019 and therefore, the impugned order of TPO the second respondent herein is barred by limitation - HELD THAT:- Since the Division Bench of this Court has already considered the very same issue, that has been raised in this writ petition, the benefit granted to those petitioners must also enure to the benefit of this writ petitioner also. Accordingly, the impugned order dated 01.11.2019 is hereby quashed on the ground that the same is barred by limitation and it has been passed beyond the time limit fixed under Section 92CA(3A) of the Income Tax Act.
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2023 (6) TMI 106
Addition of non-genuine purchases - assessee is an individual as engaged in the business of trading in diamonds - only the purchases from M/s Krishna Diam have been disputed by the Revenue on the basis of information received from the Investigation Wing - HELD THAT:- As, in the present case there is no dispute regarding the fact that the assessee is also in the business of trading in diamonds, therefore, respectfully following the case of Oopal Diamond [ 2022 (11) TMI 620 - ITAT MUMBAI] we deem it appropriate to restrict the disallowance to 3% being the profit element in the diamond trading business. As a result, other grounds raised by the assessee are partly allowed.
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Corporate Laws
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2023 (6) TMI 105
Restoration of the name of the Appellant Company to the register of the Registrar of Companies, NCT of Delhi and Haryana - Section 252 of the Companies Act, 2013 - HELD THAT:- The Company is a juristic person, it takes birth with its incorporation which takes place in terms of Section 7 of the Act and after incorporation and registration, its effect has been mentioned in Section 9 of the Act. Section 248 of the Act provides the power to the Registrar to remove name of company from register of companies for the reasons mentioned from 248(a)to(e) and effect of the order passed under Section 248 is provided in Section 250 of the Act. However, the remedy to an aggrieved person against the order of the Registrar, passed under Section 248 is provided under Section 252 and in Section 252(3) it is provided that the Tribunal, if satisfied that ....... + More
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2023 (6) TMI 104
Oppression and Mismanagement - Transfer of Shares - allotment of shares - Forum Shopping - Removal of Appellants No. 2 and 6 from the Directors of the Company and to declare them as unfit to be appointed as Directors in any Company - whether the Company Petition was barred by Limitation? - HELD THAT:- Keeping in view that the Form 32 for removal of the Respondent as Director was filed only on 01/12/2005 and the Petition was filed in April 2008, apart from the fact that the removal is interlinked with the subsequent development and form a continuous act, this Tribunal is of the considered view that the Petition is not barred by limitation. As regards the merits of the matter and the issues raised in this Appeal, this Tribunal address to whether the Resolution dated 05/02/1996 allotting 420 shares to Mr. T.S. Rathnasabapathy by hims....... + More
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2023 (6) TMI 103
Seeking restoration of the name of the Company in the Register maintained by the Registrar of Companies - HELD THAT:- The Appellant Company has failed to file its Financial Statements and Annual Returns for the Financial Years 2015-16 and 2016-17 due to change of circumstances. Further, it is observed that the audited accounts for the Financial Years 2016-17 and 2017-18 shows that the company is in active and carrying on day-to-day business. Keeping in view of the above facts, the Appellant Company is having substantial movable as well as immovable assets, therefore, it cannot be said that the Appellant Company is not carrying on any business or operations. The name of the Company be restored to the Register of Companies subject to the compliances fulfilled - application allowed.
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Insolvency & Bankruptcy
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2023 (6) TMI 102
Dissolution of Corporate Debtor - contention of the Appellant is that, when he was taking necessary all possible endeavours to revive the business of the Company, the 1st Respondent had filed an Application for early Dissolution of the Corporate Debtor, in terms of Regulation 14 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016, at the Corporate Insolvency and Resolution Process itself. HELD THAT:- Section 54 of the I B Code, 2016, provides that once the affairs of the Corporate Debtor, have been wound up, its Assets, completely liquidated, the Liquidator, has to prefer an Application, before the Adjudicating Authority (National Company Law Tribunal) for the Dissolution of the Corporate Debtor. It is to be noted that the Account of the Corporate Debtor, was classified as Non Performing Asset....... + More
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2023 (6) TMI 101
CIRP - Objection to the Resolution Plan approved by the Committee of Creditor - rigged parameters used to fraudulently declare H2 bidder as H1 bidder - Appellant submitted that the CoC approved Swiss Challenge Method to get the best value out of the Resolution Plan and finally the proposal of M/s Serveall Land Developers Pvt. Ltd. (alleged second highest bidder) was approved - whether the approval of Resolution Plan and distribution of funds amongst the Creditors was legal and correct in accordance with law or otherwise? - HELD THAT:- The Appellant has taken shelter of the judgment of MK Rajagopalan [ 2023 (5) TMI 344 - SUPREME COURT] , where it has been held that the irregularity of not placing of the Revised Plan before the CoC and directing placing before the Adjudicating Authority cannot be ignored as mere technicalities and every ....... + More
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Central Excise
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2023 (6) TMI 100
Levy of Central Excise Duty - collection of outward freight chargers from their customers and paid lesser freight to the transporters - Department was of the view that the appellant has to pay excise duty on the amount of freight charges collected from the customers and not on the lesser freight paid to the transporters. Whether the appellant has to include the surplus freight charges that have been collected from the customers in the assessable value for discharging the Central Excise Duty? HELD THAT:- Undisputedly, the freight charges which has been paid to the transporters has been included in the assessable value for discharging excise duty. The issue as to whether the amount that has been collected as surplus and is a profit in the hands of the appellant is required to be added to assessable value was considered by the Hon....... + More
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2023 (6) TMI 99
Valuation - inclusion of amortised cost of the dies/moulds supplied free of cost to the appellant by their customers in the assessable value - Rule 6 of CVR - period July 2004 to March 2009 - extended period of limitation - HELD THAT:- Section 3 of the Central Excise Act, 1944, provides for the levy and collection of the duty of central excise. It is a levy on all excisable goods, other than salt, produced or manufactured in India. Section 4 of the Act lays down the valuation principles by reference to which the duty of central excise is to be assessed on all excisable goods. As per section 4(1)(a) the normal price is the transaction value, when it is the sole consideration for the sale of goods, otherwise the value is to be determined as per section 4(1)(b) as per which, if the price was not ascertainable as per section 4(1)(a) then, ....... + More
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2023 (6) TMI 98
Penalty under Rule 26 of Central Excise Rules, 2002 - Clandestine Removal - BOPP bags by describing plastic bags, BOPP etc showing as bought out goods with a view to remain within the SSI exemption limit - Confiscation - HELD THAT:- As regard the facts of the case, the appellant though maintained that the goods dealt by the appellant is trading good. However, the appellant could not produce any evidence that the said goods were purchased from different parties other than M/s. Shubham Polymers. In the statement of 7 buyers, 4 buyers have accepted that they have received the Bopp bags which leads to the conclusion that the appellant have been dealing with the goods i.e. BOPP Bags manufactured by the M/s. Shubham Polymers with intention to avail SSI exemption by M/s. Shubham Polymers. With this undisputed fact the good dealt with by the p....... + More
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2023 (6) TMI 97
Levy of Excise Duty - discount earned for early payment of Sales Tax - additional consideration or not - HELD THAT:- The entire issue in the present case is for the period prior to 01.07.2012 from which the law in respect of valuation was amended and concept of transaction value was introduce. The decision of Hon ble Supreme Court in the case of M/s Maruti Udyog Ltd [ 2014 (9) TMI 229 - SUPREME COURT] and M/s Super Syncotex (India) Ltd [ 2014 (3) TMI 42 - SUPREME COURT] are considering the issue after the amendments were made in the law regarding valuation. Above fact has been noted by the Hon ble Supreme Court in the case of COMMNR. OF CENTRAL EXCISE, JAIPUR VERSUS M/S. SHREE RAJASTHAN SYNTEX LTD. OTHERS [ 2015 (4) TMI 350 - SUPREME COURT ] wherein Hon ble Supreme Court has held the assessee/respondent herein will not be l....... + More
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2023 (6) TMI 96
Classification of goods - unprocessed Embroidered Fabrics - to be classifiable under 58.05 or it would be classifiable under the Chapters, under which base fabrics belong to, such as Chapters 52, 54, 55 or 60? - applicability of N/N. 106/95, 8/96-CE (Ref. No.58.10) 6/2000-CE (Sr.No.156), 3/2001-CE (Sr.No.159). HELD THAT:- The issue involved in the present case in the case of appellant has been considered by this tribunal in order no. A/88051- 88052/17/EB and the matter remanded back to the original authority for de novo consideration. In the remand proceedings issue is still pending. As the issue involved in the present case is also the same. These matters be also remanded to original authority for de novo consideration along with the matter remanded via the earlier order. Since the issue involved in present appeal is identical the appeal allowed by way of remand to the original authority following the earlier president decision.
