Home Highlights March 2012 Year 2012 This

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1. Constitutional power of the Central Government over State - The imposition of a Net Borrowing Ceiling on the state - The inclusion of State-Owned Enterprises in the...

2. Fiscal Penalty on nominee directors - failure to fulfill the export obligation under DEPB licenses - HC

3. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

4. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...

5. Remission of duty payable on 4082 MTs of molasses - deteriorated due to auto-combustion and ultimately became unfit for consumption - demand of duty set aside - AT

6. Refund of unutilised ITC on input services - Vires of Rule 89(5) vis-à-vis Section 54(3) of the CGST Act - While we are alive to the anomalies of the formula, an anomaly...

7. Revision u/s 263 by CIT - Balances of partner’s capital account - where the balances are carried forward from the earlier assessment year and there are no movements in...

8. CIRP - Application filed u/s 7 of IBC dismissed on the ground of time limitation - After perusing the relevant balance sheets and director’s report, it is satisfied that...

9. Time Limitation - Refund of unutilized PLA balance - undisputedly the PLA balance for which refund is sought for is out of advance deposit made by the appellant in PLA...

10. Addition u/s 68 - accommodation entry - unsecured loan shown under the head of trade payables - Though the objection that the assessee has not conducted any business and...

11. Reversal of CENVAT Credit - creation of provisions in the balance sheet for the old and slow-moving inputs - On perusal of the balance sheet, it can be seen that the...

12. Seeking refund of the MODVAT Credit balance available in the account on the date of surrender of the registration - rejection on the ground of time limitation -...

13. Refund of amount towards IGST - as on date on account of such amendment in operation, the writ applicants have Nil balance of IGST in its electronic credit ledger and...

14. Maintainability of application - initiation of CIRP - Period of limitation after default - the Adjudicating Authority relied on the balance sheet to hold that there was...

15. Registration u/s 12AA denied - huge cash balances, generation of huge surpluses in the past and non-furnishing of bank statements, which are essential elements to verify...