Notice Under Section 148 Of Income Tax Act Against A Struck-Off Company Valid, In View Of Subsequent Order Of NCLT Restoring The Company: Delhi High Court

The Delhi High Court has ruled that the order passed by NCLT under Section 252(3) of the Companies Act, 2013, directing restoration of a struck off company, will have the effect of placing the company in the same position as if the name of the company had not been struck off from the register of companies. Thus, the Court held that the notice under Section 148 of the Income Tax Act, 1961 issued against a Company on the date it stood dissolved as a consequence of being struck off, was valid...

Tax Cases Weekly Round-Up: 20 November to 26 November 2022

Supreme CourtSupreme Court Declines To Grant Relief In Department's SLP Against Judgement On Countervailing Duty Case Title: Union of India versus Real Strips Ltd. The Supreme Court adjourned without issuing notice, the department's appeal against the Gujarat High Court's judgement in the case of countervailing duty (CVD). The bench of Justice Sanjeev Khanna, and Justice J K Maheshwari, while observing in favor of the domestic industry, repeatedly directed the government to follow...

No GST Exemption On Sub-Contract Services To Educational Boards: Telangana AAAR

The Telangana Appellate Authority of Advance Ruling (AAAR) has ruled that there is no GST exemption on sub-contract services to educational boards.The two-member bench of B.V. Sivanaga and Neetu Prasad has observed that the exemption would be available when the services are provided "to" an educational institution for services relating to admission to or the conduct of examination by the institution.The applicant is in the business of providing pre and post-examination services to educational...

DTVSV Act Is A Remedial Statute; Neither A Taxing Statute Nor Amnesty Act: Delhi High Court

The Delhi High Court has held that the Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act) is neither a taxing statute nor an amnesty act. It is a remedial or beneficial statute.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has observed that any ambiguity in a taxing statute ensures the benefit of the assessee, but any ambiguity in the amnesty act or exemption clause in an exemption notification has to be construed in favor of the revenue. The amnesty or exemption...

CBEC Not Empowered To Modify the Scope of Exemption Notification issued by the Central Government: CESTAT

The Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the Central Board of Excise and Customs (CBEC) is not empowered to modify the scope of an exemption notification that the Central Government has issued.The two-member bench of Rachna Gupta (Judicial Member) and P.V. Subba Rao (Technical Member) has observed that the exemption notification is issued by the central government in the exercise of the powers conferred under Section 93 of the Finance Act....

Supreme Court Declines To Grant Relief In Department's SLP Against Judgement On Countervailing Duty

The Supreme Court, today has adjourned without issuing notice, the department's appeal against the Gujarat High Court's judgment in the case of countervailing duty (CVD).The bench of Justice Sanjeev Khanna, and Justice J K Maheshwari, while observing in favor of the domestic industry, repeatedly directed the government to follow the judgment of the Gujarat High Court to avoid unnecessary litigation.The Central Government by Notification 1/2017-Cus (CVD) dated September 07, 2017, levied CVD for a...

Filing Of Form 10–IC Is Mandatory Condition To Claim The Benefit Of Reduced Corporate Tax Rate For The Domestic Companies: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that in order to claim the benefit of a reduced corporate tax rate, domestic companies have to mandatorily file Form 10–IC.The two-member bench of Sandeep Singh Karhail (Judicial Member) and Om Prakash Kant (Accountant Member) has observed that the assessee did not file Form 10–IC before the due date of filing the return of income, which is a mandatory condition for claiming the option available under Section 115BAA of the...

Bombay High Court Allows Nuvoco Vistas To File GST TRAN-1 For Availing Transitional ISD Credit

The Bombay High Court has allowed the assessee, Nuvoco Vistas, to file GST TRAN-1 to avail of the transitional Input Service Distributor (ISD) credit of service tax.The division bench of Justice K.R. Shriram and Justice A.S. Doctor has observed that the GST TRAN-1 or revised GST TRAN-1 filed by the units or offices will be based on the manual ISD invoices to be issued by the petitioner's ISD, subject to aggregate credit not exceeding the ISD credit available to the petitioner.The...

Import Of New/Unused Jewellery For Remaking After Melting In An SEZ, Is Permissible; Bombay High Court Sets Aside Levy Of Customs Duty

The Bombay High Court has ruled that import of finished jewellery for the purpose of melting and remaking of fresh pieces of jewellery in a Special Economic Zone (SEZ), is an authorised operation. Therefore, the Court held that there is no prohibition on import of finished jewellery for remaking, without payment of Customs Duty, in terms of Rule 27(1) of the Special Economic Zones Rules, 2006 (SEZ Rules). In a batch of writ petitions filed before the Bombay High Court, challenging the...

CBIC Empowers CCI To Decide Anti-Profiteering Issues

The Central Board of Indirect Taxes and Customs (CBIC) has empowered the Competition Commission of India (CCI) to decide on the anti-profiteering issues as of December 1, 2022."The Central Government, on the recommendations of the Goods and Services Tax Council, hereby empowers the Competition Commission of India, established under sub-section (1) of section 7 of the Competition Act, 2002 (12 of 2003), to examine whether input tax credits availed by any registered person or the reduction in the...

RBI Includes GSTN As A Financial Information Provider Under Account Aggregator Framework

The Reserve Bank of India has included the Goods and Service Tax Network (GSTN) as a financial information provider under the account aggregator framework.It was decided to include the Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework in order to facilitate cash flow-based lending to the Ministry of Micro, Small, and Medium Enterprises (MSMEs).GST returns filed in GSTR-1 and GSTR-3B will be treated as financial data.GSTR-1...

The Office Of NaFAC In Delhi Confer Jurisdiction When JAO Is Outside Delhi? Delhi High Court Refers The Issue To Larger Bench

The Delhi High Court has referred to the larger bench the question of whether the presence of National Faceless Assessment Centre (NaFAC) in Delhi is sufficient to hear a writ petition when the Jurisdictional Assessing Officer (JAO) is located outside of Delhi.The division bench of Justice Manmohan and Justice Manmeet Pritam Singh Arora has directed that the matter be placed before the Chief Justice for the constitution of a larger bench.The petitioner/assessee has challenged the assessment...