Excise & Customs

Audit on Selected Basis Undermines Purpose of Departmental Audit: CESTAT quashes Customs Duty Demand [Read Order]

June 9, 2023

Exemption of Excise Duty - Excise Duty - Chemical Products - Chemical Products manufactured - budgetary support - Jammu & Kashmir and Ladakh High Court - taxscan

Exemption of Excise Duty not availed on Chemical Products manufactured after 01.07.2017 not eligible for budgetary support: Jammu & Kashmir and Ladakh HC

June 9, 2023

Claim of Cenvat Credit cannot - rejected without considering Evidence - CESTAT - TAXSCAN

Claim of Cenvat Credit cannot be rejected without considering Evidence: CESTAT [Read Order]

June 9, 2023

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Non-availability of Funds - Non-opening of Liquidation Bank Account - IBBI warns Insolvency Professional - Insolvency Professional - IBBI - Funds - Bank Account - taxscan

Non-availability of Funds is not a valid reason for Non-opening of Liquidation Bank Account: IBBI warns Insolvency Professional [Read Order]

June 10, 2023

The Insolvency and Bankruptcy Board of India (IBBI) has held that the non-availability of funds is not a valid reason for the non-opening of the liquidation bank account and warned the Insolvency Professional (IP). Ms Sonu Jain, Insolvency Professional (IP) under Section 220 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Regulation 11 […]

IBBI - Penalty - IP - Negligence - Ordinary Due Care and Caution - Caution - Selling Asset Corporate Debtor - Corporate Debtor - IBBI Imposes Penalty - taxscan

IBBI Imposes Penalty on IP for his Negligence to Take Ordinary Due Care and Caution in Selling Asset Corporate Debtor [Read Order]

June 10, 2023

The Insolvency and Bankruptcy Board of India (IBBI) imposed a penalty on Insolvency Professional for his negligence of ordinary due care and caution in selling assets corporate debtor Mr Sai Ramesh Kanuparthi, Insolvency Professional (IP) submitted contraventions before the IBBI. The National Company Law Tribunal, Hyderabad, (AA) had admitted the application under section 7 of […]

Glass manufacturing - ITAT -Fabrication Charges received from AE for Manufacturing Glass - TAXSCAN

Fabrication Charges received from AE for Manufacturing Glass is not FTS under India-Singapore Tax Treaty :ITAT [Read Order]

June 10, 2023

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has recently held that fabrication charges received from Associate Enterprise (AE) for manufacturing glass is not Fee for Technical Services (FTS) under India-Singapore Tax Treaty. The Assessee Owens Corning Inc. is incorporated in Singapore and a group concern of Owens Corning Group of Companies, a leading […]

Cessation of Liabilty - Income Tax Act - Income Tax - Income for Addition - ITAT sets aside Addition - taxscan

Cessation of Liabilty u/s 41(1) of Income Tax Act cannot be treated as Income for Addition : ITAT sets aside Addition[Read Order]

June 10, 2023

The Delhi bench of Income Tax Appellate Tribunal ( ITAT) held that cessation of liability under Section 41(1) of Income Tax Act,1961 cannot be treated as an income for addition. Raunika Fashion Pvt. Ltd, the appellant assessee e-filed its return of income declaring total income at ‘Nil’ and claimed loss of an amount for the […]

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Non-availability of Funds is not a valid reason for Non-opening of Liquidation Bank Account: IBBI warns Insolvency Professional [Read Order]

June 10, 2023

IBBI Imposes Penalty on IP for his Negligence to Take Ordinary Due Care and Caution in Selling Asset Corporate Debtor [Read Order]

June 10, 2023

Fabrication Charges received from AE for Manufacturing Glass is not FTS under India-Singapore Tax Treaty :ITAT [Read Order]

June 10, 2023

Cessation of Liabilty u/s 41(1) of Income Tax Act cannot be treated as Income for Addition : ITAT sets aside Addition[Read Order]

June 10, 2023

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