Case Laws - Income Tax

• 2025 (3) TMI 1090
  Condonation of delay in filing these Special Leave Petitions - HELD THAT:- No reasons to be satisfactory nor sufficient in law so as to condone the delay of 467 days in filing these special leave petitions. Hence, the application(s) seeking condonation of delay is dismissed. Consequently, the Special Leave Petitions are also dismissed. However, all contentions which are available to the petitioner(s) herein may be advanced before the concerned Magistrate s Court in accordance with law. It is needless to observe that if the relevant contentions are advanced by the petitioner(s) herein, the same shall be considered and adjudicated upon by the l....... + More

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• 2025 (3) TMI 1089
  Addition u/s 68 - Addition in respect of share and share premium - ITAT deleted addition - HELD THAT:- Tribunal has elaborately considered the factual position and faulted the manner in which the assessment was completed by observing that it was a cryptic order without discussing the facts of the matter nor the submissions made by the assessee nor the documents produced by the assessee to prove the three factors, namely, identity, genuineness of the transactions and creditworthiness of the subscribers. Tribunal also found that though such documents were once again produced before the CIT(A), but the same were not referred to nor any defect or....... + More

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• 2025 (3) TMI 1088
  Validity of the notice issued u/s 148 - notice issued by non-jurisdictional officer - as argued notice was issued by the one A.O i.e. ITO, Ward-1(3), Raipur who was not having valid jurisdiction over the assessee to issue such notice at the relevant point of time HELD THAT:- As notice u/s 148 of the Act, dated 30.03.2019 which had been issued by the ITO, Ward-1(3), Raipur who had no valid jurisdiction over the assessee at the relevant point of time, therefore, it is held invalid, bad in law and all subsequent proceedings thereafter are accordingly held as void ab initio, non-est in law. The re-assessment framed by the ITO-2(1) Raipur passed u....... + More

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• 2025 (3) TMI 1087
  Estimation of income - bogus purchases - AO has treated the purchases declared by the assessee as bogus and proceeded to make the addition on estimate basis @ 10% - HELD THAT:- Assessee is dealing in trading in steel and scraps and in various cases coordinate benches have estimated the income in this line of business @ 5%. Therefore, the assessee has already declared profit @ 3.5% and direct the AO to make the addition of difference of 1.5% on the bogus purchases as income of the assessee. Unexplained cash deposits u/s 68 - As bank account as well as ledger copies of Goyal Trading Company and Sagar Enterprises and we observe that there is no ....... + More

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• 2025 (3) TMI 1086
  TP Adjustment - intra-group services (IGS) received by the assessee - Cost allocation methodology for intra-group services availed by Appellant - HELD THAT:- We observed that similar issue was considered by the coordinate Bench in AYs 2018-19 and 2019-20[ 2023 (1) TMI 42 - ITAT DELHI] as held service recipient of the assessee is unable to make use of the said technology only by itself in its business or for its own benefit without recourse to the assessee year after year - The receipts of the assessee on account of provision of information technology and other administrative services to its affiliate in India are not in the nature of Fees for....... + More

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• 2025 (3) TMI 1085
  TP Adjustment - allocation of software cost received from its Associated Enterprises - HELD THAT:- We find considerable cogency in the contention of the Ld. AR that the instant issue is fully covered by the order of the Coordinate Bench of the Tribunal in assessee s own case for A.Y. 2014-15 [ 2021 (12) TMI 1428 - ITAT DELHI ] wherein the coordinate Bench upheld that the reimbursement received at cost does not require any mark-up. Further it is noted that Hon ble Supreme Court in the case of Engineering Analysis Centre of Excellence Pvt. Ltd. [ 2021 (3) TMI 138 - SUPREME COURT ] had also upheld the reference to OECD guidelines being persuasiv....... + More

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• 2025 (3) TMI 1084
  Late deposit of employees contribution to PF - HELD THAT:- We observed that the issue under consideration is against the assessee based on the decision of Checkmate Services Pvt. Ltd. [ 2022 (10) TMI 617 - SUPREME COURT] . Accordingly, first ground of appeal raised by the Department is allowed. Disallowance of interest on unneeded loans - HELD THAT:- Just because assessee has not earned any income during the year, the AO proceeded to disallow the proportionate interest relating to the above said investment. After careful consideration, we are of the view that assessee has invested for exploration of Potash Project in Ethiopia. The assessee ha....... + More

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• 2025 (3) TMI 1083
  Disallowance of u/s. 40(a)(ia) - As argued as per the provisions of Section 201(1) of the Act, when the recipient of income has paid tax on such income, the assessee cannot be treated as an assessee in default - As submitted that the assessee is willing to furnish a Chartered Accountant s certificate in Form 26A to confirm that the interest income has been offered to tax by the recipient - HELD THAT:- In view of the above, the matter is restored to the AO for verification of Form 26A as per the provisions of Section 201(1) of the Act. If the assessee furnishes a valid Form 26A demonstrating that M/s H J Associates has paid tax on the interest....... + More

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• 2025 (3) TMI 1082
  Addition u/s 14A r.w.rule 8D - As argued no expenditure was incurred by the appellant to earning exempt income - HELD THAT:-Section 14A is applicable if the assessee has income which is not includible in its total income and further assessee has incurred certain expenditure to earn such income. In the instant case, the assessee has not incurred any expenditure which could be related to earning exempt income though it had exempt income. The language of section 14A is not at all ambiguous and in fact very clear and by virtue of the same, only expenditure actually incurred in relation to income not includible in total income shall be disallowed........ + More

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• 2025 (3) TMI 1081
  Additions of Advance received from Customers - HELD THAT:- The issues are covered by order in [ 2024 (10) TMI 32 - ITAT DELHI ] for A.Y. 2009-10 in assessee s own case as relying on Taparia Tools Ltd. [ 2015 (3) TMI 853 - SUPREME COURT ] assessee would be entitled to deduction of the entire expenditure in the year in which the amount was actually paid. Decided in favour of assessee. Disallowance of Security Deposit written off debited under the accounting head advances written off - HELD THAT:- As in view smallness of the amount vis- -vis income of the assessee, the assessee claim for disallowance to be allowed as business loss as it pertains....... + More

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• 2025 (3) TMI 1080
  TP Adjustment - corporate guarantee given by the appellant on behalf of its Associated Enterprises falls within the definition of international transactions u/s 92B - HELD THAT:- We find that the issue is a recurring one in the assessee own case and has been decided by the co-ordinate Bench in assessee s own case [ 2023 (2) TMI 523 - ITAT KOLKATA] , wherein it has been held that the corporate guarantee transactions are international transactions and accordingly, ground no. 2 raised by the assessee is dismissed. As relying on [ 2023 (2) TMI 523 - ITAT KOLKATA] in assessee s own case, wherein the Arm s Length Price corporate guarantee fee has b....... + More

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• 2025 (3) TMI 1079
  Disallowance of depreciation on goodwill acquired/created as a result of amalgamation - HELD THAT:- In the present cases, there is no dispute on the valuation of acquired/created goodwill pursuant to the scheme of amalgamation in the books of account of the appellant assessee as neither the AO nor the CIT(A) has ever questioned the valuation of the said goodwill though the Ld. CIT(A) has held that the value of goodwill in the hands of the appellant company should be NIL as there was no value assigned to the goodwill in the books of account of amalgamating company; i.e. North Star Apartment Pvt. Ltd. Admittedly, the amalgamation has taken plac....... + More

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• 2025 (3) TMI 1078
  Assessment of trust - Disallowing the donation and other expenses - AO disallowed the donation made by the assessee to another trust on the ground that the recipient trust was not registered u/s 12A - HELD THAT:- The provision of section 11(1)(a) allows a charitable trust to claim an exemption if at least 85% of its income is applied for charitable or religious purposes. Benefit of application is available only if the recipient entity is a registered charitable trust under Section 12A, as clarified in Explanation 2 to section 11(1). Moreover, the assessee failed to provide any documentary evidence proving that the amounts were spent for chari....... + More

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• 2025 (3) TMI 1077
  Refusal to grant registration u/s 12AB - assessee has failed to satisfy about the genuineness of the activities - HELD THAT:- We note that the Manager of the trust is an old and illiterate man, and don t well conversant with the registration of Trust laws and the person who was working with the assessee, who is looking after this issue, has left the job, and the assessee could not avail the opportunity of being heard before the Ld. CIT(E). We further note that, according to the order, notices were only sent to the assessee and the order does not speak about the services of notice upon the assessee. It is settled law that principles of natural....... + More

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• 2025 (3) TMI 1052
  Demands for income tax that were raised after the date of approval of the Resolution Plan - binding nature of an approved Resolution Plan on statutory dues - HELD THAT:- In view of the declaration of law made by this Court, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval u/s 31 of the IB Code. In this case, the income tax dues of the CD for the assessment years 2012-13 and 2013-14 were not part of the appro....... + More

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• 2025 (3) TMI 1051
  We are not inclined to entertain this writ petition under Article 32 of the Constitution of India and leave it open to the petitioners to approach the jurisdictional High Court by way of a writ petition under Article 226 of the Constitution of India. However, we make no comment on the merits, either way, of the assertions made by the petitioners. Petitioners, states that they would be filing a writ petition under Article 226 of the Constitution of India within one week. The respondents are restrained from taking any coercive action against the petitioners for a period of one week. Recording the aforesaid, the writ petition is disposed of along with pending application(s), if any.

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• 2025 (3) TMI 1050
  Addition u/s 68 - loans taken from friends and relatives - HELD THAT:- On perusal of the returns of income filed by the brother of the assessee, in our view, the creditworthiness of Assessee s brother stands duly established. Assessee s brother, also filed confirmation before the AO, giving details of his business, PAN number and Income Tax Return filing details. Accordingly, in our view in the case of Shri Piyush B. Rajput, the assessee has been able to established the identity and creditworthiness of the said party. Assessee has been able to duly establish the source of the loan amount taken from the parties and has also established their c....... + More

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• 2025 (3) TMI 1049
  Addition towards profit from sale of immovable property - HELD THAT:- Sum has already been offered to tax, sustaining of the impugned addition in the hands of assessee will only tantamount to double addition and that too when the alleged sum has not been received by the assessee in his bank account and complete details have been filed before us to prove that the alleged sum has been offered to tax by different assessee s in their income-tax returns at different point of time when they sold the property to other person. We thus fail to find any infirmity in the finding of the CIT(A) deleting the impugned addition. Therefore, all the grounds of appeal raised by the Revenue are dismissed.

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• 2025 (3) TMI 1048
  Special audit u/sec.142(2A) - extended time limit for completion of the assessment - HELD THAT:- AO has made an attempt to extend the time limit for passing the assessment order by a reference to special auditor u/sec.142(2A) whereby, the AO gets extended time limit for completion of the assessment. We are, therefore, of the considered view that, reference to special audit u/sec.142(2A) without satisfying the conditions provided therein, is arbitrary, illegal and void ab initio. Therefore, in our considered view, once the reference to special audit is illegal and void ab initio, then, the Assessing Officer will not get extended time limit for....... + More

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• 2025 (3) TMI 1047
  Addition for suppression of receipts - HELD THAT:- As reason to doubt the version of the assessee that the amounts were carried to the balance sheet as sundry debtors, pending measurements and acknowledgement of the amounts due. We further note that the Hon ble Courts have held that where rates of taxes are same, the assessee does not derive any benefit by seeking to offer its receipts to tax in a later year rather than in an immediately preceding year and the Revenue also does not gain any benefit by taxing it earlier than when it is required to be taxed. We also observe that the assessee has disclosed certain amounts as excess on account of....... + More

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• 2025 (3) TMI 1046
  Denial of Foreign Tax credit claimed u/s 90/90A - directory v/s mandatory obligation - HELD THAT:- The claim of FTC is allowable to the assessee on the facts of the case as Form No. 67 was filed along with the return of income and the filing of the Form is held to be directory and not mandatory in nature and the provisions of DTAA override the provisions of the Income Tax Act, 1961. Since the provision of DTAA override the provision of Section 90 of the Act as they are more beneficial to the assessee, in view of judicial pronouncements in this regard and since Rule 128(a) does not preclude the assessee from claiming credit for FTC in case of ....... + More

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• 2025 (3) TMI 1045
  Addition u/s 68 - penny stock transaction - information emanating from the search action conducted by the Investigation Wing - assessee argued and stated that the assessee has not claimed any short term or long term capital gain related to sale of these scrips - HELD THAT:- In the impugned assessment order AO discussed various analysis made by the investigating wing of Kolkata and SEBI. In none of the statements or reports of Investigation Wing or orders of SEBI the name of the assessee was mentioned for manipulation. CIT(A) acknowledged the documents filed by the assessee in both the stage which are demat account, contract notes, ledger and ....... + More

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• 2025 (3) TMI 1044
  Levy of penalty u/s 221(1) - assessee has not paid an outstanding tax demand - assessee submitted that he had no money to make the payment of the entire amount of tax liability - HELD THAT:- AO did not consider the good and sufficient reasons available with the assessee to make the payment of the due tax arrears at the time of filing the return of income and levied a penalty at 100% of the tax in arrears. We find that as per the Explanation to section 221(1) of the Act, the assessee shall not cease to be liable to any penalty merely by reason of the fact that before the levy of such penalty he has paid the tax. Therefore, in view of the expre....... + More

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• 2025 (3) TMI 1043
  Revision u/s 263 - excess deduction @50% has been allowed under section 35CCC leading to under-assessment of income, 1% of the investments capable of fetching exempt dividend income was not disallowed u/s 14A r/w rule 8D and AO has allowed depreciation claimed on the value of land leading to excess allowance of depreciation Excess deduction @50% has been allowed under section 35CCC - HELD THAT:- From the perusal of the impugned order, we further find that the assessee filed an application under section 154 requesting the AO to rectify the mistake apparent from the record and restrict the deduction u/s 35CCC to the actual expenditure claimed i....... + More

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• 2025 (3) TMI 1042
  Addition u/s 56(2)(viib) - whether the valuation of shares at a premium of Rs. 90/- per share is representative of the fair market value? - HELD THAT:- DCF method could be applied for valuation purposes for the assessments pending at that time. Besides, the Circular stated that Rule would apply from the date of its publication. This assessment was pending on that date. The benefit of the DCF method of valuation was thus even otherwise available to the Assessee as per the Circular. Rule 11UA(2)(b) provides for the acceptance of the valuation made by Chartered Accountant as an acceptable mode for determining the fair market value of shares. Ass....... + More

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Case Laws - GST

• 2025 (3) TMI 1092
  Retrospective application of amendment to Rule 108 of the GST Rules, 2017, which altered the requirements for submitting a certified copy of the order appealed against - failure to submit a certified copy of the order within the specified period, as per the unamended Rule 108 - differences in various returns - HELD THAT:- It is admitted that the appeal against the order dated 16.08.2022 passed by the Proper Officer was preferred on 15.11.2022. It is also not in dispute that along with the appeal, copy of the order appealed against was also filed. The said fact has specifically been mentioned in paragraph no. 22 of the writ petition, which has....... + More

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• 2025 (3) TMI 1091
  Dismissal of appeal on technical grounds - non-constitution of Tribunal - failure to comply with the legal mandate of making the pre-deposit - HELD THAT:- Noting that the petitioner s appeal has been rejected on technical grounds and at present the Appellate Tribunal under Section 112 of the said Act is yet to be constituted, one more opportunity should be granted to the petitioner to make payment of the pre-deposit as required under Section 107(6) of the said Act. The order dated 22nd May, 2024 passed by the Appellate Authority rejecting the petitioner s appeal is set aside - Petition disposed off.

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• 2025 (3) TMI 1032
  Seeking grant of regular bail - availing ineligible Input Tax Credit (ITC) on the basis of fake invoices received from non-operational firms - HELD THAT:- This Court finds that the entire case of the prosecution is founded upon the documentary material and as far as the alleged ineligible availment of Input Tax Credit of Rs. 31.18 crores is concerned, the same is part of the tax returns filed by the applicant/firm M/s Shreeji Metals. Further, during the course of hearing, it is not disputed by the learned Counsel for the Union of India that the account of M/s Shreeji Metals was attached vide order dated 07.10.2024, but subsequently, it was li....... + More

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• 2025 (3) TMI 1031
  Authority of Kanpur Nagar Nigam to levy and collect advertisement tax or fees after the legislative changes brought by the U.P. Goods and Services Tax (GST) Act, 2017 and the Constitution (101st Amendment) Act, 2016 - HELD THAT:- Insofar as in the penultimate paragraph of the order (of which clarification is sought), it has been clearly provided that the demand impugned in the writ petition to the extent such demands fall in the teeth of Section 173 of U.P. G.S.T. Act read with the 101st Constitutional Amendment is quashed and further to the extent it has been provided by that co-ordinate bench that any amount of Advertisement Tax deposited b....... + More

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• 2025 (3) TMI 1030
  Extension of time limit for issuing Show Cause Notice (SCN) - Challenge to N/N. 9/2023-Central Tax dated 31st March, 2023 N/N. 56/2023 Central Tax dated 28th December, 2023 issued by Respondent No. 6 (Union of India) and N/N. 9/2023 State Tax dated 24th May, 2023 N/N. 56/2023 dated 16th January, 2024 issued by Respondent No. 1 (State of Maharashtra) exercising powers u/s 168A of the Central Goods and Services Tax Act, 2017 (CGST Act) - HELD THAT:- The issue involved in the Writ Petition is identical to the issue involved in EVIE REAL ESTATE PRIVATE LTD. VERSUS STATE OF MAHARASHTRA [ 2025 (3) TMI 173 - BOMBAY HIGH COURT] where it was held that....... + More

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• 2025 (3) TMI 1029
  Seeking to quash SCN, issued without jurisdiction - SCN did not contain proper reasons - violation of the doctrine of double jeopardy, barred by res judicata - principles of natural justice - HELD THAT:- Upon a perusal of the show cause notice, it is clear that ingredients of Section 74 of the Uttar Pradesh Goods and Services Tax Act, 2017 (hereinafter referred to as the Act ) have not been adhered to, as there is no allegation of fraud or any willful-mis-statement and/or suppression of material facts in the said show cause notice. Subsequent to issuance of said show cause notice, this writ petition has been filed. However, in the meantime, o....... + More

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• 2025 (3) TMI 1028
  Seeking grant of bail - fraudulent availment of Input Tax Credit - contravention of the conditions of eligibility stipulated in Section 16(2)(b) of the CGST Act, 2017 - HELD THAT:- On perusal of the case diary, it reveals that the petitioner is the proprietor of the alleged company M/s P.S. Enterprise against whom the allegations was made evading payment of total GST amounting to crores of rupees. Learned counsel for the petitioner prayed to release the accused on bail on the ground of length of detention i.e. 54 days in judicial custody wherein the mandatory period is 60 days. It is not in dispute that the alleged offences are punishable wit....... + More

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• 2025 (3) TMI 1027
  Extension of time limit for issuing Show Cause Notice (SCN) - Challenge to N/N. 9/2023-Central Tax dated 31st March, 2023 N/N. 56/2023 Central Tax dated 28th December, 2023 issued by Respondent No. 6 (Union of India) and N/N. 9/2023 State Tax dated 24th May, 2023 N/N. 56/2023 dated 16th January, 2024 issued by Respondent No. 1 (State of Maharashtra) exercising powers u/s 168A of the Central Goods and Services Tax Act, 2017 (CGST Act) - HELD THAT:- The issue involved in the Writ Petition is identical to the issue involved in Evie Real Estate Private Limited v/s. State of Maharashtra Others [ 2025 (3) TMI 173 - BOMBAY HIGH COURT ] where it was ....... + More

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• 2025 (3) TMI 1026
  Extension of time limit for issuing Show Cause Notice (SCN) - Challenge to N/N. 9/2023-Central Tax dated 31st March, 2023 N/N. 56/2023 Central Tax dated 28th December, 2023 issued by Respondent No. 6 (Union of India) and N/N. 9/2023 State Tax dated 24th May, 2023 N/N. 56/2023 dated 16th January, 2024 issued by Respondent No. 1 (State of Maharashtra) exercising powers u/s 168A of the Central Goods and Services Tax Act, 2017 (CGST Act) - point raised in this Petition is that these Notifications issued under Section 168A have to be on the recommendation of the GST Council - HELD THAT:- A strong prima facie case is made out for granting of ad-int....... + More

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• 2025 (3) TMI 1025
  Cancellation of registration of the Petitioner under the CGST Act, 2017/MGST Act, 2017 - failure to file returns for more than six months - Petitioner is willing to pay all dues together with interest - HELD THAT:- Considering the peculiar facts of this case, and the fair concession made by the learned Addl. GP, we direct the Respondents to compute, within a period of two weeks, the dues if any, payable by the Petitioner. The amount so determined must be communicated to the Petitioner within a period of one week thereafter, and upon the Petitioner paying the said amount, the Petitioner s registration be restored. It is needless to clarify tha....... + More

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• 2025 (3) TMI 1024
  Recovery of any tax for any period prior to the date when the Resolution Plan was sanctioned - Petitioner has undergone a successful Corporate Insolvency Resolution Process (CIRP) and the Resolution Plan is approved by the NCLT - HELD THAT:- The Affidavits in Reply, if any, shall be filed by the said Respondents on or before 7th April, 2025 and a copy of the same shall be served on the Advocates for the Petitioner. If the Petitioner wants to file an Affidavit-in-Rejoinder, they may do so on or before 15th April, 2025 and serve a copy of the same on the Advocate for the concerned Respondents. As far as interim relief is concerned, it is found ....... + More

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• 2025 (3) TMI 1023
  Seeking grant of regular bail - availment of benefit of Input Tax Credit fraudulently, amounting to Rs. 96.95 crores - HELD THAT:- In present case, the investigation is over and charge-sheet has been filed. As per the case of prosecution, the applicant is alleged to have transacted with 24 fictitious firms and the amount of transactions with those firms comes to Rs. 537 crores and on the basis of the said transactions, the applicant had wrongful availed the benefit of Input Tax Credit worth Rs. 96.95 crores though no actual goods had been exchanged between the parties. The punishment prescribed for the offence alleged in the FIR against the p....... + More

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• 2025 (3) TMI 1022
  Challenge to petitioner s arrest and subsequent judicial custody - non-compliance with the statutory requirement for the issuance of a notice under Section 35 (3) of BNSS, 2023. HELD THAT:- It is well established in modern criminal jurisprudence and constitutional law that any challenge to the legality of an arrest involves a contest between the entrenched right to life and liberty and the larger public interest and state obligation to punish the guilty. Thus, any interpretative exercise by this Court whether under its writ jurisdiction or inherent powers must employ a test of proportionality. In the case of Satender Kumar Antil v. CBI [ 2022....... + More

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• 2025 (3) TMI 1021
  Refund of excess GST collected by the promoter and deposited with the respondents - compliance with Circular No. 188/20/2022-GST or not - HELD THAT:- It appears that the petitioners have approached this Court prematurely without taking recourse to the actions against the promoter in accordance with law so as to get the requisite documents in order to process the refund claim (if any), to be sanctioned by the respondents as per the provisions of the GST Act and the Rules and therefore, we refrain to entertain this petition at this stage. The petition is accordingly dismissed with no order as to costs.

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• 2025 (3) TMI 1020
  Maintainability of petition - availability of alternative remedy - service of SCN or not - HELD THAT:- Undisputedly, the petitioner did not prefer any appeal instead he made a representation to some authority which has been dismissed as not acceptable/ maintainable. He has then approached the GST Council, which has also rejected the same. The second writ petition is not maintainable, accordingly, it is dismissed.

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• 2025 (3) TMI 1019
  Principles of natural justice - Cancellation of GST registration with retrospective effect from 23 October 2020 - whether the SCN and the subsequent order provided adequate reasons for such retrospective cancellation and whether the petitioner was given sufficient notice and opportunity to respond to the proposed action? - HELD THAT:- Section 29 of the Central Goods and Services Tax Act, 2017 Act confers upon the respondents to cancel registration from a retrospective date, in Riddhi Siddhi Enterprises vs. Commissioner of Goods and Services Tax (CGST), South Delhi Anr. [ 2024 (10) TMI 278 - DELHI HIGH COURT] held that In terms of Section 29(2....... + More

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• 2025 (3) TMI 1018
  Attachment of petitioner s current Banking Account - HELD THAT:- The legal issue involved in this Writ Petition has already been dealt with by this Court in SRI GANAPATHI PANDI INDUSTRIES, REP. BY ITS PROPRIETOR VERSUS THE ASSISTANT COMMISSIONER (STATE TAX) (FAC) TONDIARPET ASSESSMENT CIRCLE, CHENNAI [ 2024 (10) TMI 1631 - MADRAS HIGH COURT] , this Court is inclined to dispose of the present Writ Petition on the same lines. It was held in the above case that The orders impugned in all Writ Petitions are quashed insofar as it relates to the claim made by the petitioners for ITC which is barred by limitation in terms of Section 16 (4) of the CG....... + More

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• 2025 (3) TMI 1017
  Claim of ITC was reversed/negatived on the ground of time limitation - retrospective amendments to Section 16 of GST Act - HELD THAT:- When this Writ Petition is taken up for hearing, the respective learned counsel for the petitioner and learned Additional Government Pleader for the respondent, would submit that the issue involved in the present Writ Petition, has been squarely covered by the common order of this Court, dated 17.10.2024 passed in W.P.Nos.25081 of 2023, etc., batch [ 2024 (10) TMI 1631 - MADRAS HIGH COURT] wherein, this Court has categorically held this Court considering the fact that the issue involved in all these Writ Petit....... + More

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• 2025 (3) TMI 943
  Refund of Input Tax Credit on account of export of services without payment of tax - petitioner fairly submits that as and when the petitioner is required to furnish any material, it shall do the needful, without any delay - HELD THAT:- This Court is sanguine that the authorities shall look into the matter in the right earnest. And the appropriate orders shall be passed within the time indicated by learned counsel for the respondents. Application disposed off.

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• 2025 (3) TMI 942
  Denial of the benefit of Input Tax Credit on account of the provisions contained in Sub Section(4) of Section 16 of the Central Goods and Services Tax/State Good and Services Tax Act, 2017 for the financial year 2018-19 - HELD THAT:- By the incorporation of section 16(5) to the CGST Act, the time limit to claim the Input Tax Credit for the financial years 2017-18 to 2020-21 has been extended till 30-11-2021. In view of the incorporation of sub-section (5) of Section 16 of the CGST/SGST Act, petitioner claims that he will be entitled to Input Tax Credit, as he had filed the returns within the time prescribed therein. Petitioner s claim for Inp....... + More

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Case Laws - Customs

• 2025 (3) TMI 1076
  Restricted import or not - Scope of N/N. 12/2015-20 dated 12th June, 2020 - Brand New All Steel Radial Mining tires fall within the purview of said notification or not - amendment to import policy by the notification for various goods falling under Customs Tariff Heading (CTH) 4011 from Free to Restricted - HELD THAT:- In 2024, the disputed goods were tested by IRMRA. However, the tests were carried out on specific assumptions / requests of the DRI. The letter by DRI requesting the IRMRA to test the subject goods as per specific assumptions is neither on record nor provided to the Respondents when specifically asked. As per the tests reports ....... + More

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• 2025 (3) TMI 1075
  Levy of penalties u/s 114(iii) and section 114AA of the Custom Act, 1962 - Penalty on F -card holder of Custom House Agent (CHA) - export of Led Flash Torch light by gross over-valuation and mis-declaration with an intention to avail higher export incentive benefit - corroboration to the confession of appellant - admissible evidence or not - HELD THAT:- The allegations of attempt to export goods improperly have been confirmed against the appellant solely relying upon his statement alleging the same as the admission on part of the appellant. The copy of the said statement is produced by the department. Perusal thereof reveals that the appellan....... + More

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• 2025 (3) TMI 1074
  Additions of license fee and advertising expenses to the assessable value of imported goods - Lack of SCN - HELD THAT:- On a perusal of the records, it is found that the appellant herein had been importing from their overseas affiliates, and admittedly related parties, since 2006 and their original declarations, accepted by order of 29th March 2006, were, thereafter, sought to be renewed by communications of 23rd March 2009, 4th January 2011, 12th October 2012 and 24th June 2013 but it appears, in the absence of explanation in the orders of the lower authorities, that those, kept pending, were taken up for disposal only in July 2015 leading t....... + More

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• 2025 (3) TMI 1073
  Classification of imported goods - Fiber Optic Transmitters/Receivers/Transceivers - classifiable under CTH 85176290 or CTH 854230? - applicability of exemption under S.No.20 of N/N.57/2017 - Extended period of limitation - confiscation - penalties. Whether the impugned goods imported by the appellant are classifiable under CTH 85176290 or under CTH 854230 as contended by the appellants? - HELD THAT:- The adjudicating authority has gone through the details furnished by the appellant as well as various other documents referred to supra to come to the conclusion that goods are clearly classifiable under CTH 85176290 and the goods are also in th....... + More

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• 2025 (3) TMI 1039
  Rejection of the petitioner s application for compounding of the offence under Section 137 of the Customs Act, 1962 - failure to follow the instructions and guidelines issued by the respondents themselves - HELD THAT:- In the instant case, after the applicant had submitted his application, the application was first got scrutinized by the compounding officer within the Department and thereafter the petitioner was called for personal hearing. The petitioner had availed the opportunity of personal hearing, appeared before the compounding officer, accepted his guilt and offence and prayed for allowing the compounding application and also expresse....... + More

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• 2025 (3) TMI 1038
  Seeking grant of regular bail during the pendency of the trial - smuggling of Gold - bailable or non-bailable under Section 104 of the Customs Act, 1962, in view of value of gold - admissibility and relevance of the statements recorded under Section 108 of the Customs Act, 1962 - applicant argued that the complaint is confined only to the alleged recovery of 2000 gms of gold and the recovery effected from the house of Ankit Jindal being in the nature of ornaments is not the subject matter or case property for his prosecution for violation of the provisions of Customs Act, 1962 - HELD THAT:- This Court finds that the officials of the DRI had i....... + More

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• 2025 (3) TMI 981
  Classification of imported goods - Roasted Areca Nuts - to be classified under Chapter Heading No. 2008 19 20, as claimed by the petitioner, or under Heading No. 080280, as suggested by the respondents - respondents requirement for the petitioner to submit a provisional bond and Bank Guarantee of 25% of the differential duty for provisional release of goods - HELD THAT:- The petitioners are directed to deposit reduced security amounts and ordered the respondents to issue provisional release orders within three days of deposit. The final assessment was to be expedited following the receipt of the petitioners replies and evidence. Petition disposed off.

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• 2025 (3) TMI 980
  Seeking setting aside of the seizure of the gold Kada - waiver of SCN and perosnal hearing - no SCN was issued and more than one year has elapsed since the detention - HELD THAT:- There was waiver of show cause notice and no personal hearing was also granted to the Petitioner. As per the operative portion of the order, there is complete confiscation of one elongated gold piece bent in kada shape. This Court is of the opinion that following the decision in Mr. Makhinder Chopra v. Commissioner of Customs [ 2025 (3) TMI 19 - DELHI HIGH COURT] , waiver of show cause notice and waiver of personal hearing in standard format is contrary to law. It a....... + More

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• 2025 (3) TMI 979
  Seeking provisional release of imported goods u/s Section 110A of the Customs Act, 1962 - old and used tyres - HELD THAT:- This petition is disposed of with a direction to the petitioner to prefer an Appeal challenging the order dated 6th February, 2025 rejecting the application for provisional release within a period of two weeks from today. The Appellate Authority shall decide the Appeal within a period of four weeks from the date of receipt of copy of such appeal memo after giving an opportunity of hearing to the petitioner. It is clarified that the merits of the matter not entered into, and the further proceedings may be decided by the concerned authorities in accordance with law.

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• 2025 (3) TMI 978
  Classification of imported goods - to be classified as Polystyrene GPPS 1450 in powder form under CTH 39031910 or if they should be reclassified as Polystyrene in granular form under CTH 39031990? - exemption form BCD under N/N. 10/2008-CUS dated 15.01.2008, as amended by N/N. 53/2015-CUS dated 23.11.2015 - levy of penalty on Director of the appellant-company under Section 114AA of the Act - time limitation - suppression of facts or not - Confiscation - interest and penalty - HELD THAT:- When suppression clause is invoked, the Show Cause Notice is to be adjudicated within a period of one year from the date of issue of the notice. In this case....... + More

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• 2025 (3) TMI 977
  Undervaluation of transaction value of impoted to evade Customs Duty - HELD THAT:- The Hon ble Supreme Court in Century Metal Recycling Pvt. Ltd. v. Union of India [ 2019 (5) TMI 1152 - SUPREME COURT] , has examined the whole procedure of determining the transaction value of goods, the transaction value of which is doubtful and requires to be redetermined. It held that where the proper officer has reason to doubt the truth or accuracy of the value declared for the imported goods, a two-step verification and examination exercise is required to be carried out. It is found that the Original Authority has not complied with the two-step verificati....... + More

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• 2025 (3) TMI 915
  Infringement of Petitioner s right to speedy trial guaranteed under Article 21 of the Constitution of India - inordinate delay in the prosecution of the criminal case pending since 1996 - HELD THAT:- As rightly submitted by the Petitioner, there were about ninety dates between 1996 upto 2018; but before that there was inordinate delay in filing of the complaint itself. The investigation had started in the year 1983 and the complaint was actually filed in the year 1996. It took thirteen long years for the authorities to even file the complaint. After that, cognizance was taken and evidence before charge started in the year 1999. It was closed ....... + More

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• 2025 (3) TMI 861
  Compensation of respondent for the seized betel nuts that were destroyed while in their custody - illegal importation of betel nuts - onus of proof - HELD THAT:- First of all, there is clear admission by the appellant that as on the date of seizure the value of the goods was Rs.88 lakhs. From the date of seizure up to the date of dumping of the goods in the pit about one and a half years had elapsed. These goods were in the custody of the Customs. They had an obligation to explain how the goods were or became unfit for human consumption. If the goods at the time of seizure were unfit for human consumption, they could not have been valued at R....... + More

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• 2025 (3) TMI 860
  Liability of Customs Duty - import of Fibre-optic Cables to be laid not only within the territorial waters of India but also in the Exclusive Economic Zone - HELD THAT:- The Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976 (for short the Territorial Waters Act ) gives power to the Central Government to extend the enactments of India to the Continental Shelf, EEZ and other Maritime Zones by issuing Notifications in that regard as more particularly set out in Section 6 and Section 7 of the said Act. It is exercising powers under this Act that two Notifications have been issued by the Central Gove....... + More

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• 2025 (3) TMI 859
  Correctness in attempting to negate the permission under Section 65 of the Customs Act, after having permitted not only the establishment of the warehouse but also the import of the equipment - HELD THAT:- It is apparent that the applicability of Section 65 of the Act and the prohibition contained under the MOOWR Regulations has been the subject matter of the decision. Hence, prima facie the contention of the learned Senior Standing Counsel for the Department does not appeal here. It is appropriate to stay the operation of the impugned proceedings dated 24.06.2024 produced as Annexure-P1, subject to the condition that this interim order shall....... + More

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• 2025 (3) TMI 858
  Refund claim is hit by limitation of time and is therefore liable to rejection or not - principles of unjust enrichment - applicant has proved beyond doubt that the incidence of CVD has not been passed on to the buyers or not. HELD THAT:- It is transpired from various decision that when a Certificate of a Chartered Accountant is submitted by an assessee to substantiate that the assessee would not be unjustly enriched, then it is for Revenue to establish by evidence that either the Certificate issued by the Chartered Accountant is incorrect or that the duty was actually passed on to the buyers. The decisions also hold that there is no requirem....... + More

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• 2025 (3) TMI 857
  Sale proceeds of gold smuggled into India - Seizure of Currency - Confiscation under Section 121 of the Customs Act, 1962 - penalties imposed on the individuals - HELD THAT:- The learned Commissioner in the impugned order though acknowledged at para 34 of the order that the investigation has not been able to produce evidences regarding smuggling of gold or linking the seized currency directly to smuggled gold; however making a generalized remark held that smuggling of goods including the gold is primarily an offence that takes place at the border / frontier and it is almost impossible to distinguish or identify smuggled goods from licitly imp....... + More

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• 2025 (3) TMI 856
  Refund of Additional Duty of Customs - Requirement of Re-assessment before refund - principles of Unjust enrichment. Requirement of Re-assessment before refund - HELD THAT:- The self-assessment done by Micromax while filing Bills of Entry would also amount to assessment. Micromax imported mobile phone handsets of CTH 8517, self assessed the Bills of Entry on payment of Additional Duty of Customs @ 6%/ 10%/ 12.5%. Thereafter, they sought to claim the benefit of S. No. 263A of Notification No.12/2012 dated 17.03.2012 read with amendments and S. No. 132 of Notification no. 01/2011 CE dated 01.03.2011 as amended, which would amount to re-assessme....... + More

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• 2025 (3) TMI 855
  Classification of imported goods - whether, the Works Rolls imported by the appellant can be treated as Capital Goods as is being claimed by the appellant or the same is to be treated as spare parts of the Capital goods, as is being claimed by the Revenue? - eligibility to utilize on 10% of the scrip amount to discharge the Customs Duty and the balance 90% is required to be paid by way of cash [TR 6 / GAR7 Challan] - Time Limitation - HELD THAT:- From the picture produced, it can be seen that the Works Rolls are attached to the machinery and are being used, in the factory of the appellant without the Works Rolls. There is no possibility for t....... + More

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• 2025 (3) TMI 827
  Classification of imported goods - e-bikes in CKD-Kit or part of e-bike? - to be classified under HS code 8711 (1) (b) or HS code 8711 (2)? - assessment under S.No. 531A(1)(b) of N/N. 50/2017-Cus. dated 30.06.2017. Whether the goods imported by the appellant under Bill of Entry No. 5864756 dated 28.11.2019, declared as E-Bike in CKD Condition, merit assessment under S.No. 531A(1)(b) of Notification No. 50/2017-Cus. dated 30.06.2017? - HELD THAT:- Admittedly the goods at the time of 100% examination were found to be the parts of e-bike like plastic cover, chasis, disc brake, shocker, front fork, seat, wheel rim, converter, controller etc. Admi....... + More

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Case Laws - Corporate

• 2025 (3) TMI 914
  Power of Bombay High Court to intervene u/s 9 of the Arbitration and Conciliation Act, 1996, to protect the interests of the Petitioner, Manmohan, particularly concerning the Greater Kailash Property, which is not owned by Kapani Resorts but was released using Manmohan s funds - shares were not allotted to Manmohan as per the Agreement - parties are indeed privy to an arbitration agreement contained in the Agreement - HELD THAT:- Even a plain reading of the foregoing would show that it is now a statutory obligation of Kapani Resorts to refund the monies invested by Manmohan. The allotment of shares ought to have been made within sixty days of....... + More

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• 2025 (3) TMI 785
  Validity of Foreign Arbitral Award - Enforcement of the Award would be violative of the provisions of FEMA or not - remittance of Euro 5.5 million by Minda Corporation Limited to Mercedes Benz AG pursuant to the consent award passed in the arbitration proceedings - overlap between the settlement with the Liquidator of Minda Germany and Consent Award with Minda India - benefit of double dip by virtue of the payments agreed by Minda India under the settlement - Whether the enforcement of the Award would be contrary to the public policy of India, as per Section 48(2)(b) of the A C Act? HELD THAT:- Considering in the instant case, the issue of vi....... + More

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• 2025 (3) TMI 692
  Seeking direction from this Court to the official liquidator to handover vacant and peaceful possession of the said premises, which were taken on monthly tenancy basis by the company in liquidation - HELD THAT:- The instant application has been filed under Section 446 of the Companies Act. The said provision indeed provides wide powers to the Company Court to pass appropriate orders. The Court has jurisdiction to even entertain and dispose of any suit or proceeding by or against the company, as also any claim made by or against the company in liquidation. In the case of Patel Engineering Co. Ltd. v/s. Official Liquidator [ 2004 (2) TMI 383 - ....... + More

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• 2025 (3) TMI 691
  Seeking recall or review of order - legality of compromise under Order XXIII Rule 3 of the Code of Civil Procedure, 1908 - legality of assignment of Shaila Clubs loan to Savannah - Savannah s contention is that the transaction involved in the present case is not governed by 2021 - delay in filing of Interim Application - HELD THAT:- It is failed to understand as to how reliance on Clause 11 of the RBI directives assists the case of Savannah. All that Clause 11 provides is that loan transfer would result in transfer of economic interest without being accompanied by any change in underlying terms and conditions of the loan contract and in all c....... + More

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• 2025 (3) TMI 690
  Challenge to scheme of arrangement - right to reverse book building - unfair valuation and swap ratio - validity of relaxation granted by SEBI - undue influence caused by the company over its shareholders - non-disclosure of the relaxation granted by SEBI - participation of employees and mutual funds of ICICI group in the voting as public shareholders. Unfair valuation - reverse book building process (RBB) may have yielded a better price or not - HELD THAT:- Regulation 37 was introduced after detailed deliberations as an alternate mode of delisting by way of an amendment. As part of the process, SEBI had issued a board memorandum dated 29 Sep....... + More

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• 2025 (3) TMI 633
  Grant of an interim injunction restraining the Appellants from alienating their shareholding in the company pending arbitration - Share Purchase Agreement, a contingent contract - HELD THAT:- This Court while dealing with an appeal under Section 37 (2) of the A C Act, especially one arising from discretionary orders passed at an interlocutory stage, has to be circumspect in its approach, keeping in view the principle of least intervention. The A C Act is intended to provide an alternative avenue for dispute resolution and any interpretation of the act which tends to multiply disputes must be avoided. An appellate court will ordinarily not int....... + More

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• 2025 (3) TMI 632
  Requirement of prior approval under Section 35(1) of the Insurance Act, 1938, at the stage of amalgamation of the Respondent Companies - HELD THAT:- The Transferor Companies were holding major portion of the Transferee Companies which are in Life Insurance and Non-life Insurance business respectively. It has been held by respective Tribunals that upon merger / amalgamation the Shareholders of the Holding Companies will hold Shares of the Transferee Companies which are Insurance Companies, the same number and same per centage and hence, this will not attract, the provisions contained under Section 6A of the Insurance Act. There is another impo....... + More

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• 2025 (3) TMI 392
  Ownership/possession of property - transfer of ownership rights/interest in a property by way of a relinquishment deed - modes of transfer defined in the Transfer of Property Act - HELD THAT:- The High Court based its order on an interpretation of Section 14 of the Partnership Act and taking into consideration the fact that it was an admitted position that the property was contributed by late Bhairo Prasad Jaiswal to the partnership firm. The law on this point is settled which is that separate property of an individual partner, can be converted into partnership property. In this context, reliance can also be placed upon a judgment of this Cou....... + More

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• 2025 (3) TMI 341
  Professional Misconduct - Failure to comply with Companies (Audit and Auditors) Rules, 2014 in timely reporting of fraud to the Central Government under Section 143(12) of the Companies Act, 2013 in respect of the Corporate Loan Book (CLB) of Rs. 2,036 crores - Failure to appropriately assess the risk of fraud and risk of management override of controls in RFL - Failure to document sufficient evidence regarding the audit procedures performed in the audit of the loan book of RFL - Failure in verifying the certainty of future taxable income against which the Deferred Tax Assets (DTA) of Rs. 495.63 crores were recognised in the books - failure t....... + More

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• 2025 (3) TMI 275
  Eligibility of Appellant to submit a resolution plan under Section 29A of the Insolvency and Bankruptcy Code, 2016 - locus to seek reconsideration of its resolution plan after the refund of the Earnest Money Deposit (EMD) - HELD THAT:- The default under Section 164(2) had occurred on 01.12.2017, the date on which the GADPPL failed to file financial statements and annual returns for a continuous period of three years. Thus, Mr. Avanish Kumar Singh was ineligible to be a director as per provisions of Section 164(2) of the Companies Act, 2013 and the Appellant company also accordingly was not eligible to be a resolution applicant in terms of pro....... + More

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• 2025 (3) TMI 205
  Illegal share transfer - Maintainability of petition - present petition is barred by delay and latches or not - suppression of material facts and continuance of the present petition would tantamount to an abuse of process of law or not - issues raised in the present petition are barred by Res Judicata or not. Whether or not the present petition is barred by delay and latches? - HELD THAT:- The substratum of the dispute relates to illegal share transfer and the same has been litigated and reagitated time and again and no useful purpose will be served in oppressing the opposite parties herein. The only addition in the present petition is to cre....... + More

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• 2025 (3) TMI 131
  Interpretation of Section 212(15) and sub-section (5) of Section 223 - Legality of investigation Report submitted by the Serious Fraud Investigation Office (SFIO) under Section 212(12) of the Companies Act, 2013 - admissible as legal evidence or not, as SFIO Report have been equated as report prepared under Section 173 of the Code of Criminal Procedure (CrPC) 1973 - relevance of 2nd SFIO Report and the Compilation of Documents filed by the Respondent on 07.02.2024 before the NCLT - no sufficient pleadings in the Company Petition/ Miscellaneous Application filed by the Respondent with respect to the SFIO Report and documents and Compilation of....... + More

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• 2025 (2) TMI 1118
  Levy of penalty u/s 454 (3) of the Companies Act, 2013 read with Rule 3 of the Companies (Adjudication of Penalties) Rules, 2014 amended by the Companies (Adjudication of Penalties) Rules, 2019 - non compliance of the provision of Section 203 (4) of the Companies Act, 2013 read with Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 - whether the authority could have applied its discretion while adjudicating the default on the part of the petitioners? HELD THAT:- In Apex Traders [ 2024 (5) TMI 1525 - CALCUTTA HIGH COURT] the Court interpreted the expression liability used in Section 203 (5) of the Compa....... + More

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• 2025 (2) TMI 964
  Violation of Section 197 (3), 197 (9) of Companies Act and Rule 7 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 - effect of amendment to Section 197 (15) of the Companies Act, 2013, which substituted the expression punishable with fine with penalty, - retrospective effect to offenses allegedly committed before the amendment came into force or not - HELD THAT:- The provisions contained in Section 197 (15) was amended vide Companies (Amendment) Act, 2019 by Central Act No. 22/2019. A bare perusal of the amendment Act is sufficient to come to the conclusion that Section 197 (15) has been substituted by t....... + More

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• 2025 (2) TMI 906
  Public Interest Litigation or not - alleged role, irregularities, and misconduct on the part of the IRP - Siphoning of funds by the ex-promoters and directors of Three C Shelters Pvt. Ltd. - whether the submissions on the part of the learned counsels for the parties should at all be considered by this Court sitting in writ jurisdiction under section 226 of the Constitution of India, 1950? - HELD THAT:- Unhesitatingly, this Court finds no ground to recall the order dated 02.02.2024. The issues relating to the genuineness of the IRP report dated 09.08.2023, which has been espoused on behalf of the petitioner, respondent No. 11/Orris and respond....... + More

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• 2025 (2) TMI 855
  Seeking enlargement of bail - Siphoning of public money - active and managerial role in the offences by making misrepresentation to the banks in obtaining loans and siphoning the funds using puppet companies and by writing off the stocks and inventories - offence punishable under Section 447 of the Companies Act - HELD THAT:- This court feels that the present petition being one seeking personal liberty during the trial, it would be suffice to restrict the consideration of such materials to decide the question whether the petitioner is entitled to grant of bail. A perusal of the materials would disclose that the present petition is the fifth o....... + More

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• 2025 (2) TMI 690
  Maintainability of writ petition filed by respondent no. 1 under Article 226 of the Constitution - directions issued by the learned Single Judge were beyond the scope of the writ petition - main grievance of the respondent no. 1 (writ petitioner) is that there is a failure to exercise the power by the RBI in relation to the affairs of ECL - HELD THAT:- It is an elementary principle that when a public authority is vested with specific powers, it is duty bound to act accordingly. Therefore, any failure to exercise statutory powers gives rise to a cause of action to secure performance of such duty by way of issuance of writ of mandamus under Art....... + More

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• 2025 (2) TMI 689
  Seeking winding up of company - Sections 433(e)/434(1)(a)/439 of the Companies Act, 1956 - HELD THAT:- Upon an examination of the record, it is evident that the present winding-up petition is a non-starter. The proceedings remain at a preliminary stage, with neither a provisional liquidator nor an official liquidator having been appointed to assume control over the assets and affairs of the respondent company. Consequently, no substantive orders have been passed in this petition for seven years. Hon ble Apex Court in the case of Action Ispat and Power P. Ltd. v. Shyam Metalics and Energy Ltd. [ 2020 (12) TMI 535 - SUPREME COURT] held that tho....... + More

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• 2025 (2) TMI 638
  Seeking quashing of the investigation report submitted by the Serious Fraud Investigation Office (SFIO) to the Ministry of Corporate Affairs (MCA), on the grounds of the impugned report being unreasonable, unjustified, perverse and arbitrary - Petitioners contend that the report is arbitrary, perverse, and suffers from non-application of mind, having been prepared with a pre-conceived notion, without due consideration of the factual matrix - violation of principles of natural justice - HELD THAT:- The Court prima facie examined the impugned report and came to the conclusion that the affairs of the Petitioner company had been conducted in a ma....... + More

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• 2025 (2) TMI 637
  Maintainability of writ petition filed by respondent no. 1 under Article 226 of the Constitution - siphoning and misappropriation of funds by the directors of the ECL - main grievance of the respondent no. 1 (writ petitioner) is that there is a failure to exercise the power by the RBI in relation to the affairs of ECL - HELD THAT:- A duty is implied by the vesting of statutory power upon a public authority. Further, the performance of such duty can be secured by proceedings under Article 226 of the Constitution of India - the respondent no. 1 has sought for the interference of the learned Single Judge considering the failure of RBI to act in ....... + More

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Case Laws - IBC

• 2025 (3) TMI 1070
  Objection to the decision of Liquidator to include the Haldia property in the Liquidation Estate - HELD THAT:- The present is a case where no steps were taken by the Appellant under Regulation 37 and at no point of time, even a communication was sent by the Appellant to the Liquidator for informing about the estimated amount required to be paid under Regulation 21A (2) (a). As noted above, the Applicant as a secured creditor was to make payment under sub- regulation (2) of Regulation 21A, within 90 days from the liquidation commencement date. When obligation is linked with the time period, the Appellant cannot fall back on the argument that t....... + More

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• 2025 (3) TMI 1069
  Seeking de-freezing of demat account of the Corporate Debtor, frozen due to non-compliance with SEBI regulations - waterfall mechanism under Section 53(1) of the Insolvency Bankruptcy Code, 2016 (IBC) - jurisdiction of the National Company Law Tribunal (NCLT) extends to adjudicating matters related to the freezing of demat accounts under SEBI regulations, in light of Section 60(5) of the IBC - HELD THAT:- SEBI issued a circular in order to ensure effective enforcement of the SEBI LODR. Further, it was the obligation of all the recognized stock exchanges to intimate the depositories of non-compliance of SEBI LODR on part of any listed entity, ....... + More

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• 2025 (3) TMI 976
  Maintainability of section 9 application initiating CIRP - parties had already entered into settlement much before issuance of demand notice which gave rise to the Section 9 application - section 9 application filed ignoring the payments of 20 instalments - HELD THAT:- It is already noticed that when earlier demand notice was issued on 05.03.2018, parties have entered into settlement dated 24.06.2019 revised on 03.07.2020 for final settlement of Rs.8, 30, 31, 244/- equivalent to $1, 110, 489 in 21 instalments last instalment to be paid by March, 2022. 20 instalments were paid and it was only due to some calculation issues last instalment was ....... + More

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• 2025 (3) TMI 975
  Homebuyer or an unsecured financial creditor in the insolvency proceedings of the corporate debtor - reimbursement of the amount paid to the bank - HELD THAT:- The present is a case where Appellant on his own request got his unit cancelled and he has filed the claim with respect to the amount which was paid to the corporate debtor towards allotment of the unit as noted above, allotment was made on 04.06.2025 and the entire amount was paid by the UCO Bank to the corporate debtor. No payment was made by the Appellant to the Corporate Debtor. Appellant has brought on the record the order of the DRAT dated 10.02.2021 filed as Annexure A3 of the A....... + More

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• 2025 (3) TMI 974
  Entitlement of dissenting financial creditor to receive their liquidation value upfront before any payments are made to the assenting financial creditors - true import and interpretation to Clause 21 of the resolution plan - HELD THAT:- Adjudicating Authority has rightly taken the view that approved resolution plan is binding on all stakeholders including assenting and dissenting and SRA also. The judgment of this Tribunal in Puro Natural Sugars JV [ 2023 (11) TMI 1034 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI ], which has been relied by the appellant has also been noticed and considered by the Adjudicating Authori....... + More

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• 2025 (3) TMI 973
  Extension of timeline for the successful bidder to pay the balance sale consideration beyond the 90-day period prescribed by the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016 - HELD THAT:- The Hon ble Supreme Court in V.S. Palanivel vs. P. Sriram, CS, Liquidator, Etc. [ 2024 (9) TMI 625 - SUPREME COURT ] itself had occasion to consider the power of the Adjudicating Authority in reference to extension of time for deposit of the balance consideration. The Hon ble Supreme Court held that the Adjudicating Authority exercised statutory powers under Section 35 read with Rule 11 of the NCLT Rules for extending the t....... + More

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• 2025 (3) TMI 972
  Termination of Corporate Insolvency Resolution Process (CIRP) initiated - seeking clarification of the order on the ground the order simply stops the IRP to take further steps in the Corporate Debtor but in no way it says the CIRP has come to an end or the order dated 04.12.2023 of the Ld. NCLT initiating the CIRP is quashed - HELD THAT:- Admittedly upon initiation of CIRP, the moratorium is to be declared which in fact was declared by the impugned order 04.12.2023. Admittedly vide such order, the IRP was appointed and admittedly per Section 17 of IBC, from the date of the appointment of the IRP, the management of the affairs of the Corporate....... + More

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• 2025 (3) TMI 913
  Dismissal of Application filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Respondent, seeking resolution of an outstanding amount - existence of Pre-Existing Dispute between the Parties or not - it was held by NCLAT that the dismissal of the application upheld, concluding that there was a pre-existing dispute between the parties and that the Code was not the appropriate forum for the claim. HELD THAT:- There are no reason to interfere with the impugned order - appeal dismissed.

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• 2025 (3) TMI 912
  Violation of principles of natural justice - challenge to ex-parte order - notice or opportunity of being heard not provided to any of the stakeholders - takeover and liquidation of properties allowed - HELD THAT:- It would be appropriate to direct the appellants to approach the learned Single Judge seeking their impleadment in the underlying writ petition and simultaneously file an appropriate application seeking recall/clarification/modification or review of the impugned order dated 22.10.2024 so as to enable the learned Single Judge to re-consider the grievances raised by the appellants after giving due opportunity to them. 10 days time gr....... + More

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• 2025 (3) TMI 911
  Section 7 petition is time-barred or not - Term loan having separate dates of default - Respondent, being an Asset Reconstruction Company (ARC), was entitled to grant a fresh loan to the Corporate Debtor or not - excessive interest rate charged by the Respondent or not. Whether the present Section 7 petition is time-barred or not and whether TL-1 and TL-2 could have separate dates of default? - HELD THAT:- It is the case of the Appellant that Respondent No. 1 was trying to use the CIRP process as a recovery tool and had supressed material facts and particulars before the Adjudicating Authority and fraudulently filed the Section 7 application........ + More

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• 2025 (3) TMI 910
  Jurisdiction of National Company Law Appellate Tribunal (NCLAT) to adjudicate the dispute regarding the handover of maintenance from YG Estates to the Supernova Apartment Owners Association under the Insolvency and Bankruptcy Code (IBC), 2016 - validity and enforceability of the registered association of apartment owners under the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) Act, 2010 - HELD THAT:- The present is a case where CIRP has been commenced against the corporate debtor by order of the NCLT dated 12.06.2024. It is an admitted position that project in question i.e., Supernova project is the project of ....... + More

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• 2025 (3) TMI 909
  Requirement to comply with the Tribunal s order dated 10.06.2022 regarding the continuation of construction projects and the management of the Corporate Debtor s operations by IRP - HELD THAT:- Under the order dated 10.06.2022, the projects of the corporate debtor are being run as a going concern under the supervision of the IRP. The construction has been carried out with the co-operation/assistance rendered by the promoters and their staff and employees. The order dated 10.06.2022 being still in operation, all have to act in accordance with the said direction. Any expenses incurred in carrying out the construction, supply of materials and se....... + More

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• 2025 (3) TMI 908
  Condonation of 139 days delay in refiling of Company Appeal - sufficient cause for condonation, presented or not - HELD THAT:- In the present facts of case where delay in refiling is for an unduly prolonged period of 139 days, it becomes incumbent on the Bench to be satisfied with the cogency and plausibility of the reasons set forth by the Applicant to explain the delay. Coming to our analysis, we find that one of the principal explanations given for delay is that the applicants were not available for long periods of time which led to delay in review of documents. This explanation is rather airy and light-weighted as no concrete reasons have....... + More

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• 2025 (3) TMI 907
  Approval of Resolution plan - Plan was approved without resorting to Swiss Challenge Mechanism - RFRP having contemplated holding of challenge mechanism, requirement of CoC and the RP to conduct Swiss Challenge Mechanism, so as to maximize the value of the CD - HELD THAT:- When the final Resolution Plan has been submitted by all Resolution Applicants by 24.06.2024, there was no occasion to permit any Resolution Applicant to enhance its financial offer. The Resolution Plan was submitted by the Appellant on 24.06.2024 and all Resolution Applicants were permitted to submit their revised Resolution Plan within the time allowed. After revised Reso....... + More

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• 2025 (3) TMI 853
  Challenge to forensic report prepared by the Respondent No. 2-BDO India LLP, a Chartered Accountant s Firm - petitioner was not aware of any such final Forensic Audit Report (FAR) nor was a copy provided to him - principles of natural justice - HELD THAT:- It is deemed fair and proper to permit the Respondent No.1-Bank of India to withdraw the show-cause notice based on the FAR dated 9th August 2023 with liberty to initiate fresh proceedings against the Petitioner. The Respondent No.1-Bank of India is at liberty to issue fresh show-cause notice to the Petitioner and the Petitioner is at liberty to raise all objections and contentions includin....... + More

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• 2025 (3) TMI 852
  Seeking a declaration that the Plaintiff is the exclusive first charge holder / mortgagee in respect of two properties - Seeking declaration that the Deeds of Simple Mortgage are void and illegal to the extent of the mortgage created by Defendant Nos. 2 and 3. HELD THAT:- Firstly, it is not in dispute that the Plaintiff s Mortgage is prior in point of time to the Impugned Mortgages. Also, a plain reading of clause 13(d) of the Plaintiff s Mortgage and clause 10(B) of Schedule I of the Plaintiff s Mortgage make it abundantly clear that the Mortgagor i.e. Defendant Nos. 2 3 would not be entitled to not create any mortgages, charges and encumbra....... + More

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• 2025 (3) TMI 851
  Consideration of resolution plan submitted by respondent, by the Committee of Creditors (CoC) - applicability and interpretation of Regulation 36B(6) and Regulation 39(1B) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- Sub-Regulation 6 provides the RP with the approval of the committee extend the timeline for submission of the plan, which pre-suppose that the CoC has to agree for extension of timeline. The present is a case where timeline was extended from 05.02.2024 to 14.02.2024, and all PRAs were informed that 14.02.2024 is the last date for last extensi....... + More

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• 2025 (3) TMI 784
  Extinguishment of Fuel Surcharge (FS) and Special Fuel Surcharge (SFS) Claims Under IBC - conflict between the Electricity Act, 2003 and IBC, 2016 - Do FS and SFS count as pre-insolvency liabilities that were erased when the resolution plan was approved under Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC)? - HELD THAT:- It can be seen from Section 54G and Regulation 20 that it is the responsibility of Corporate Debtor to provide the complete claims from all the creditors to the Resolution Professional for inclusion in Form-P10. The respondents submit that the CD has a running account with the Respondents in which payments are ma....... + More

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• 2025 (3) TMI 783
  Approval of Resolution Plan in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor - renewal of leases for Tea Gardens - no locus to file the Appeal - HELD THAT:- In view of the approval of the Resolution Plan, the SRA has come into the shoes of the CD and when CD had applied for renewal of the leases, where period of the leases had expired, no exception can be taken to the direction of the Adjudicating Authority permitting the SRA to pursue the renewal application or to file application where renewal application has not been made. The prayers made on behalf of the Appellant to set aside paragraph 18 and Clause 9.2.1 of....... + More

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• 2025 (3) TMI 689
  Admission of Corporate Debtor into Corporate Insolvency Resolution Professional (CIRP) on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 - application filed within time limitation or not - existence of pre-existing dispute or not. Time Limitation - HELD THAT:- Since the last payment was made on 19.10.2016, and the application was filed within three years, we hold that application under Section 9 of the IBC, 2016 is within limitation. On the issue of pre-existing dispute , it is found that in email dated 25.05.2018, the Corporate Debtor had clearly stated that as per their books of account and bank statement nothing....... + More

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Case Laws - PMLA

• 2025 (3) TMI 1067
  Seeking grant of interim bail under the Prevention of Money Laundering Act, 2002, due to the alleged medical conditions of his family members and the inability of his wife - it was held by High Court that there is no ground to enlarge the applicant on interim bail. HELD THAT:- There are no ground to interfere with the impugned order passed by the High Court. However, the High Court is requested to decide the pending bail application on its own merit, without being influenced by the impugned order. SLP dismissed.

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• 2025 (3) TMI 1036
  Money Laundering - seeking grant of interim bail due to the alleged medical conditions of his family members and the inability of his wife to care for them adequately - HELD THAT:- It is admitted that the applicant was arrested by the police on 29.05.2024, when he had returned to India on 25.04.2024. He was abroad for many years prior to that. It is stated that the age of the father of the applicant is 80 years and the age of the mother is 70 years. They both are old patients. The wife of the applicant is looking after them. She has soft tissue issue. She is walking around. Conclusion - Having considered, this Court is of the view that there ....... + More

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• 2025 (3) TMI 1035
  Money Laundering - proceeds of crime - Challenge to provisional attachment order - prayer for appropriate writ/direction for redrafting of the definition of value as provided under Section 2(1)(zb) of the Prevention of Money-Laundering Act, 2002 - HELD THAT:- As per Section 2(u) of the PMLA Act defines the Proceeds of Crime , if any property is derived or obtained directly or indirectly by any person as a result of criminal activity relating to a scheduled offence or the value of any such property comes under the proceeds of crime. Therefore, the definition of value as defined under Section 2(1)(zb) cannot be read in isolation. It has to be r....... + More

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• 2025 (3) TMI 905
  Money Laundering - allotment of sites - proceeds of crime - challenge to registration of Enforcement Case Information Report (ECIR) against the petitioner arising out of predicate offence and consequent act of issuance of summons under Section 50 of PMLA - Whether the petitioner should be permitted to be investigated into on the impugned ECIR? - HELD THAT:- Section 3 has certain ingredients to be present. It should be concealment, possession, acquisition and usage of property which is allegedly proceeds of crime. What is proceeds of crime in the case at hand is sites granted in lieu of compensation. The compensation is granted under respectiv....... + More

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• 2025 (3) TMI 850
  Money Laundering - proceeds of crime - scheduled offences - primary allegation was that the appellant was involved in financial transactions related to proceeds of crime, generated through fraudulent activities causing significant financial losses to the State of Gujarat - HELD THAT:- A significant ground raised by the appellant pertains to the nature of the alleged offence under the PMLA. The appellant has contended that the alleged acts do not constitute an offence under the PMLA as the same was not in force during the relevant period, or the predicate offences as alleged were not included in the schedule to the PMLA at the relevant time an....... + More

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• 2025 (3) TMI 685
  Seeking grant of regular bail - Money Laundering - proceeds of crime - prima facie evidence indicating the applicant s involvement in money laundering activities - applicability of Section 45 of the PMLA, 2002 - HELD THAT:- The Hon ble Supreme Court in the matter of Vijay Madanlal Choudhary case [ 2022 (7) TMI 1316 - SUPREME COURT (LB) ] has held that The Court is only required to place its view based on probability on the basis of reasonable material collected during the investigation and the said view will not be taken into consideration by the Trial Court in recording its finding of the guilt or acquittal during trial which is based on the....... + More

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• 2025 (3) TMI 511
  Money Laundering - provisional attachment order - maintainability of miscellaneous application filed by the petitioner - HELD THAT:- The Enforcement Directorate is on the verge of finalizing one deal with respect to one property at around Rs. 40,00,00,000/-. Let this deal be now finalized. It is further informed that so far as the second property is concerned, the first round of auction has failed. If that be so then, the Enforcement Directorate should at the earliest go for a fresh round of auction and see to it that the second property is also sold. It is reiterated if the amount of Rs.25,00,00,000/- is not deposited within a period of thre....... + More

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• 2025 (3) TMI 510
  Seeking grant of regular bail - Money Laundering - proceeds of crime of more than 2000 crores - scheduled offences or not - serious crime or not - applicability of twin conditions under Section 45 of the PMLA - HELD THAT:- In the instant case, there are nearly 70 accused persons while charge sheet has only been filed against 11 persons. There are 457 witnesses in the scheduled offence and the trial is not likely to conclude. However, the ED has submitted that at least 3 to 4 charge sheets are yet to be filed in the scheduled offence. It appears that the applicant was involved in the criminal acts of the syndicate and is in possession of the p....... + More

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• 2025 (3) TMI 387
  Money Laundering - proceeds of crime - predicate offence - Provisional Attachment Order - illegal foreign remittances to Hong Kong through banking channels by submitting fake import documents to bank authorities - HELD THAT:- It is, firstly, noted that the claim of the appellant that the property was acquired out of the appellant s own legitimate income remains a bland assertion without any substantiating evidence. It is settled law that under section 8(1) of the PMLA, 2002, the burden of proof is upon the appellant to indicate the sources of income, earning or assets, out of which or by means of which he had acquired the property attached u/....... + More

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• 2025 (3) TMI 273
  Money Laundering - seeking grant of bail - appellants acted in collusion with the main accused and became beneficiaries of the proceeds of crime - HELD THAT:- It is not in dispute that the co-accused have been granted bail. Apart from that, we have taken note of the value of the proceeds of crime that the appellants are alleged to have been involved with. We have also perused the rejoinder affidavit filed on behalf of the appellants which indicates the specific roles played by the coaccused who have been granted bail. Suffice it is to state that the co-accused who have been granted bail are involved with higher amounts of proceeds of crime in....... + More

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• 2025 (3) TMI 272
  Money Laundering - involvement in a crime of defalcation of huge sum in the matter of managing the award of tenders to PHED - twin conditions under Section 45 of the PMLA - HELD THAT:- In the case of Manish Sisodia [ 2024 (8) TMI 614 - SUPREME COURT ] the Court has not exercised the powers under Article 142 of the Constitution of India. The Court has held that the twin conditions under Section 45 of the PMLA cannot override the constitutional safeguards, as provided under Article 21 of the Constitution of India. This Court has held that a prolonged incarceration cannot be permitted to be converted pre-trial detention into a sentence without t....... + More

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• 2025 (3) TMI 271
  Money Laundering - predicate offence - direction to remove the attachment made by the 2nd respondent - HELD THAT:- A perusal of the order passed by the appellate Tribunal reveals that when predicate offence does not survive on account of acquittal, then it cannot be presumed that the said attached properties were purchased out of proceeds of crime by way of money laundering. Further, the appellate Tribunal directed the 2nd respondent to release the attached properties of the appellants / affected persons, as V. Kasimayan and the other accused persons are already acquitted in predicate offence under NDPS Act vide judgment of acquittal dated 01....... + More

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• 2025 (3) TMI 127
  Money Laundering - Seeking grant of bail - Practicing chartered accountant (CA) - assisting the co-accused to convert the tainted money into untainted money and connived in the laundering thereto - petition dismissed primarily on the ground that the petitioner has failed to meet the threshold of Section 45 of PMLA - it was held by High Court that The petitioner is admitted to bail on furnishing personal bond in the sum of Rs. 5 lakhs with a surety of the like amount to the satisfaction of the trial court on the terms and conditions imposed - HELD THAT:- There are no good ground to interfere with the impugned order passed by the High Court in view of the pendency of trial. SLP dismissed.

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• 2025 (2) TMI 1114
  Money Laundering - scheduled offences in Part B of the Schedule - Section 44 of the PMLA - total value involved in the scheduled offences in the complaint subject matter of this appeal is less than Rs.30,00,000/- - HELD THAT:- The impugned judgment is set aside and the complaint bearing Criminal Miscellaneous Case No.295 of 2021 pending before the Special Court, PMLA at Lucknow, Uttar Pradesh is quashed. Appeal allowed.

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• 2025 (2) TMI 1019
  Seeking grant of regular bail - Money Laundering - proceeds of crime - scheduled offence - right to speedy trial - evidence against the present applicant is in the form of confessional statements by the other co-accused persons which cannot be relied upon with respect to the prosecution of the present applicant - HELD THAT:- The first complaint filed by the respondent/Enforcement Directorate in the present ECIR was on 04.12.2021, thereafter, it is pointed out that 4 supplementary complaints have been filed, last of which was filed on 06.04.2023. The Hon ble Supreme Court in V. Senthil Balaji [ 2024 (9) TMI 1497 - SUPREME COURT ] has clearly h....... + More

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• 2025 (2) TMI 959
  Seeking release of petitioner - illegality in the arrest of the petitioner or not - whether petitioner was not produced before the learned Special Court within 24 hours of his arrest as mandated in law? - HELD THAT:- There are no ground to interfere with the impugned order passed by the High Court. However, it is made clear that the impugned judgment will not stand in the way of the petitioner raising all the contentions while seeking an appropriate remedy in the manner known to law. The regular bail application of the petitioner is pending before the High Court. The petitioner is at liberty to proceed with the bail application, notwithstandi....... + More

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• 2025 (2) TMI 958
  Seeking grant of Regular bail - Money Laundering - extortion of a huge amount of cash - Section 483 of the Bhartiya Nagrik Suraksha Sanhita, 2023 - HELD THAT:- It is pertinent to mention here that the applicant has nowhere stated in the bail petition regarding source of amount i.e. Rs. 6,44,38,000/- cash seized by the Income Tax, gold jewellery worth Rs. 3,24,61,655/- as also Rs. 52,35,000/- which was recovered from applicant s and his wife locker which clearly shows that the ACB/EOW has collected certain material against the applicant. The prosecution has collected the material against the applicant that he has purchased properties in the na....... + More

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• 2025 (2) TMI 904
  Money Laundering - offence under Section 3 of the Prevention of Money Laundering Act, 2002 - appellant had been in custody for over a year with the trial not likely to conclude within a reasonable time - there are 225 witnesses cited, out of which only 1 has been examined - HELD THAT:- Reliance placed in the decision of this Court in the case of V.Senthil Balaji v. Deputy Director, Directorate of Enforcement [ 2024 (9) TMI 1497 - SUPREME COURT] where it was held that the appellant has been incarcerated for 15 months or more for the offence punishable under the PMLA. In the facts of the case, the trial of the scheduled offences and, consequent....... + More

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• 2025 (2) TMI 903
  Money Laundering - Proceeds of crime - Seeking grant of Regular bail - alleged illegal extortion on Coal Transportation - Sections 3 4 of the Prevention of Money Laundering Act, 2002 (PMLA, 2002) - fulfilment of twin conditions of Section 45 of the PMLA or not - HELD THAT:- From perusal of the ECIR, it is prima facie vivid that present applicant with connivance of Saumya Chaurasia, Sameer Vishnoi and other senior bureaucrats and politicians hatched a conspiracy of illegal extortion of Rs. 25/- per tonne on Coal which was transported from SECL mines other places and the same was being carried out with the active connivance of State Mining Offi....... + More

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• 2025 (2) TMI 852
  Money Laundering - challenge to order taking cognizance - HELD THAT:- As of today, the position is that though complaint was filed on 5th October 2024, an order taking cognizance is not in existence. The respondent has acted upon order dated 7th February, 2025 by making application dated 7th February, 2025 before the Special Court, requesting the Court to take cognizance. Now, the Special Court will have to examine the case again. As there is a sanction, the issue to be considered will be whether the sanction is valid. All this will have to be examined by the Special Court. Appellant is in custody from 8th August, 2024. Order taking cognizanc....... + More

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Case Laws - SEBI

• 2025 (3) TMI 1072
  Operating schemes/plans in the nature of Collective Investment Scheme ( CIS ) without obtaining prior registration from SEBI - attachment orders - existence of an alternate statutory remedy under the SEBI Act - HELD THAT:- In the opinion of the Court, all the grounds urged in the present petition can be urged before the Appellate Authority under the SEBI Act. Thus, in view of the of the fact that an alternate statutory remedy is available to Petitioner, the Court is not inclined to entertain the present writ petition under Article 226 of the Constitution. At this juncture, it is noted that there is a limitation period to challenge the impugne....... + More

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• 2025 (3) TMI 1071
  Cancellation of IPO - misstatement in the prospectus regarding the procurement of software from a vendor with questionable credentials - Refund the subscription amounts to the successful investors and to cancel shares allotted to them pursuant to the Initial Public Offer (IPO) of the company - HELD THAT:- In our considered view, safeguarding the interests of the public shareholders particularly the retailers, is of paramount importance for all stakeholders of the capital market in a large country like India with significant asymmetry in capital and financial literacy. In view of this, adequacy and correctness of disclosure in Public Offers ca....... + More

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• 2025 (3) TMI 854
  Service of the order upon the counsel of the appellant - Tribunal had refused to condone the delay of 188 days in filing the appeal for the reason that the impugned order i.e. the order passed by the learned Adjudicating Authority had been duly served upon the appellant through his counsel, on his email - whether the service upon the counsel can be said to be a valid service in the eyes of law or not? HELD THAT:- Assuming for a moment that the present writ is maintainable, this Court is fully cognizant of the limited scope of appreciation in a writ of present nature. While entertaining any such writ, this Court cannot sit as an Appellate Cour....... + More

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• 2025 (3) TMI 340
  Funds withheld by the Bombay Stock Exchange (BSE) due to an alleged fraudulent transaction involving shares - actual ownership of the Shares/amount - whether Petitioner was involved in the alleged fraud? HELD THAT:- Petitioner had genuinely put its Shares in market for sale through Respondent No. 2. The alleged fraud has been played at the end of Respondent No. 2, by one Amit Jain from Royal International Shares Pvt. Ltd. and allegedly with some involvement of Ashish Aggarwal Jain, who is an employee of the Respondent No. 2 Company. There may have been a fraudulent call received by Respondent No. 2 placing an Order for purchase of the Shares ....... + More

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• 2025 (3) TMI 274
  Insider trading - use of Unpublished Price Sensitive Information - connected persons - restraining the appellants from dealing in the securities market and directing to disgorge an amount and to pay penalties mentioned in the order. Whether the noticees are insiders in terms of Regulation 2(1)(g) of the PIT Regulations, being connected persons ? - HELD THAT:- Undisputedly, the appellant No. 1 was in close association with KMP of Biocon and Mr. Arun Chandawarkar, CEO and joint MD of Biocon and CFO of Biocon Mr. Sidharth Mittal both were directly involved in the negotiations on the Biocon-Sandoz deal as also in CIMAB licensing deal. Appellant N....... + More

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• 2025 (3) TMI 204
  Public offer date - Determination of date on which a public announcement of an open offer, in terms of clause (1) to Regulation 20, has been made - It is the case of the appellants that the date on which the public announcement was made would be 18.01.2025 - case of the private respondents that the public offer date must be taken as 03.10.2023 and, therefore, the application filed by the appellants is belated and beyond time. HELD THAT:- Clause (9) of Regulation 20 states that, upon the public announcement of a competing offer, an acquirer who had made the preceding offer shall be entitled to revise the terms of his open offer provided the re....... + More

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• 2025 (2) TMI 750
  Allegations of violations by a SEBI registered stockbroker - violations have been alleged by the SEBI against the noticees for Misuse of clients funds, Funding the clients beyond T+2+5 days and Not issuing the contract notes. HELD THAT:- As recorded in the impugned order that during the inspection, it was noted that funds of credit balance clients were being utilized for settlement obligation of debit balance clients. In all 41 instances were checked and in 31 instances misutilization was observed ranging between Rs. 88,000 to Rs. 2.48 crores. Some of the instances have been tabulated and reproduced in paragraph No.21 of the impugned order. I....... + More

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• 2025 (2) TMI 524
  Steps to be taken for listing the shares on the nationwide stock exchange - de-recognition of MSE - whether the Company has to be granted a reasonable extension to get itself listed with the 5th respondent? - HELD THAT:- It is trite, even in cases governed by statutes where specified periods are fixed, the courts should adopt a liberal and pragmatic approach in considering requests for extension of time or to condone the delay, rather than a hyper-technical or pedantic approach. The underlying principle of the various circulars issued by SEBI to the ELCs, is to get listed on a nationwide stock exchange or provide an exit option to the shareho....... + More

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• 2025 (2) TMI 426
  Validity of Circular dated 02.09.2022 advising the trading member to refund the penalty levied on account of short/non-collection of upfront margin to clients, if the same has been passed on to the clients after 11.10.2021 - HELD THAT:- In the present case, it is the selection of the date, that is, 11.10.2021, that is the subject matter of challenge, and I am unable to find any support from the material on record as to the reason or basis for such selection. Apart from the offending date itself, there are other conditions that would have to be satisfied, for the refund of the penalty. A perusal of GRC proceedings dated 31.03.2023 would reveal....... + More

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• 2025 (1) TMI 1454
  SEBI orders against non-executive Chairman and Managing Director Chief Executive Officer - Appellant as the Non-Executive Chairman failed in his duties by not acceding to the requests of Independent Directors for legal advice and not providing necessary documentation regarding the appointment of Mr. Ratnesh - Non acceding to request for legal advice in relation to appointment of Mr. Ratnesh etc. - HELD THAT:- Appellant was appointed as the Non-Executive Chairman of PFC on November 8, 2021. The allegation is, not acceding to the request made by the independent directors for obtaining external legal advice and not providing information about ap....... + More

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• 2025 (1) TMI 1155
  Validity of Circular mandating payout of securities directly to clients demat account by clearing corporations and directed the stock exchanges and clearing corporations to implement the same - Petitioners have challenged the impugned circulars wherein Petitioner is required to obtain and hold a Depository Participant license ( DP Licence ) in order to continue with its business and Each of the Petitioners clients will be required to hold demat accounts in their respective names and the Petitioner is required to provide details of the same to Respondent Nos. 2 to 4. HELD THAT:- Petitioner has not interpreted the impugned circulars correctly. ....... + More

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• 2025 (1) TMI 853
  Compounding of offences - Order passed by Additional Sessions Judge dismissing an application filed by the Petitioner under Section 91 Cr.P.C - Petitioner had filed the said application seeking directions to SEBI to place on record all the statements/findings/documents considered by the High Powered Advisory Committee (hereinafter HPAC ) and the panel of Whole Time Members (WTC) while rejecting the request of the Petitioner herein for compounding the offence alleged in the complaint against the Petitioner herein - HELD THAT:- Regulation 29(1) of the Settlement Regulation provides that these documents cannot be given to public if the same prej....... + More

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• 2025 (1) TMI 17
  Persons/entities traded in the scrip of IAL while in possession of Unpublished Price Sensitive Information ( UPSI ) - higher price rise seen - contravention of provisions of Section 12A of the SEBI Act and PIT Regulations, 2015 - information of a stock split considered as Unpublished Price Sensitive Information (UPSI) or not? - - HELD THAT:- Splitting of stock per se is a Price sensitive information, since splitting of stock is an important decision for a company, (requiring approval of general body of shareholders under Section 61 of the companies Act, 2013), which is intended to improve the liquidity of stock and its affordability, which is....... + More

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• 2025 (1) TMI 16
  Applicability of corporate governance provisions - applicability of Regulation 23 of SEBI (LODR) Regulations Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 to appellant Company - Appellant s solitary contention is that the paid-up share capital is less than Rs.10 crores, thus entitled for exemption from compliance with the corporate governance provisions - HELD THAT:- It is settled that words of a statute are understood in their natural and ordinary sense; and sentences are construed according to their grammatical meaning. It is also settled that if the enacting portion of a Section ....... + More

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• 2024 (12) TMI 1465
  Unlawful gains by fraudulent and manipulative strategy made by Reliance Company - responsibility of noticee no. 2 i.e. the Managing Director - violating Section 12A of the SEBI Act r/w Regulations 3 and 4 of the SEBI PFUTP Regulations - vicarious liability on both criminal and civil liability for contravention of the SEBI Act, Rules and Regulations - Liability against violations committed by the company As decided in RELIANCE INDUSTRIES LIMITED, MR. MUKESH D. AMBANI, NAVI MUMBAI SEZ PVT. LTD., MUMBAI SEZ LTD. VERSUS SECURITIES AND EXCHANGE BOARD OF INDIA, [ 2023 (12) TMI 260 - SECURITIES APPELLATE TRIBUNAL MUMBAI] the word complicit means inv....... + More

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• 2024 (12) TMI 1464
  Interest levied by the SEBI on the appellant - SEBI discretion to decide interest charged on outstanding registration fees - expert committee was constituted under Shri R. S. Bhatt (Bhatt Committee) recommended turnover as a fair basis of determination of the registration fee and recommended differential rates of fee for different types of transactions. HELD THAT:- It cannot be held that this Tribunal had given any discretion to the SEBI for calculating interest deviating from the existing Regulations, which provides for mandatory charging of interest Respondent is right in his submission that in the given set of facts of this case, the word ....... + More

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• 2024 (12) TMI 1463
  Forward Market Commission (FMC) powers to conduct audit/inspection and exercise its jurisdiction on the shareholders of the associates - Fraudulent acts and passing on illegal monetary benefits to the entities controlled/connected - abuse of position and commission of irregularities in the affairs of NMCE by the appellant No. 1, through certain employees of the NMCE, to pass on unlawful benefits to the appellant No. 2. Forward Market Commission (FMC) - FMC was vested with wide powers by FCRA for observing Forward Market and taking such action in relation to them, as it may consider necessary , and allows it to make an inquiry in relation to t....... + More

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• 2024 (12) TMI 1462
  Failure to comply with the provisions of Regulations 15(1)(i) of Debenture Trustees Regulations SEBI (Debenture Trustees) Regulations, 1993 - penalty of Rs. 10 lakhs u/s 15HB of the SEBI Act, 1992 imposed - default of Code of Conduct under the Debenture Trustee Regulations Appellant has not reported that there were more than 49 investors in the NCDs, though it had received the relevant communication from Karvy on April 1, 2014 along with list of investors. Secondly, that appellant had sought to suppress the receipt of the BENPOS report from Karvy and did not furnish the same till two reminders were sent and finally forwarded the report on Aug....... + More

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• 2024 (12) TMI 615
  Writ against private communications in which the SEBI has only expressed its opinion on a legal provision - Availability of alternate remedy under Section 15-T of SEBI Act - Petitioner s case is that Respondent Nos. 4 and 6 had borrowed amounts from the Petitioner bank and have defaulted in the payment of the same and involves initiating proceedings under the SARFAESI Act 2002, in which the Petitioner has already taken possession of the properties of Respondent Nos. 4 and 5. SEBI has already made an order dated 11 January 2023 prejudicing the Petitioner s interest to deal with the property of Respondent Nos. 4 and 5, the possession of which i....... + More

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• 2024 (12) TMI 538
  Validity of Show cause notice - scope of judicial review of a show cause notice SEBI power to review or revisit its earlier decisions - argument about delay or laches - whether the Petitioners have made out a case to secure the quashing of the impugned show-cause notice or nip the proceedings in the bud? Delay or laches - HELD THAT:- The principle on which the relief to the party on the grounds of laches or delay is denied is that the rights which have accrued to others by reason of the delay in filing the Petition should not be disturbed unless there is a reasonable explanation for the delay. The real test to determine the delay in such case....... + More

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Case Laws - FEMA

• 2025 (3) TMI 1037
  Guilty of the offence u/s 6(4), 6(5) 8(1), 9(1)(a) and 9(1)(f)(i) of Foreign Exchange Regulation Act, 1973 - fine imposed - Court [ 2014 (9) TMI 1085 - DELHI HIGH COURT] is of the view that the AO dated 24th March, 2004, and the impugned order of the AT to the extent they hold the appellant liable for contravention of Section 8(1) of FERA, cannot be sustained in law - HELD THAT:- We are not inclined to interfere with the impugned judgment and order of the High Court; hence, the special leave petition is dismissed.

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• 2025 (3) TMI 686
  Denial of principles of natural justice - absence of cross-examination of the Departmental Officers - Special Director, Enforcement Directorate had denied the request to seek the cross-examination of Officer who recorded the statement of the Appellant under the provision of Custom Act, 1962 and Officer who recorded the statement of co-noticees under the provisions of FERA. HELD THAT:- We are unable to accept the contentions of the Appellant as the proceedings under Customs Act are factually different from the present proceedings under FERA. Appellants have been unable to prove how the cross-examination of theDepartmental Officials would have ....... + More

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• 2025 (3) TMI 336
  Breach of the principles of natural justice - denial of request to seek the cross-examination of Officer who recorded the statement of the Appellant under the provisions of Customs Act, 1962 and Officer who recorded the statement of co-noticees under the provisions of FERA. HELD THAT:- We observe that the tool of cross-examination is used so as to establish the truth, on the basis of certain reasonable grounds available with the petitioners. It does appear far-fetched that coercion while recording the statement can be established through such tool in the absence of any other reasonable ground to make a such assertion. It is unlikely that the ....... + More

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• 2025 (3) TMI 66
  Penalty imposed for contraventions u/s 8(3) and 8(4) of FERA - person guilty of offences under the FERA Act - HELD THAT:- Proceedings under the FERA Act are not criminal proceedings but are adjudicatory in nature. Appellant Tribunal for Foreign Exchange is an adjudicatory body, which performs quasi-judicial functions and act as administrators and adjudicators. They are not courts . While it is very much within their powers, to impose penalties for non-compliance of provisions of FERA, however, it does not lie within their domain to pronounce a person guilty of offences under the FERA Act. Pronouncing a person guilty has serious consequences a....... + More

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• 2025 (2) TMI 686
  Penalty imposed on the Respondent for contravention of Section 3(c) of FEMA - Order passed on the facts that the officials of Police Station Rahon, Distt. Shaheed Bhagat Singh Nagar, Punjab intimated the ED Office that they had seized an amount involved in Hawala transaction from two persons - Investigation was initiated by the Enforcement Directorate under the provisions of FEMA - Special Director (Appeals) has held that the statement was retracted by the Respondent at the first possible opportunity. HELD THAT:- In response to the notice under Section 17(4) of the FEMA Act, Sh. S.L. Chopra Sh. Ravi Chopra, Advocate and Shri Pankaj Yadav, Leg....... + More

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• 2025 (2) TMI 317
  Seizure order made under FEMA - remitting foreign exchange within a short span of few months, no import took place against those outward remittances - Commissioner set aside seizure order - HELD THAT:- We find that an elaborate order has been passed by the Commissioner/Competent Authority after considering all the issues. It not only considered legal but factual issues raised by the parties. If the case in hand is taken in chronological order, it started at the instance of M/s Sunshine Global Importers said to have been managed by one Ramash Babu Srinivasan. The bank account in the name of the company was opened along with the Certificate of ....... + More

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• 2025 (2) TMI 17
  Maintainability of the writ petition due to the availability of appeal remedy under Section 19 (1) and Section 35 of FEMA - Delay in issuance of SCN - Violation of Foreign Exchange Management Act (FEMA) and Transfer or Issue of Security by a Person Resident Outside India, Regulations 2000 - contravention of provisions of Section 6 (3) (b) r/w Section 47 of the Foreign Exchange Management Act, 1999 r/w Regulations 3, 4 and 5 and para-3 and para 9(1) (B) (i) of Schedule 1 of TISPRO Regulations 2000 and annexure B to para 2 of schedule 1 of TISPRO Regulations 2000 r/w consolidated FDI Policies dated 01.04.2010 and 01.10.2010 - violation of princ....... + More

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• 2025 (1) TMI 1451
  Validity of order of the Additional Director of Enforcement dropping charges under the Foreign Exchange Management Act, 1999 (FEMA) - case against the appellants under FEMA, 1999 was initiated based on a Show-Cause Notice issued by the DRI under the Customs Act, 1962 - in SCN, it was alleged that both the respondent companies had evaded Customs Duty by suppressing and mis-stating the actual transaction value of the export goods - HELD THAT:- We find force in the argument of the respondents that the allegations against the appellants in this case drew sustenance primarily from the allegations contained in the SCN issued by the DRI under the Cu....... + More

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• 2025 (1) TMI 947
  Contravention under FERA Act - Failure to recover the export dues within the stipulated period of six months from the date of the export therefore it contravened Section 18(2) r/w Section 18(3) of the Act, 1973 was made - Penalty imposed - HELD THAT:- Considering status of the appellant, an export proceeds agent prepared the document by charging Rs. 750 per export documents. He is not shown to be part of the M/s Sparkle Gems Industries (P) Ltd. Bombay yet penalty of Rs. 50 lakhs have been imposed on him while imposing penalty of 85 Lakhs on the company. No material to allege contravention of Section 18(2) and Section 18(3) of the Act of 1973 ....... + More

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• 2025 (1) TMI 897
  Offence under FERA - appellant company got involved in acquisition of foreign exchange and its borrowing without permission of Authorised Dealer or of the Reserve Bank of India - penalty imposed on contravention of section 8(1) - element of acquisition and transfer of the foreign exchange of US$ 28,26,433.26 coupled with the allegations of borrowing of foreign exchange amounting to US$ 3,33,025 and 7,068.38 HELD THAT:- The draft of US$ 333025 and 3270.20 and 3798.18 were utilized for payment of customs duty. However, the earlier draft was received from M/s Tata Industries USA and other two drafts from M/s Tata Ltd. London and Sh. Raj Kadan of....... + More

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• 2025 (1) TMI 852
  Review applications filed for waiver of pre-deposit of penalties under FERA - Whether the appellants failure to comply with the deposit order justifies the dismissal of their appeals? HELD THAT:- Order of this Tribunal has directed deposit of 15 percent of the penalty. The interpretation given in the Review Petition cannot be sustained, in view of the unambiguity in the Adjudication Order. We find that the two Review Petitions fail to meet the conditions of the relevant afore cited provisions of the CPC as well as do not fall within the principles which have been culled out in the Judgment relating to Kamal Sengupta [ 2008 (6) TMI 578 - SUPRE....... + More

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• 2025 (1) TMI 851
  Offence under FEMA - Applied for rebate of Central Excise Duty by producing 15 fake shipping bills, related applications for removal of excisable goods for export (ARE-1s) and other related shipping documents, and fraudulently availed rebate of Central Excise Duty - effect of immunity granted by Settlement Commission under the Customs Act, 1962 HELD THAT:- Oder of Customs and Central Excise Settlement Commission is categorical that no immunity was either sought or provided to the Appellant under FEMA,1999. The immunities so granted under other Acts won t have an impact on the proceedings under FEMA. As held in Vinod Chitalia [ 2012 (5) TMI 15....... + More

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• 2025 (1) TMI 742
  Offence u/s 8(1) and 8(2) of FERA - dealing in foreign exchange without the necessary permissions from the Reserve Bank of India (RBI) - recovery of the currency - appellant s penalized by imposing heavy penalty of Rs. 80 lakhs though the worth of the foreign currency as on the date of the recovery was not more than 8 lakhs - as argued foreign currency said to have been recovered from their sister s house HELD THAT:- We find no such argument by the appellant before the Special Director, Enforcement rather in the statements made by the appellants, they literally admitted possession of the foreign currency. It was later on qualified to be at th....... + More

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• 2025 (1) TMI 263
  Interpretation of the RBI s Master Circular on Rupee/Foreign Currency Export Credit Customer Service to Exporters ( Master Circular ) - Banking Ombudsman dismissed the Petitioners grievance against the very same interpretation that had been taken by HDFC Bank Limited (Respondent No. 4, HDFC Bank ) - according to HDFC Bank, since the Subvention Scheme provides Government-sponsored discount only to export credit , the exporter would not be entitled to any benefit of the Subvention Scheme where the advance ceases to be export credit ab initio - exports actually having been effected within 450 days HELD THAT:- In our opinion, the Master Circular ....... + More

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• 2025 (1) TMI 14
  Initiating proceedings against the petitioner on the basis of provision which stood omitted by the Finance Act, 2015 - proceedings were initiated as against the petitioner alleging violation of Section 6 (3) (b) of FEMA Act in the year 2021 - As submitted the said provision stood omitted by the Finance Act, 2015, which was notified on 15.10.2019 - HELD THAT:- The provisions of the Finance Act, 2015 are quite specific. It provides for amendments to the FEMA Act and by Section 139 of Finance Act, 2015, Section 6 (3) of the FEMA Act stood omitted. The said omission was effective from the date of notification i.e., 15.10.2019. Thus, we notice tha....... + More

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• 2024 (12) TMI 1367
  Contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting royalty to overseas parties exceeding within the permissible limit of 5% on local sales - HELD THAT:- During the adjudication proceedings, the respondents have filed CST returns and respective State Level Sales Tax Returns in which they have disclosed the actual sale for the purpose of taxation. This has been duly taken into account by the learned Adjudicating Authority, which is also borne out in page 168 of the RUD filed by the respondents. The above provisions clearly reflect that sale price only relates to the consideratio....... + More

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• 2024 (12) TMI 1312
  Contravention of Section 8(1) - transferring foreign exchange equivalent to Rs. 208 crores without previous, general or special permission of the Reserve Bank of India - appellants, Shri Anil Agarwal, Navin Agarwal and D.P. Agarwal were charged for violation of Section 68 of the FERA, 1973 - HELD THAT:- The main argument of the appellants of putting burden of proof on the respondents even though they discharged their part of burden, cannot be accepted. The appellant Shri D.P. Agarwal was holding position in M/s Twinstar and was summoned but failed to appear and produce the documents. He did not respond to the summons. It cannot be to his bene....... + More

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• 2024 (12) TMI 1311
  Contravention of Section 10(6) of FEMA - Penalty imposed - import of copper scrap in 10 containers but all the containers were found empty carrying no copper scrap - Remittance of the foreign exchange was made by M/s G. Tex Inc. even without receipt of the documents by their banker - HELD THAT:- On the receipt of the consignment of 10 containers, they were found empty and thereby copper scrap was not found therein. It is despite the fact that M/s G. Tex had already effected remittance of US$ 6,56,864 through Bank of India, Bangaluru. Since the sale of copper scrap was made on high seas sale basis M/s G. Tex could receive part consideration fr....... + More

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• 2024 (12) TMI 1310
  Contravention of the provisions of section 9(1)(e) along with 64 to of FERA - penalty imposed - Allahabad Bank opened a current account in the name of a non-resident company and sums were placed to the credit of the said non-resident company in form of deposits in the said current account, allegedly in contravention of section 9(1)(e) - HELD THAT:- It was the appellant Bank which was holding the permission/license under the Act subject to compliance with the foreign exchange law and rules and regulations framed thereunder. The same having been contravened, the appellant bank would be deemed to have contravened such provision. On the other han....... + More

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• 2024 (12) TMI 1245
  Validity of delayed judgment and order made by the Special Director (Enforcement) - Inordinate and unexplained delay between the conclusion of the arguments and the pronouncement of the impugned order - HELD THAT:- As in the peculiar facts of the present case and upon considering the delay between the conclusion of arguments and pronouncement of impugned orders and further, also upon considering the explanation offered, we are satisfied that such an explanation hardly constitutes exceptional or extraordinary circumstances, and therefore that the impugned order dated 9 March 2009 warrants interference. We note that the appeal instituted by the....... + More

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Case Laws - Service Tax

• 2025 (3) TMI 1066
  Non-reversal of proportionate Cenvat credit availed on common input services namely, Chartered Accountant services, telephone services, Legal services, etc., used in relation to Redemption of Mutual Funds by considering it to be Trading of Goods which is an exempted service - HELD THAT:- The activity to classify as exempted service under Rule 2(e) of the Cenvat Credit Rules, 2004 needs to be qualified as service , as defined under Section 65B (44) of the Act, meaning thereby that service is an activity carried out by a person for another for consideration and includes a declared service but excludes a transfer of title in goods or immovable p....... + More

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• 2025 (3) TMI 1065
  Refund of accumulated cenvat credit under the provisions of Rule 5 of Cenvat Credit Rules, 2004 - Refund of service tax under Section 11B of Central Excise Act, 1944 made applicable to service tax matters through Section 83 of Finance Act, 1994. Refund of accumulated cenvat credit under the provisions of Rule 5 of Cenvat Credit Rules, 2004 - HELD THAT:- As a transaction between the appellant company and subsidiary company or the appellant who is a holding company, invoices are raised between the two and money is transferred to the holding company irrespective of the value of service provided by subsidiary outside the territorial jurisdiction ....... + More

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• 2025 (3) TMI 1064
  CENVAT credit on service tax paid on input services related to passenger service fee, development fee, and user development fee - appellant is engaged in providing air transportation services - HELD THAT:- The ruling by Hon ble Bombay High Court in the case of CCE, Pune V/s. Ajinkya Enterprises [ 2012 (7) TMI 141 - BOMBAY HIGH COURT] was passed in the year 2012 and appellant had not chosen to rely on the same in the year 2016 before original authority. By following above stated ruling by Hon ble Bombay High Court, it is held that even if someone has involved in any activity which does not amount to provision of service, still if Service tax p....... + More

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• 2025 (3) TMI 1063
  Refund of the service tax paid under protest - construction project undertaken by the appellant qualifies as a Residential Complex under Section 65(91a) of the Finance Act, 1994, thereby subjecting it to service tax or not - HELD THAT:- Perusal makes it clear that Residential Complex would be a complex comprising of a building or buildings, having more than twelve residential units, thus, independent buildings having twelve or less than twelve residential units would not be covered by the definition of Residential Complex . In the present case, the appellant had constructed independent duplex houses having one residential unit only. Thus, eve....... + More

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• 2025 (3) TMI 1062
  Time Limitation u/s 111 of the Finance Act 2013 - notice served within the statutory period of one year from the date of the declaration filed by the appellant under the Voluntary Compliance Encouragement Scheme (VCES), 2013 or not - HELD THAT:- On going through the show cause notice, it is amply clear that the demand has been raised in terms of provisions under Section 111 of the Finance Act 2013 read with Section 73 of the Finance Act 1994. Therefore, the charge for issuing the show cause notice is Section 111. There is no separate ground or provision which has been relied by the Department to invoke extended period etc., in terms of Sectio....... + More

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• 2025 (3) TMI 1061
  Nature of transaction - deemed sale or Supply of Tangible Goods service - transaction between the respondent and its customers involves transfer of effective control and possession to the customers or otherwise - HELD THAT:- If these agreements are merely an agreement allowing customers to use their goods and the respondents are keeping effective control of said goods then it would fall within the category of SOTG service, however, if the transfer of goods on lease involves both transfer of effective control and possession to the customer, then it would be covered within the category of deemed sale and therefore, not liable to service tax. It....... + More

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• 2025 (3) TMI 1060
  Levy of service tax - IPR service or not - ttk logo used by the Appellant s group companies was an artistic work registered under the Copyright Act or a trademark? - HELD THAT:- The logo `ttk were only used to project the image of the manufacturer generally and did not establish any relationship between the mark and the products manufactured/ distributed by the group companies of the Appellant. It only is a house mark which is usually devised in the form of an emblem, word or both and it is for identification of the manufacturer/distributor. Therefore, this monograph which only identifies the manufacturer/distributor would not make the produc....... + More

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• 2025 (3) TMI 1034
  Rejection of the SVLDRS declaration filed by the petitioner - initiation of an investigation after the statutory cut-off date - violation of of principle of natural justice - HELD THAT:- In the present case, admittedly, the investigation was initiated by a issuance of a summon only on 18.09.2019 and thus the rejection/withdrawal of the SVLDRS declaration dated 29.10.2020, is unsustainable. Conclusion - The impugned order dated 29.10.2020 rejecting the declaration/application under the Scheme is set aside. Petition disposed off.

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• 2025 (3) TMI 1033
  Invocation of extended period of limitation - Recovery of service tax with interest and penalty - suppression of value - Repair and Maintenance Service - HELD THAT:- No explanation is coming forth for not declaring the said value, appellant also do not dispute with regards to levibility of tax on merits. In the absence of any such explanation with regards to the differential taxable value, intention to evade payment of service tax is quite clear and visible by suppressing the provisions of Section 73 (1) for invoking the provisions of extended period have been invoked for demanding this service tax. The fact that appellant was filing ST-3 ret....... + More

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• 2025 (3) TMI 971
  Levy of service tax on GTA services under reverse charge mechanism - demand confirmed on the ground that no documents were furnished to substantiate the Appellant s claim - HELD THAT:- It is observed that the demand of service tax in this case has been confirmed solely on the basis of comparison of books of accounts with service tax returns, without analyzing the reasons for the difference. It is observed that during the underlying period, the books of accounts of the appellant record the expenses on accrual basis, whereas under reverse charge mechanism, the service tax is payable on payment basis. Hence, service tax cannot be calculated on t....... + More

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• 2025 (3) TMI 970
  Tax liability of the service provider providing Commercial and Industrial Construction Service to the public authorities - Period post 1st July, 2007 - applicability of section 66D, the negative list of services - HELD THAT:- The scope of the circular the definition, the exclusion clause of 65 (25 b) and that of mega-exemption notifications now stands clarified by Hon ble Supreme Court in the case of Krishi Upaj Mandi Samiti v. Commissioner of Central Excise and Service Tax [ 2022 (2) TMI 1113 - SUPREME COURT] Hon ble supreme court has dealt with the Circular No. 89/7/2006 as relied upon by the present appellant as well. It has been held that....... + More

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• 2025 (3) TMI 969
  Taxability - declared service - amounts received in the nature of Liquidated damages, forfeiture of security deposits, fines/penalties/Earnest Money deposit, etc. as compensation for the losses incurred on account of delay on part of the contractors/vendors in completion of the work project etc., amounts to toleration of an act or not - HELD THAT:- In the case of South Eastern Coalfields [ 2020 (12) TMI 912 - CESTAT NEW DELHI ], the Principal Bench of this Tribunal after considering the provision of Section 65B(44) defining service , Section 66E(e) enumerating the declared services and the provisions of Section 67 dealing with the valuation o....... + More

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• 2025 (3) TMI 968
  Levy of service tax - Business Exhibition Services - business exhibitions conducted by the appellant - doctrine of mutuality - intellectual property service - income received by the appellant under a memorandum of understanding for conducting property - club or association services - membership fees and subscription fees collected by the appellant. Levy of service tax - Business Exhibition Services - business exhibitions conducted by the appellant - HELD THAT:- Though the exhibition conducted by the appellant is squarely falling under the category of service tax as confirmed by the adjudicating authority, since the participants for the exhibi....... + More

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• 2025 (3) TMI 967
  Benefit of Exemption - applicability of serial no 19 of notification no. 25/2012 dated 20-06-2012 - appellant is providing Outdoor Catering Services within a hospital canteen - HELD THAT:- Admittedly, the appellant is running a canteen which is located in the Hospital and the said Hospital is having the facility of air-conditioning. The said canteen was an integral part of the hospital establishment, as in apparent from the agreement entered between the appellant and the hospital. The said mess was required for the purpose of providing meal and other eatables to the patients of the Hospital. This clause of the agreement makes it amply clear t....... + More

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• 2025 (3) TMI 966
  Recovery of service tax on account of differential value arising out of reconciliation of the Trial Balance and ST-3 Returns for the period 2010-11 and 2011-12 under proviso to Section 73(1) read with Section 73(2) of the Finance Act, 1994 - value shown in the invoices towards material cost are to be included for the payment of Service Tax or not - entitlement for exemption under Notification No. 12/2003 dated 01.07.2003 for the materials used in providing Repair and Maintenance Service for sea containers - Extended period of limitation. Value shown in the invoices towards material cost are to be included for the payment of Service Tax or not....... + More

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• 2025 (3) TMI 965
  Levy of service tax under RCM on the remuneration (salary, commission and perquisites) paid to the promoter (whole-time director/ whole time directors) - non-payment of service tax, considering the services rendered by them to appellant to be in relation to employment - HELD THAT:- The department is not disputing that the Income Tax has been paid on such remuneration/commission under Income Tax Act as salary on the grounds that both the Acts are different and any treatment of an amount under Income Tax Act or Provident Fund has no bearing on leviability of service tax under the Finance Act, 1994. In an identical situation, the issue as to whe....... + More

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• 2025 (3) TMI 904
  Wrong availment of CENVAT Credit - short payment of service tax at the time of audit - lack of evidences - levy of penalties - levy of late fine - invocation of extended period of limitation - penalties - HELD THAT:- It is found that the appellant had paid the amounts towards the irregularly availed CENVAT Credit and Service Tax short paid by them on being pointed out during the audit and much before the issuance of show cause notice, the matter in respect of the said demands should have been closed in terms of Section 11 A (2) of the Central Excise Act, 1944 or Section 73 (3) of the Finance Act, 1994. Section 11 A (2) of the Central Excise A....... + More

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• 2025 (3) TMI 903
  Admissibility of refund claim - entitlement for exemption under S.No. 12(a) of Notification No. 25/2012-ST for services provided to Raipur Development Authority (RDA) and Naya Raipur Development Authority (NRDA) - S.No. 12(e) covers the excluded category, which has been left out by the Commissioner or otherwise while extending the benefit under S.No. 12(e) to RDA - benefit under S.No. 39 covers a situation where the service provider is not a Governmental Authority - invocation of extended period of limitation - penalty. Whether S.No. 12(a) would be admissible to appellants or otherwise? - HELD THAT:- It is found from the submissions made by t....... + More

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• 2025 (3) TMI 902
  Levy of service tax - transportation or insurance related expenses recovered in excess from the buyers - HELD THAT:- It is found that the appellant discharged the excise duty liability of Rs.10,04,21,540/-, i.e. Rs.7,86,81,141/- and Rs.2, 17,40,399/- on excess freight and insurance charges, respectively, consequently, the levy of service tax is unsustainable. The activity of arranging transportation of goods till the dealers premises cannot be classified under Business Auxiliary Service and, therefore, no service tax is payable on transportation related expenses recovered in excess by the appellant from their buyers. It is an activity which i....... + More

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• 2025 (3) TMI 901
  Classification of services - Works Contract Services or Construction of Complex Services - period from April 2009 to September 2012 - services provided to the Housing Board Haryana are exempt from service tax - HELD THAT:- The matter is covered by the decisions of Bajrang Lal Gupta Vs Commissioner of Delhi-III [ 2023 (6) TMI 246 - CESTAT CHANDIGARH] for the Pre Negative List period and by Bharat Bhushan Company Vs State of Haryana [ 2016 (8) TMI 722 - PUNJAB AND HARYANA HIGH COURT] for the Post Negative List period. Bajrang Lal Gupta deals with the exemptions for the services provided for the Pre Negative List period holding that the Hon ble ....... + More

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Case Laws - Central Excise

• 2025 (3) TMI 1059
  100% EOU - duty not paid properly on DTA clearances - it is alleged that the appellant needs to pay CVD on Tariff Rate and not on Effective Rate as per Notification No.01/2011 dated 01.03.2011 - liability to pay interest and penalty thereon - HELD THAT:- A 100% EOU must meet the following conditions : (i) that the unit must be a 100% EOU as defined under Chapter 6 of the Foreign Trade Policy (FTP); (ii) the unit must have obtained the necessary permissions and approvals from the relevant authorities. In this regard, Notification No. 52/2003-Central Excise (NT) outlines the concessional Excise Duty rates applicable to EOUs. Further, clearance ....... + More

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• 2025 (3) TMI 1058
  SSI Exemption - clubbing of clearances of three firms - M/s. Meena Fire Works Industries, M/s. Meena Fire Works, and M/s. Meena Sparklers should be treated as a single manufacturer under section 2(f) of the Central Excise Act, read with para 2(v) of Notification No.8/2003-CE. or not - denial of cross-examination of the investigating officer by the adjudicator - demand with penalty - delay in adjudication. HELD THAT:- As per condition (v) and (vii) of para 2 of the exemption notification No.8/2003-CE dated 01-03-2003, there ought to be a manufacturer who has a factory or factories, the clearances of which are to be taken in aggregate for deter....... + More

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• 2025 (3) TMI 1057
  Process amounting to manufacture or not - activities undertaken at the Central warehouse, where the activity of packing, re-packing and labelling was carried out by the appellant - demand of excise duty on re-packed spare parts on the ground that these goods were parts of motor vehicles (automobiles) and these parts were covered under Sl. No.100 of the Third Schedule to the Central Excise Tariff Act, 1985 - HELD THAT:- The issue involved in this appeal was decided by the Larger Bench of the Tribunal in ACTION CONSTRUCTION EQUIPMENT LTD. [ 2023 (6) TMI 1320 - CESTAT MUMBAI (LB) ]. The present appeal is also covered by such order of the Larger ....... + More

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• 2025 (3) TMI 964
  Condonation of inordinate delay of 546 days in filing the appeal - sufficient cause for delay or not - HELD THAT:- It is not in dispute that the appellant s appeal before the CESTAT was dismissed on merits on 27-7-2016 and it is also not in dispute that appeal under Section 35G of the Act of 1944 was preferred by the appellant only on 23-6-2018, whereas the appeal has to be preferred within 180 days from the date of communication of the order to the aggrieved party. As such, it is filed with an inordinate delay in filing the appeal i.e. 546 days and the reason assigned in the application is only and only that Tax Case No.59/2011 was pending b....... + More

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• 2025 (3) TMI 963
  Dismissal of appeal on the ground of being time barred - HELD THAT:- A careful perusal of Section 35 (1) of the Central Excise Act would show that the Central Excise Officer is required to communicate the order to the person aggrieved for the purpose of providing a remedy to the person adversely affected by the order and thereby limitation would commence from the date of communication. However, the word communication used in Section 35 (1) has not been defined in the Central Excise Act or the rules made thereunder, therefore, the same deserves to be interpreted by applying the rule of contextual interpretation and keeping in view the language....... + More

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• 2025 (3) TMI 962
  Levy of Excise duty - sale of Ziking (slag), a by-product of the manufacture of Silico Manganese - clearance of Ziking has been ascertained on the basis of documents available in the laptop and pendrive recovered from Shri Mahesh Paswan - admissible evidence or not - alleged shortage of stock of Silico Manganese - it is the contention of the appellants that the stock taking was done on eye estimation basis - Penalty. Levy of Excise duty - sale of Ziking (slag), a by-product of the manufacture of Silico Manganese - HELD THAT:- In this case, the fact which is not in dispute is that this Ziking (slag) emerges during the course of manufacture of ....... + More

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• 2025 (3) TMI 961
  Prayer to remand the issue to be heard on merits by the Lower Appellate Authority - Valid service of notice or not - non-intimating the vacation of the registered premises to the department - HELD THAT:- The Appellant has only pleaded to remand the matter to the lower appellate authority for deciding the case on merits. The Ld. Counsel has relied upon the decision of the Hon ble Supreme Court in the case of Saral Wire Craft Pvt. Ltd. Vs. Commissioner of Customs, Central Excise and Service Tax and Others [ 2015 (7) TMI 894 - SUPREME COURT] wherein it was held that the order served on an unauthorized person has inevitably led to miscarriage of ....... + More

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• 2025 (3) TMI 960
  Extension of benefit of exemption N/N. 67/1995-CE dated 16.03.1995 as amended for captive consumption of molasses used in manufacture of Ethyl Alcohol/ Rectified spirit - HELD THAT:- The issue is no longer res integra. Hon ble Supreme Court in the matter of Dharani Sugars Chemicals Ltd. [ 2022 (3) TMI 274 - SC ORDER ] and Tribunal in appellant s own case vide Final order No. 20879 20886/2023 dated 25.08.2023 [ 2023 (8) TMI 1318 - CESTAT BANGALORE ] has set aside the demand, holding that rectified spirit which is not used for human consumption is nothing but ethyl alcohol and is finding place in tariff item No. 2207 20 00. Conclusion - Ethyl A....... + More

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• 2025 (3) TMI 959
  Levy of Central Excise Duty on the subsidy received from the Government of India in relation to sale of their product Urea, which is being sold as per the regulated price declared by the Government of India - HELD THAT:- The issue regarding leviability of Central Excise Duty on subsidy amount given by the Government to the fertiliser company is clearly explained by the Board vide Circular No.983/7/2014-CX, wherein, inter alia, it was clarified that in respect of fertiliser for which subsidy is provided by the Government, Excise Duty will be chargeable on the MRP and not on the subsidy component provided by the Government. It is also noted tha....... + More

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• 2025 (3) TMI 958
  Calculation of Central Excise Duty - inclusion of freight charges in the transaction value for charging Central Excise Duty - suppression of facts or not - levy of penalty. Inclusion of freight charges in the transaction value for charging Central Excise Duty - HELD THAT:- There is some ambiguity as regards nature of Purchase Orders (P.O.) which throw some light whether the sale was meant for ex-works or it was on FOR basis. It is obvious that in view of the judgments cited by the learned AR in the case of sale on FOR basis, both the judgments, Roofit Industries [ 2015 (4) TMI 857 - SUPREME COURT ] and Ispat Industries Ltd [ 2015 (10) TMI 613....... + More

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• 2025 (3) TMI 957
  Benefit of the Small Scale Industry (SSI) exemption under N/N. 8/2003-CE - applicability of amendment to Notification No.8/2003- CE dated 01.03.2003 vide Notification No.47/200-CE dated 01.09.2008 - extended period of limitation - HELD THAT:- As per the SSI Notification as amended, packing materials namely printed cartons of paper or paper board, metal containers, high density polyethylene woven sacks, adhesive tapes, stickers, pilfer proof caps, crown corks, metal labels, bearing brand name/trade name of another are exempted. Since the Adjudication authority has held that the goods manufactured by the Appellant are falling under the above ca....... + More

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• 2025 (3) TMI 956
  Process amounting to manufacture or not - activities undertaken at the Central warehouse, where the activity of packing, re-packing and labelling was carried out by the appellant - demand of excise duty on re-packed spare parts on the ground that these goods were parts of motor vehicles (automobiles) and these parts were covered under Sl. No.100 of the Third Schedule to the Central Excise Tariff Act, 1985 - HELD THAT:- The issue involved in this appeal was decided by the Larger Bench of the Tribunal in M/s. Action Construction Equipment Ltd, Shri P.K. Bansal, Shri Vijay Agarwal, Commissioner of Central Excise, M/s. JCB India Ltd., Tata Hitach....... + More

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• 2025 (3) TMI 955
  Appropriate valuation method for the clearance of excisable goods by the appellant - inter-connected undertaking - applicability of Rule 8 9 of the Central Excise Valuation (Determination of price of Excisable Goods) Rules, 2000 or under Rule 10 ibid? - HELD THAT:- Section 40A of the Income Tax Act, 1961 deals with Expenses or payments not deductible in certain circumstances . This sub-section (1) to Section 40 ibid provides the powers for the Assessing officer of income-tax, when he determines that any expenditure is excessive or unreasonable and beyond the legitimate needs of the business or profession of the assessee, then he may disallow ....... + More

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• 2025 (3) TMI 954
  Non-reversal of CENVAT Credit on Furnace Oil used in the manufacture of both dutiable as well as exempted goods - invocation of extended period of limitation - suppression of facts or not - HELD THAT:- With regard to applicability of the provisions of Rule 57CC ibid and Rule 6 of the Rules of 2001/2002/2004, it is found that the issue was highly contentious and there were divergent views expressed by the different judicial forums. Finally, the dispute was resolved by the Hon ble Supreme Court in the case of Gujarat Narmada Valley Fertilizers Co. Ltd. [ 2019 (12) TMI 430 - SUPREME COURT] where it was held that What is clear is that the excepti....... + More

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• 2025 (3) TMI 953
  Calculation of Exicse duty - inclusion of freight and insurance charges in the assessable value for the purpose of determining central excise duty when the sale is conducted on a FOR basis (Free on Road/Free at Destination) - HELD THAT:- It is an admitted fact that appellants were showing, ex-works price and freight and insurance charges separately on their invoices. However, it is also an admitted fact that as per purchase order, the delivery was free at destination . Therefore, even though they might be recovering these freight and insurance charges separately by way of reimbursement at a later date, it would not affect the terms of the pur....... + More

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• 2025 (3) TMI 899
  Admissibility of benefit of N/N. 214/86-CE - activities conducted by the appellant qualify as job work or not - invocation of extended period of limitation - HELD THAT:- Admittedly appellant have used certain alloying elements when converting scrap into pure lead and leady alloys. The appellants, through an elaborate process, converted the used and defective batteries into scrap and thereafter, further converted it into pure lead and thereafter, again further converted it into lead alloys by using/adding certain elements like Antimony, Tin, Selenium, etc. It is also not in dispute that these three inputs are used by the appellant themselves a....... + More

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• 2025 (3) TMI 898
  Classification of quilt panel - can be classified under Central Excise Tariff Heading (CETH) 9404 90 19 as quilt or should remain classified under CETH 5811 as quilted textile products ? - invocation of extended period of limitation - HELD THAT:- It is an admitted fact that the the quilt panel manufactured by the Appellant are exclusively used for the manufacture of the final products coir mattress and it is exempted from payment of customs duty. There is no evidence to show the marketability of the quilt panel and it is also admitted fact that the quilt panel manufactured by the Appellant are exclusively used for final product. Thus, conside....... + More

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• 2025 (3) TMI 897
  Liability of Central Excise Duty - appellants used aromatic compounds captively within the factory - benefit provided under N/N. 67/95-C.E. dated 01.03.1995 is applicable to the intermediate product - HELD THAT:- The CBEC vide Circular No. 495/61/99-CX.3 dated 22.11.1999 has clarified that manufacturing activity undertaken by the Agarbatti producers are a trade secret and composition contained therein are never disclosed to outside parties. The said Circular dated 22.11.1999 was further clarified by the CBEC vide subsequent Circular No. 989/13/2014 dated 07.11.2014, clarifying that in cases where, on the basis of evidence, it is established t....... + More

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• 2025 (3) TMI 841
  Wrongful availment of CENVAT credit on ineligible capital goods taken during the period May 2013 to March 2014 - capital goods or not - MS Angles, MS Plates, MS Channels, MS Sheets, and HR Bars, which are used as components and spares for machinery - HELD THAT:- Rule 2 (a) (A) (iii) merely stipulates that capital goods means components, spares and accessories of the goods specified at (i) and (ii). It does not contain any stipulation as to the chapter headings to which such components, spares and accessories should pertain. Thus, the definition of capital goods squarely covers components, spares and accessories of the goods falling under chap....... + More

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• 2025 (3) TMI 828
  Removal of certain machineries, imported without payment of Customs duty and Excisable goods procured without payment of Central Excise duty under 100% EOU scheme from their premises to other GTA unit without following any procedure and without payment of due duties - levy of penalty in terms of Section 112 and 117 of the Customs Act and Rule 27 of the Central Excise Rules, 2002 - contravention of the provisions of N/N. 52/2003-Cus and 22/2003-CE - HELD THAT:- Undisputed fact is that the appellant had removed the goods-capital goods received under EOU scheme without payment of customs duty/Central Excise duty outside their bonded premises to ....... + More

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Case Laws - Vat / CST

• 2025 (3) TMI 952
  Legality, validity and correctness of notification No.F-10/101/2006/CT/V/(94) dated 31-10-2006 (Annexure P-2) issued by the State of Chhattisgarh in exercise of the powers conferred by Section 15-B 72(i)(b) of the Chhattisgarh Value Added Tax Act, 2005 read with sub-section (5) of Section 8 of the Central Sales Tax Act, 1956 (CST Act) incorporating the amended provisions of Section 8 (5) of the CST Act - HELD THAT:- It is not in dispute that pursuant to the notification dated 3-6-1993, the petitioner Company was granted exemption as the petitioner Company is said to have invested more than Rs. 1, 000 crores in Integrated Steel Plant and the b....... + More

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• 2025 (3) TMI 951
  Challenge to provisional attachment order - property was not owned by the main borrower but by a third-party guarantor - challenge to conditional share certificate - HELD THAT:- From the sale deed, it will be evident from page No. 57 that the property in question is the same property which is shown as property No. 3 in the auction notice. It is also evident that the purchaser is one Sangitaben Hareshkumar Mashru. It is also a matter of record which is undisputed by the parties that the said purchaser namely Sangitaben Hareshkumar Mashru was not a partner of M/s. Rameshwar Cotton Industries. In fact, the public auction notice at Page 46A of th....... + More

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• 2025 (3) TMI 896
  Time Limitation of proceedings initiated u/s 27 of the Tamil Nadu Value Added Tax Act, 2006 (TNVAT Act) - HELD THAT:- For passing an order under Section 27(1)(a) of the TNVAT Act, 2006, the proceedings should have been initiated within a period of six years from the date of assessment. Since the learned Single Judge took 31.10.2013 as the starting point for limitation, it was concluded that proceedings under Section 27(1)(a) of the Act, 2006 should have been initiated prior to 29.10.2019. As the proceedings were initiated only on 22.02.2021, the learned Single Judge held that they were hit by limitation - The starting point for limitation can....... + More

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• 2025 (3) TMI 895
  Seeking clarification of notification - Retrospective application of notification dated 31-10-2006, which incorporates the amended provisions of Section 8(5) of the Central Sales Tax Act, 1956 (CST Act) - HELD THAT:- It is not in dispute that pursuant to the notification dated 07-11-1997, the petitioner Company was granted exemption as the petitioner Company is said to have invested more than Rs. 550 crores in Integrated Steel Plant and the benefit of exemption started from 07-11-1997, thereafter on 10- 5-2002, Section 8 (5) of the CST Act was amended making fulfillment of Section 8 (4) of the CST Act (production of C-Form) mandatory for avai....... + More

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• 2025 (3) TMI 840
  Challenge to assessments made under the provisions of the Tamil Nadu Value Added Tax Act, 2007 - denial of exemption claimed by the petitioner to which a detailed reply was filed by petitioner, overruling which orders of assessment have come to be passed - HELD THAT:- In the present case, the GO clearly uses the term exercise notebooks and there can be no two views on the position that the notebooks manufactured by petitioners, used by students for the purposes of academic exercises, would satisfy that definition. In Maharaja Book Depot v State of Gujarat, [ 1978 (10) TMI 148 - SUPREME COURT] , the Supreme Court considered the interpretation ....... + More

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• 2025 (3) TMI 737
  Levy of tax under the provisions of Madhya Pradesh Commercial Tax Act, 1994, for declaration that petitioner is immune from levy of tax under the Act on supply of medicine in the course of activity of running its charitable hospital - supply of such medicine only in specified circumstances as a part of their main non business activity of running the charitable hospital can be said to be connected, incidental or ancillary to their main non business activity or not - HELD THAT:- Heavy reliance has been placed by the learned counsel for the respondents on the decision of the Apex Court in Cochin Port Trust [ 2015 (4) TMI 936 - SUPREME COURT] to ....... + More

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• 2025 (3) TMI 674
  Utilisation of goods purchased under Form-C for purposes other than generation of electricity, namely, transformation and transmission - penalties for alleged misuse of registration certificates and misrepresentation in purchasing goods. Utilisation of goods purchased under Form-C for purposes other than generation of electricity, namely, transformation and transmission - HELD THAT:- In Ipitata Sponge Iron Ltd. [ 1990 (10) TMI 350 - ORISSA HIGH COURT ] the registration certificate issued to appellant therein did not include refractory . Revenue had moved against appellant therein. In that context coordinate Bench had considered mitigation fol....... + More

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• 2025 (3) TMI 673
  Reopening of assessment beyond a period of three years from the date of the judgment or order - applicability of time limitation - suppression of facts - HELD THAT:- It is apparent from the narration of facts recorded in the foregoing paragraphs that the writ petitioner approached this Court without making any mention or reference of the suo-moto revisional proceedings by raising a plea of time bar under Section 36 (1) of the TVAT Act, 2004 for reopening of assessment vide notice dated 18th October, 2024. This Court being persuaded by the legal plea also passed an interim order staying further proceedings pursuant to the impugned show-cause n....... + More

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• 2025 (3) TMI 562
  Rejection of his rectification application - Karnataka Appellate Tribunal raised an issue, which had not been raised by the lower authorities and also not argued at the time of final hearing by both the sides - exemption of turnover under section 5 (3) of the CST Act - amendments to section 5 of the CST Act effective from 13-5-2005 - HELD THAT:- Section 5 is intended to promote export business of the country and therefore grants certain concessions exemptions in respect of sale of goods that are exported or intended to be exported. Sub-section (3) grants exemption from tax in respect of last sale of goods provided that some tangible evidentia....... + More

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• 2025 (3) TMI 561
  Wrongful denial of Input tax credit - Grant of deduction of Input Tax Credit at the rate admissible in law although what was claimed in the Returns filed by him, was less than that - HELD THAT:- Ordinarily, the claim for Input Tax Credit has to be made in the Return or Revised Return only. A claim otherwise is an exception and bona fide of the same has to be demonstrated - However, when underclaim is made in the Return/Revised Return due to bona fide mistake of adopting inapplicable rates of tax only, it is permissible to seek rectification by making a representation provided that the foundational fact matrix is already available in the Retur....... + More

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• 2025 (3) TMI 560
  Challenge to attachment order - attachment of flat for non payment of tax dues - Section 34 of the Maharashtra Value Added Tax Act, 2002 - HELD THAT:- Section 34 (1) (v) of the said Act empowers the Respondent No. 1 to perform duties of Tahsildar under the Code, for the purpose of effecting recovery of amount of tax and its dues as arrears of land revenue. Perusal of Form No.15 submitted by the Petitioner to the Cooperative Housing Society, affidavit by the Petitioner and her three sons including Mr. Jayesh dated 30/06/2017 and indemnity bond executed by the Petitioner dated 01/07/2017 shows that it is clearly stated in all these three docume....... + More

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• 2025 (3) TMI 493
  Attachment of personal properties of directors of a company under the Gujarat Value Added Tax Act, 2003 - lifting of corporate veil - HELD THAT:- This Court finds that this very issue came up for consideration before the Division Bench of this Court in the case of MR Choksi [ 2004 (6) TMI 642 - GUJARAT HIGH COURT ] where it has been held As regards the faint plea of lifting the corporate veil, as per the settled legal position, the corporate veil is not to be lifted lightly. It is only when there is strong factual foundation for lifting the corporate veil that the question of examining the applicability of the principle of lifting such veil w....... + More

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• 2025 (3) TMI 427
  Confirmation of best of judgment assessment made on the writ petitioner by the assessing authority - dismissal of application filed by the writ petitioner primarily on the ground that the order passed by the Fast Track Revisional Authority, impugned before it, is a well reasoned order and does not appear to have infringed any provision of law and any said principle of law - HELD THAT:- Since the matter involves verification of the documents, which the petitioner asserts to have produced along with its reply to the verification report, we are of the view that one more opportunity can be granted to the writ petitioner to go before the 4th respo....... + More

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• 2025 (3) TMI 426
  Sales under concessional rate of tax against declaration in Form C i.e. exemption from tax in sale in transit and regarding Camp sales - whether the appellant is entitled to further time to produce the declaration forms in Form C under the Central Sales Tax Act, 1956, to support their claim for a concessional rate of tax? - HELD THAT:- Though perusal of the record shows that the appellant was granted a number of opportunities to produce declaration Form C but it was not able to produce the same before the Assessing Authority, still in the interest of justice and as per the statement of the learned counsel for the appellant, since the appellan....... + More

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• 2025 (3) TMI 425
  Cancellation of penalty imposed u/s 47 (6) of the KVAT Act - documents accompanied has no connection with the gold detained and said documents are not valid documents because of variation of quantity, non declaration of the said delivery chalan before the assessing authority and non mentioning the date of transport - HELD THAT:- The appellate tribunal took note of the factual position obtaining with regard to the seizure of the gold ornaments from the employee of the respondent/assessee. As is apparent from a reading of the proceedings of the intelligence officer, the jewellery that was seized was found in the possession of one Sumesh who was....... + More

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• 2025 (3) TMI 424
  Validity/correctness of order granting permission/sanction for re-assessment - Commissioner is entitled to grant such permission for reassessment without affording opportunity of hearing to the Assessee or not - violation of principles of natural justice - HELD THAT:- It is to be noted that vide order dated 08.07.2014 in CWP-12839- 2014 [ 2015 (3) TMI 479 - PUNJAB HARYANA HIGH COURT] and other connected writ petitions, vires of Section 29 (7) of PV Act were upheld, approval given by Commissioner and notices issued by concerned authority for amending assessment order were held to be in order and without any fault. Reference was thereafter made....... + More

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• 2025 (3) TMI 375
  Method of Valuation of goods - cell phone sold along with a charger - only one Maximum Retail Price (MRP) stated on the packaging - HELD THAT:- It was held in the case of STATE OF PUNJAB OTHERS VERSUS NOKIA INDIA PVT. LTD. [ 2014 (12) TMI 836 - SUPREME COURT] that Assessing Authority, Appellate Authority and the Tribunal rightly held that the mobile/cell phone charger is an accessory to cell phone and is not a part of the cell phone. There are no reason to interfere with the impugned order - SLP dismissed.

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• 2025 (3) TMI 186
  Challenge to appellate order by which assessment order was confirmed - whether the petitioner was right in his contention that the output tax demand for the period during which the eligibility certificate was not renewed or rejected, namely, 4.3.2015 to 31.3.2015 could be adjusted with the forwarded accumulated input tax credit? - HELD THAT:- The learned tribunal had rightly took into consideration the provisions of the West Bengal Value Added Tax Act and found that the rejection of the renewal of the eligibility certificate will render the petitioner/dealer ineligibility for output tax for discharging the liability the dealer will have to pa....... + More

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• 2025 (3) TMI 116
  Entitlement to the benefit of prospective effect as contemplated under Section 56 (2) of the MVAT Act - Appellant Trust is a deemed dealer under section 2 (8) of MVAT Act 2002 liable for registration and payment of tax under MVAT Act or not - whether it is not necessary for levy of Sales Tax, that the Appellant must carry on business in the capacity of the dealer? - sale of movable or immovable property, to be ascertained by the field officers at the appropriate stage. Whther the appellant is a deemed dealer as contemplated under the explanation to section 2 (8) of the MVAT Act? - HELD THAT:- The Appellant became the full and absolute owner o....... + More

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• 2025 (3) TMI 61
  Entitlement to concessional rate of tax - inter-state sale - Rejection of application filed by the writ petitioner on the ground that the tribunal cannot issue the direction sought for - HELD THAT:- It is required to be seen as to what remedy the petitioner is entitled to. Form-C declaration have been held to be documents when produce by the dealer, they will be entitled to benefit of the concessional rate of tax or reduced rate of tax. There are several decisions which have been pointed out and even if there is a defect in Form-C declaration issued in respect of an inter-State sale the same can be rectified and if there is a delay in issuanc....... + More

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Case Laws - Indian Laws

• 2025 (3) TMI 1056
  Acquisition of land for Public Purpose - Valid agreement or not - Whether the Board, for whose benefit the land was acquired, could have achieved the equivalent of such withdrawal by entering into an agreement with Bhagwan Devi for returning part of the acquired land? - whether the Board could exercise such power when there was no document of conveyance in its favour in respect of this land? - HELD THAT:- he statutory scheme of the laws applicable to the Board at different points of time, set out speaks to the contrary as it manifests that there must be a document of conveyance for the Board to acquire and hold such land. Admittedly, no such ....... + More

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• 2025 (3) TMI 1055
  Time limit for taking action by the Chief Metropolitan Magistrate or the District Magistrate under Section 14 of the Act is mandatory or not - Chief Metropolitan Magistrate or the District Magistrate can proceed to dispose of the application under Section 14 of the Act after expiry of the statutory time period - HELD THAT:- The District Magistrate / Chief Metropolitan Magistrate does not become functus officio if steps under Section 14 of the Act cannot be conclusively taken within the stipulated time period of thirty days or the extended time period of sixty days. The aforesaid authorities will still have jurisdiction to take steps under Sec....... + More

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• 2025 (3) TMI 1054
  Debts Recovery Appellate Tribunal (DRAT) was justified in remanding the matter to the DRT for fresh consideration of jurisdiction and other issues or not - claim made by HDFC Bank constitutes a debt under Section 2(g) of the Recovery of Debts and Bankruptcy Act, 1993 - HELD THAT:- The issue whether the questions like whether the issue of jurisdiction stood concluded either by earlier orders of DRAT or by the order of Gujarata High Court in an appeal against the order disposed of on 28 February 2014, were legal issues that the DRAT was duty bound to address and decide upon. Similarly, even the issue whether HDFC s claim constituted a debt unde....... + More

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• 2025 (3) TMI 1053
  Principles of natural justice - rule of audi alteram partem - whether the principle of audi alteram partem which has been read to have not been excluded by the Hon ble Supreme Court in Rajesh Agarwal [ 2023 (3) TMI 1205 - SUPREME COURT] in respect of the proceedings drawn under the RBI Directions would mean providing right of personal hearing as well or it would only mean permitting the borrower to file reply to the show cause notice and making representation in writing without any personal hearing thereupon? - HELD THAT:- The nature of procedure to be adopted under the RBI Directions and the consequences of passing final order under the said....... + More

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• 2025 (3) TMI 950
  Massive illegal mining and sale of Beach Sand Minerals (BSM) by various private lessees/mining companies in the three southern districts of Tamil Nadu namely Thoothukudi, Tirunelveli and Kanniyakumari during the period of 2000-2001 till 2016-2017 - PIL converted to suo moto case, in view of environmental damages caused. Illegal Mining, Storage, Transportation and Exports of BSMs - Extent and Quantum of Illegal Beach Sand Mining - HELD THAT:- The Respondents are trying to use the judicial process to wriggle away from the consequences arising out of their illegal actions. Committee after committee formed and re-agitating on the same point of is....... + More

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• 2025 (3) TMI 894
  Jurisdiction of Indian Courts to appoint an arbitral panel under Section 11(6) of the Arbitration and Conciliation Act, 1996, given the conflicting clauses in the Distributor Agreement regarding jurisdiction and arbitration - HELD THAT:- The law governing the arbitration agreement, being Indian law, means that its validity, scope, and interpretation will be determined in accordance with Indian law. But which national courts those in India or Colombia exercise supervisory jurisdiction over the arbitration proceedings? Does the A C Act apply to these arbitration proceedings? Upon a consistent reading of the Distributor Agreement, it is clear th....... + More

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• 2025 (3) TMI 893
  Dishonour of cheque - cheques were issued under coercion or not - Dismissal of application of the appellant seeking leave to defend the suit - Order XXXVII of CPC - HELD THAT:- So far as drawing of the cheques in question is concerned, there is clear admission on the part of the appellant that the same were drawn by him. As regards the allegation that the cheques were obtained after abducting the appellant and illegally detaining him, admittedly no police complaint was lodged, nor even any notice was issued by the appellant to the respondent or the bank, alleging the issuance of cheques under force. Nothing prevented the appellant from instru....... + More

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• 2025 (3) TMI 892
  Dishonour of Cheque - complainant was unable to prove that there existed any legally enforceable debt in respect of the impugned cheque - HELD THAT:- The entire events as deposed by the Respondent which is fully corroborated by the testimony of DW3-Smt. Gurmeet Kaur, establishes that the missing of the cheque got reported on 05.09.2007. The cheque has been admittedly presented for encashment thereafter, and has been dishonoured on 13.09.2007. It is difficult to believe that this entire event of missing of the cheque and repayment to Smt. Gurmeet Kaur could have been pre- planned by Respondent in connivance with DW3-Smt. Gurmeet Kaur, only to ....... + More

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• 2025 (3) TMI 891
  Entitlement to the decree for the claimed amount with interest - Jurisdiction of District Court, Cuddalore to try the suit. Whether the plaintiff is entitled to a decree for money as prayed for? - HELD THAT:- The defendants have never complained about the breakdown of the machinery at any point of time during the subsistence of the contract. It is also pointed out that there is no plea in the written statement regarding break down or un-utilization or under-utilization of the machinery hired. The defendants in fact claim no knowledge regarding the fact as to whether the machinery was put in use in Nagpur or not. Such an ambiguous and nebulous....... + More

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• 2025 (3) TMI 839
  Dishonour of Cheque - case of the appellant is that the corporate debtor is presently facing insolvency proceedings before the National Company Law Tribunal (NCLT) and a moratorium order was issued u/s 14 of the IBC - HELD THAT:- Clause (c) of the proviso to Section 138 of NI Act makes it clear that cause of action arises only when demand notice is served and payment is not made pursuant to such demand notice within the stipulated fifteen-day period. This Court in Jugesh Sehgal v. Shamsher Singh Gogi [ 2009 (7) TMI 1143 - SUPREME COURT ] has explained the ingredients of Section 138 of NI Act offence has held that the cause of action arises on....... + More

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• 2025 (3) TMI 838
  Dishonour of Cheque - post dated cheque as an advance payment or cheque was given as security for completing the work - absence of the partnership firm as a party to the proceedings affects the liability of the accused/respondent under Section 138 of the N.I. Act - HELD THAT:- In the present case though the respondent has taken a specific plea that the other partner of Kishan Construction namely Ganesh had handed over the cheque to the complainant but in the complaint neither Ganesh has been made an accused nor any specific role has been attributed against the present respondent Kishan Bouri. Accordingly it is apparent that the company who ha....... + More

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• 2025 (3) TMI 825
  Dishonour of cheque - interpretation of Section 148 of the NI Act - whether the petitioner has been able to make out any exception for not to deposit 20% of the fine or compensation awarded by the learned MM before the learned ASJ as also whether the learned ASJ has exercised the discretion after taking into consideration the various factors? HELD THAT:- Since the petitioner has sought to challenge the reasonings in the two impugned orders passed by the learned ASJ, the issue of non-challenge to any of the two earlier orders dated 07.08.2024 and 23.09.2024 and/ or their non-compliance by the petitioner as also the other contentions raised by ....... + More

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• 2025 (3) TMI 775
  Challenge to involvement of the second respondent in an arbitration agreement - HELD THAT:- Under the agreement containing an arbitration clause, M/s Pratibha Industries Limited was appointed as a contractor by the appellant for construction of a hospital consisting of 200 beds. M/s Pratibha Industries Limited has appointed the second respondent to do the electric work. Only because certain payment was directly made by the appellant to the second respondent, it cannot be said that the second respondent becomes a beneficiary under the contract in which arbitration clause was provided. Therefore, the High Court has committed an error. If the 2 ....... + More

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• 2025 (3) TMI 736
  Dishonour of cheque - vicarious liability of Petitioner, as a signatory to the cheques and a former director of the company - framing of notice under Section 251 CrPC against the Petitioner - HELD THAT:- The incontrovertible facts emerging from this case are that the Petitioner was serving as a whole-time director of Accused No. 1 at the time these cheques were issued, and was also one of the signatories of the cheques. Further, the Petitioner concededly resigned from Accused No. 1 subsequent to the issuance of the cheques. In fact, the Petitioner s resignation is just one day after the issuance of cheques dated 14th May, 2012. The Petitioner....... + More

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• 2025 (3) TMI 735
  Initiation of proceedings by invoking the provisions of Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - financial institution as contemplated by Section 2(1)(m)(iv) of the Act of 2002 or not - HELD THAT:- Since the prayer is to grant a writ of Prohibition, the objection raised on behalf of the 3rd respondent of availability of an alternate remedy after the order is passed under Section 14 of the Act of 2002 does not warrant acceptance. If it is shown that the 3rd respondent is not a financial institution nor a secured creditor, as defined under the Act of 2002, it would ....... + More

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• 2025 (3) TMI 672
  Seeking grant of bail - prolonged pretrial detention - right to speedy trial - HELD THAT:- The trial is in progress. Till this date the prosecution has been able to examine 42 witnesses. The prosecution intends to examine as many as 100 witnesses. We are conscious of the Order passed by us taking the view that once the trial commences and the witnesses are being examined then in serious crimes like murder, dacoity, rape, etc, the Court ordinarily should not exercise its discretion for the purpose of grant of bail, more particularly, looking into the evidence which has come on record. However, this is a case in which the appellant is in custod....... + More

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• 2025 (3) TMI 671
  Maintainability of writ petition filed under Article 226 of the Constitution of India against the Reserve Bank of India (RBI) for failing to exercise its powers under the RBI Act - alleged siphoning of funds and misappropriation in the ECL - HELD THAT:- The Coordinate Bench of this Court vide order dated 9th August, 2024 [ 2024 (8) TMI 1466 - DELHI HIGH COURT ] found the abovementioned appeal to be premature as the order assailed was only with regards to the issuance of notice and held that the matter requires examination. It was also observed by the Coordinate Bench of this Court that the parties may take all their arguments on the maintaina....... + More

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• 2025 (3) TMI 622
  Initiation of arbitration proceedings under Section 18(3) of the Micro Small Medium Enterprises Development (MSMED) Act, 2006 and the Arbitration Conciliation Act, 1996 - HELD THAT:- This Court is of the view that Section 18 of the MSMED Act, 2006 is not akin to Section 11(6) of the Arbitration and Conciliation Act, 1996. It is pertinent to mention that while the power under Section 11(6) is exercised by a referral court, the reference under the MSMED Act is exercised by the council. Further, the Supreme Court in Gujarat State Civil Supplies Corporation Ltd. v. Mahakali Foods (P) Ltd. [ 2022 (11) TMI 91 - SUPREME COURT] has categorically held....... + More

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• 2025 (3) TMI 559
  Dishonour of Cheque - over writing in the date of cheque - discrepancy in mentioning of the amount in words and figures - invalid notice - what are the legal requirement for holding a legal Demand Notice issued under Section 138 B NI Act valid? - HELD THAT:- In Central Bank of India Anr. v. M/s. Saxons Farms Ors., [ 1999 (10) TMI 718 - SUPREME COURT ] the Apex Court held that the object of the Notice is to give a chance to the drawer of the cheque to rectify his omission. Though in the Notice demand for compensation, interest, cost etc. is also made, drawer will be absolved from his liability under Section if he makes the payment of the amoun....... + More

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• 2025 (3) TMI 558
  Dishonor of cheque - conviction of revision petitioner without examining the issue of maintainability of the complaint. Whether both the Courts have committed an error in convicting the revision petitioner without examining the issue of maintainability of the complaint, as contended and requires interference of this Court by exercising the revisional jurisdiction? - HELD THAT:- The complaint was filed by an authorized person and resolution was passed on 24.10.2008 and the said resolution was issued by the Managing Director of the Company consequent upon the resolution passed by the Board of Directors. Hence, it is clear that authorization was....... + More

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