Case Laws - Income Tax

• 2025 (2) TMI 335
  Compounding of the offence u/s 276CC - belated filing of the return of income for AY 2013-14 within the due date as contemplated u/s 139(1) - Meaning of the expression first offence appearing in Clause 8 of the 2014 guidelines - voluntary disclosure for the purpose of Clause 8 of the 2014 guidelines Whether an offence u/s 276CC could be said to have been committed on the actual date of filing of return of income or on the day immediately after the due date for filing of returns as per Section 139(1) of the Act? - HELD THAT:- Appellant is right in his contention that the point in time when the offence u/s 276CC could be said to be committed is....... + More

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• 2025 (2) TMI 334
  Allowability of interest expenditure - to substantiate his claim, the assessee has not furnished any evidence on the basis of which it can be proved that the liability as regards to such interest expenses is being crystallized in the concerned assessment year - allowability of the expenditure is restricted to the assessment year for which the Assessing Officer has the jurisdiction and he rejected the submissions of the assessee that negotiated interest was only crystallized during the year HELD THAT:- Even the assessee may have claimed the above interest loss would have been increased and assessee would have carried forward the loss. From the....... + More

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• 2025 (2) TMI 333
  Unexplained credits in the books of accounts - Prospective addition - assessee had failed to discharge it s onus w.r.t. the source of credits in books of accounts and could not explain substantiate the same during the course of assessment proceedings - As argued income has already been taxed in the hands of M/s Surya Food Agro Ltd. - HELD THAT:- Considering the fact that the substantial addition made in the hands of Surya Agro-tech Infrastructure Ltd. has been deleted by the Tribunal on the ground that the income has already been taxed in the hands of Surya Food Agro Ltd., we find no error or infirmity in the order of the Ld. CIT(A) in deleti....... + More

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• 2025 (2) TMI 332
  Disallowance of deduction claimed of head office expenses allocated to the Indian branches - Scope of amended Article 7(3) - assessee is a non-resident banking company incorporated in United Arab Emirates (UAE) and operates in India through its branches in Mumbai and New Delhi - whether head office expenses allocated to the PE in India is allowable u/Article 7(3) of the treaty without any limit or subject to the restrictions imposed under section 44C of the Act ? HELD THAT:- On a careful reading of Article 7(3) of the Treaty, as it existed prior to its amendment, it becomes very much clear that while determining the profit of a PE, all deduct....... + More

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• 2025 (2) TMI 331
  Denial of interest on refund u/s. 244A for a part of the statutorily eligible period - interest payable between the date of payment of self-assessment tax till the date on which the assessee filed rectification application - Whether the interest for the period in question could have been denied to the assessee viz., from the date of payment of self-assessment tax till the date on which the assessee filed a rectification application? HELD THAT:- If the AO is successful in establishing that the delay in claiming the refund was attributable to the act/omission on the part of assessee, then the AO can deny the claim of under subsection (2) of sec....... + More

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• 2025 (2) TMI 330
  Long-term capital gains on transfer of unlisted shares of the companies which was claimed exempt u/s. 13(3)/(4) of India Mauritius DTAA - Long-term capital loss carry forward without setting off against the Long-term capital gain - whether assessee can be allowed to carry forward the loss without being set off against the capital gains in circumstances where both the situation aroses out of shares acquired prior to 01/04/2017 in the Indian Mauritius DTAA? - whether each transaction can be considered as a separate source of income? HELD THAT:- There is no basis in grouping long term/short term capital assets. It can also be inferred that, long....... + More

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• 2025 (2) TMI 329
  Unexplained cash credit u/s. 69A - application of Section 115BBE - AR has strongly argued against separate addition of the cash deposit during demonetization period - HELD THAT:- The assessee is engaged in the business of travel agent and tour operator but he has deposited the SBN on different dates from 10.11.2016 to 12.11.2016 as tabulated of the assessment order. If the assessee had the old SBN before demonetization period, he would have deposited the same on a single day and not on different dates. It is an undisputed fact that the assessee has not given details of the depositors of the impugned cash during demonetization period. He has n....... + More

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• 2025 (2) TMI 328
  Quantum of deduction to be allowed u/s. 36(1)(viii) - HELD THAT:- CIT(A) has noted that deduction u/s. 36(1)(viii) is permitted on infrastructure loan also and has allowed the claim. Also, it is an admitted position that Revenue has not contested this allowance by ld. CIT(A). Accordingly, we allow the claim of the assessee on this aspect for Assessment Year 2008-09 in order to rectify an inadvertent conclusion drawn of disallowing the claim, though referring to the reasoning of the predecessor as the basis. Grant of deduction u/s. 36(1)(viii) in respect of interest arising from securitization of debt or such income earned - It is a fact on re....... + More

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• 2025 (2) TMI 327
  Validity of order of AO passed u/s 143(3) r.w.s. 144C(13) r.w.s. 144B to give effect to the order of DRP u/s 144C(5) - Final assessment order is against the principles of natural justice - denial of Deduction on Income from Other Sources and Capital Gains u/s 80IAB - HELD THAT:- We hold that Dispute Resolution Panel has no jurisdiction to consider any other issue where there is no variation proposed in the Draft Assessment Order. In this case, since there was no proposed variation in the Draft Assessment Order regarding deduction u/s 80IAB claimed by Assessee, the Dispute Resolution Panel was right in rejecting the objection raised by the Ass....... + More

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• 2025 (2) TMI 326
  TP Adjustment - arm s-length price adjustment with respect to the trading segment - assessee has selected foreign AE i.e. AR took us to the trading segment adjustment with respect to TPSR and the approach of the ld. TPO - whether a foreign associated Enterprises can be taken as a tested party or not? - HELD THAT:-Both the parties have placed before us judicial precedent that foreign AE can be taken as a tested party, but all the decisions have held the tested party only could be the party on which the transfer pricing methods can be applied in the most reliable manner and for which most reliable comparables can be found. Therefore, in view of....... + More

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• 2025 (2) TMI 325
  Deduction u/s 11(1) - method of determining the eligible income - computation of the 15% accumulation u/s 11(1)(a) should be based on gross receipts or net income - main activities and purpose of establishing the institution is to serve the disabled persons with affordable prices of various artificial limbs - HELD THAT:- Relevant sale of artificial limbs in the concessional rates has to be treated as income derived from the property held under the trust. It is settled facts on the record that the assessee has manufactured the artificial limbs from the property held in the trust. One cannot deny the above facts on record. It is relevant to poi....... + More

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• 2025 (2) TMI 324
  TP adjustment on account of advertisement, marketing and promotion (AMP) expenses - constitute an international transaction under Section 92B or not? HELD THAT:- This recurring issue raised in this appeal has been decided in favour of the assessee wherein it was held that there was no arrangement between the assessee and the AE pertaining to AMP expenses. Tribunal in the earlier years has held that the onus of proof lies on the Revenue to prove that there was an international transaction in existence. The proposition laid down in the case of Maruti Suzuki India Ltd. [ 2010 (7) TMI 84 - DELHI HIGH COURT] is that the absence of a machinery prov....... + More

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• 2025 (2) TMI 309
  Revision u/s 263 - as per CIT Assessment Order was passed without making inquiries or verification, which would have been made in respect of disallowance u/s 14A read with Rule 8D of the Rules as prescribed - HELD THAT:- It is not in dispute that during the course of the regular assessment carried out under Section 143 (3) of the Act, the queries were raised with regard to the issue of disallowance under Section 140 of the Act with Rule 8D of the Rules and the petitioner was called upon to furnish the details of expenses claimed in respect of any exempt income, working of disallowance under Section 14A of the Act and the petitioner has furnis....... + More

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• 2025 (2) TMI 308
  Reopening of assessment u/s 147 - mere change of opinion - HELD THAT:- As the AO has failed to provide the details of mismatch on the basis of Bank Remittance Data obtained from the Jammu Kashmir Bank and in absence of an opportunity of hearing provided to the petitioner, the impugned notice dated 31.03.2022 issued under Section 148 of the Act is apparently without jurisdiction. Decided in favour of assessee.

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• 2025 (2) TMI 307
  Validity of reassessment proceedings - reply filed by the petitioner is not considered while passing the impugned order holding that it is a fit case to reopen the assessment - denial of the adjournment requested by the petitioner HELD THAT:- It is clear that the AO which could not have rejected the adjournment sought for by the petitioner as provided in the said provision and could have granted the time to the petitioner as the last date for issuance of notice u/s 148 was on 31.3.2022. Petitioner had already filed the detailed reply on 22nd March, 2022 could also have been considered by the respondent while passing the impugned order holding....... + More

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• 2025 (2) TMI 306
  Reopening of assessment u/s 147 - Slump Sale - reopening beyond four years - HELD THAT:- Information received in the 2018 to the effect that the holding Company of the petitioner, in the application filed before the Settlement Commission submitted that the accommodation entries for purchase of capital assets were obtained by it. When the petitioner has already paid a lumpsum price of Rs. 554 crore to acquire the injectable unit as a going concern on Slump Sale basis, the petitioner is not at all concerned with the amount of cost of such assets being reflected in the books of accounts of the seller and the petitioner is only required to claim ....... + More

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• 2025 (2) TMI 305
  Validity of assessment passed within time limit provided u/s 144C(13) or not? - HELD THAT:- As decided in Rapsican Systems Pvt. Ltd. [ 2025 (1) TMI 599 - TELANGANA HIGH COURT] wherein emphasized that the time limit provided under Section 144C(13) is mandatory and that the final order is required to be passed within the prescribed time under the Act. In the present case, no contrary evidence was filed by the Revenue or brought to the notice that the order passed by the DRP was not received on the date when it was uploaded on the Portal i.e., on 22.05.2024. Therefore, we presume that the date of communication of the DRP s directions is 22.05.20....... + More

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• 2025 (2) TMI 304
  Income tax proceedings against company dissolved - HELD THAT:- Insolvency proceedings establish that the impugned assessment order was framed on 27/09/2021 and during the insolvency proceedings income tax Department was informed by the resolution professional and only claim with regard to TDS violation of Rs. 10.14 Cr. was filed. The same was also not accepted in insolvency proceedings and even appeal by the department stands dismissed by the NCLAT. The resolution plan as adopted, specifically, held that all dues of the revenue department in relation to any period prior to the closing date, which the date of approval of resolution plan by NCL....... + More

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• 2025 (2) TMI 296
  Validity of the order passed by ITAT - contravention of the well settled jurisprudential principles of natural justice - As alleged order of the NFAC was an ex-parte order, as it was passed in absence of a hearing being granted to the petitioner/his representative. HELD THAT:- Violation of the settled principles of natural justice is not just apparent but real, palpable and clearly visible. The petitioner is deprived of an opportunity to present its case not only before the respondent no. 2 but also subsequently before the ITAT. In not affording a reasonable opportunity to the petitioner to present its case had perpetuated from the ex-parte o....... + More

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• 2025 (2) TMI 295
  Condonation of delay in filing an audit report - client was late by 1 hour, 19 minutes and 16 seconds in uploading the audit report - As per revenue reasons mentioned for delay are not sufficient and it was not a fit case for condoning delay in exercise of power u/s 119 (2) (b) HELD THAT:- The authority considered reason given by petitioner for the delay to be mere asking on the basis of vague assertion without proof. Required proof, therefore, is reason for technical glitch causing delay in uploading the report. The delay is of 1 hour, 19 minutes and 16 seconds. The report stood uploaded beyond midnight of the last date, at 1:19 and 16 secon....... + More

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• 2025 (2) TMI 294
  Appeal submitted manually, instead of electronically - writ petition against impugned attachment order passed pursuant to dismissal of his appeal - HELD THAT:- We do see that the Income Tax Appellate Tribunal in Mumbai had dealt with the situation by requiring appellant therein to file the appeal with accompanying direction on condonation of delay. In this case petitioner has causes for consideration and satisfaction obtained, to apply on filing e-appeal, for condonation of delay in not having so filed earlier. Fact of appeal filed manually within time is a relevant fact to be considered. There is apprehension expressed on whether the portal ....... + More

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• 2025 (2) TMI 293
  Disallowance of 25% of total other expenses on an ad-hoc basis - assessee s failure to produce complete supporting documents during the assessment proceedings - CIT(A) deleted addition - HELD THAT:- It is well settled by various judicial precedents that an ad-hoc disallowance without identifying specific defects is legally unsustainable. In the case of ACIT vs. Anu Bajaj [ 2024 (6) TMI 1208 - ITAT DELHI] held that if relief is granted based on the AO s own remand report, the Revenue is precluded from challenging the same before the Tribunal. DR has merely relied on the assessment order of the AO without providing any new arguments to support ....... + More

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• 2025 (2) TMI 292
  Bogus LTCG - unearthed accommodation entry operations in penny stocks - onus to prove - AO rejected the argument that the purchase and sale were genuine and concluded that penny stock frauds operate as an ecosystem - LTCG was treated as unexplained cash credit u/s 68 - CIT(A) deleted the addition, holding that the assessee had furnished all supporting documents such as bank statements, contract notes, Demat account records, and audited financials, proving the genuineness of the transaction. HELD THAT:- In the present case, the assessee has duly discharged the onus by producing all necessary evidence, and the Revenue has failed to rebut them w....... + More

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• 2025 (2) TMI 291
  Proceedings u/s 153C or 147/148 - incriminating material seized during a search operation - HELD THAT:- AO had to proceed u/s 153C of the Act, instead of section 147/148 of the Act, the reason being that the proceedings were initiated on the basis of incriminating material in the form of documents including pen-drives seized during search at the premises of the above named group, as well as statements recorded during said proceedings. Today, when the appeal has been taken up for hearing, assessee has submitted copy of notice u/s 153C of the Act issued by Assistant Commissioner of Income Tax, Central Circle-4, Jaipur, relating to the same asse....... + More

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• 2025 (2) TMI 290
  Rejection of books of accounts - GP estimation - HELD THAT:- AO has rejected accounts and estimated the GP in respect of turnover shown by the assessee, hence, CIT(A) has taken a correct view that once the books of accounts are rejected, it does not warrant any adhoc addition. Accordingly, he rightly restricted the GP @ 1% instead of 1.5% estimated by the AO. During the hearing, both the parties fairly agreed that restricting the GP @1% by the Ld. CIT(A) serves the end of justice, which does not need any interference.

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Case Laws - GST

• 2025 (2) TMI 368
  Challenge to impugned Assessment cum penalty cum Interest Order - violative of the principles of natural justice - it was held by High Court that Having found that the petitioner filed this writ petition against the impugned assessment order without availing the alternative remedy available to him, without expressing the views on the merits of the case, the writ petition is disposed off affording opportunity to the petitioner to approach the appellate authority. HELD THAT:- This Special Leave Petition by permitting the petitioner herein to avail the alternative remedy. SLP disposed off.

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• 2025 (2) TMI 367
  Seeking permission to withdraw the present special leave petition - It is stated that all pleas and contentions will be raised in the reply to the show cause notice, and may be considered by the authorities deciding/adjudicating upon the show cause notice - HELD THAT:- In view of the statement made, the special leave petition is dismissed as withdrawn with liberty as prayed.

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• 2025 (2) TMI 366
  Dismissal of appeals on the ground of limitation as per Section 107 of the Central and Goods Services Tax Act, 2017 - power of Appellate Authority under Section 107 (4) of the CGST Act to condone the delay in filing an appeal beyond one month after the expiration of the three-month period specified in Sub-section (1) of Section 107 for filing an appeal against a decision or order issued by an adjudicating authority under the CGST Act - HELD THAT:- An assessee aggrieved by an order passed by the Adjudicating Authority may appeal to the Appellate Authority within three months from the date on which the said decision or order is communicated to ....... + More

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• 2025 (2) TMI 365
  Challenge to SCN issued under Section 74 of the Central Goods and Services Tax Act, 2017/State Goods and Services Tax Act, 2017 - HELD THAT:- Section 74 (1) of the CGST Act/SGST Act authorises the proper officer to issue a notice to show cause. Sub-Section (2) of Section 74 envisages that such notice shall be issued six months prior to the time limit specified under sub-Section (10) of Section 74 - It is also the mandate of the statute that the proper officer shall issue the order under sub-Section (9) of Section 74 within a period of five years from the due date of submission of the annual return. The power of the High Court under Article 22....... + More

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• 2025 (2) TMI 364
  Valid pre-deposit for the purpose of filing an appeal against the order-in-original or not - payment made by the petitioner through Form GST DRC-03 - HELD THAT:- In this case, due to non-availability of facilities to pay the pre-deposit through online for filing an appeal against the original order, the petitioner has voluntarily made the said payment of pre-deposit through Form GST DRC-03 on 19.03.2024 and filed their appeal on 20.03.2024. Subsequently, Form GST DRC-03A was introduced vide Notification dated 10.07.2024. Under these circumstances, the appeal filed by the petitioner was rejected by the respondent vide impugned order dated 26.0....... + More

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• 2025 (2) TMI 363
  Principles of natural justice - petitioner was not granted sufficient time either for filing reply manually or appear for personal hearing - receipt of advancesale transaction that took place outside the State - HELD THAT:- If, according to the respondent, the reply filed/uploaded by the petitioner was not visible clearly, atleast, they ought to have granted sufficient time to the petitioner, so as to enable them in filing reply manually by sending notice through RPAD or any other mode of communication, which the petitioner could have easy access. Often the Officials attached to the respondent-Department not only in the present case, but also....... + More

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• 2025 (2) TMI 362
  SCN issued within time limitation or not - requirement to carry out assessment in relation to short payment of tax etc - HELD THAT:- The Hon ble Supreme Court in the case of Himachal Pradesh and Another vs. Himachal Techno Engineers and Another [ 2010 (7) TMI 875 - SUPREME COURT] were considering the time limit of three months set out in Section 34 of the Arbitration and Conciliation Act, 1996. In that case, the award had been passed, on 05.11.2007, and a petition under Section 34 was filed, on 11.03.2008. The said application was rejected on the ground that the period within which the application should have been filed was three months which....... + More

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• 2025 (2) TMI 361
  Stay on impugned appellate order pending the constitution of the Appellate Tribunal - reliance placed on Circular No.224/18/2024-GST dated 11th July, 2024 - recovery of outstanding dues in cases wherein first appeal has been disposed of, till Appellate Tribunal comes into operation - HELD THAT:- Having considered the materials on record as also taking note of the fact that the Appellate Tribunal is yet to be constituted, the petition should be heard. Since, the petitioners have been able to make out a prima facie case, there shall be an unconditional stay of the demand of the Appellate order dated 31st May, 2024 for a period of two weeks from....... + More

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• 2025 (2) TMI 360
  Challenge to Summary of SCN - extension of time limit for recovery of tax not paid or what paid or short paid or of input tax credit wrongly availed or utilized - HELD THAT:- Issue notice, returnable in 4 [four] weeks. As all the respondents have appeared and accepted notices through the learned counsel, issuance of formal notices to the respondents stands dispensed with. However, the learned counsel for the petitioner shall furnish requisite nos. of extra copies of the writ petition along with annexures to the learned counsel for the respondents within 2 [two] working day from today. As an ad-interim measure, that there shall not be any coer....... + More

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• 2025 (2) TMI 359
  Principles of natural justice - no proper and prior SCN prescribed under sub-section [1] of Section 73 of the Assam Goods and Services Tax Act, 2017 - HELD THAT:- Non-issuance of a proper and prior Show Cause Notice, as contemplated under sub-section [1] of Section 73 of AGST Act, 2017 and issuance of only Summary of Show Cause Notice and Attachment to Determination of Tax cannot be said to be in compliance with sub-section [1] of Section 73 and sub-rule [1] and Rule 142 of the AGST Rules, 2017. A Summary of Show Cause Notice is held to be not a substitute of a Show Cause Notice, contemplated by the provisions of sub-section [1] of Section 73....... + More

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• 2025 (2) TMI 358
  Seeking to call for the records relating to the impugned order - goods detained on the ground of non-generation of e-invoice - HELD THAT:- Snce the impugned order has been passed without taking into consideration of the Circular No.10/2019 dated 31.05.2019, whereby, according to the petitioner the benefit available under the said Circular has not been given effect to by the respondent in entirety, this Court is inclined to set aside the impugned order and remand the matter back to the respondent for re-consideration. Petition disposed off by way of remand.

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• 2025 (2) TMI 357
  Seizure of vehicle and the goods of the petitioner - E-way Bill was not present with the goods - HELD THAT:- It is admitted to the State-respondents that during the period from 01.02.2018 to 31.03.2018, the goods which were being transported by the petitioner were not covered with the requirement of the E-way bill. This view was taken by the Division Bench of this Court in M/S Godrej and Boyce Manufacturing Co. Ltd. Vs. State of U.P. Others [ 2018 (9) TMI 1261 - ALLAHABAD HIGH COURT] , wherein it has been held that the goods were not covered with the requirement of E-way bill during 12.02.2018 to 13.02.2018. The impugned demand made against t....... + More

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• 2025 (2) TMI 356
  Principles of natural justice - first respondent, without waiting for the petitioner s reply, and without hearing the petitioner, passed the impugned orders, which are nothing but ex parte orders - HELD THAT:- On perusal of records, it is crystal clear that the impugned orders came to be passed against the petitioner, behind their back, as the respondent-Department has not taken any steps to serve any notices/communications, which culminated in the impugned orders directly through physical mode of service and made it available only in the GST Portal under the View of additional notices and orders column, which, the petitioner was not aware an....... + More

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• 2025 (2) TMI 355
  Seeking to quash a letter and to restrain the Respondents from proceeding with a SCN - Whether Petitioner should have paid GST on the supply of textbooks, which are typically tax-exempt, as they were part of a composite supply with platform solution services? - HELD THAT:- This Writ Petition is disposed off by directing that when Respondent No. 3 adjudicates the Show Cause Notice, he shall also take into account the contentions of the Petitioner regarding the non-availment of the ITC and what would be the effect thereto. In other words, the adjudicating authority shall also, at the time of adjudicating the Show Cause Notice, also decide wheth....... + More

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• 2025 (2) TMI 354
  Legality of recovering amount towards the Petitioner s alleged tax liability including interest - entitlement of refund of amount deposited - validity of provisional attachment orders freezing the Petitioner s bank accounts - HELD THAT:- The account No. 02402560000407 in HDFC Bank Limited shall be unfrozen. The bank account No. 10072848146 in State Bank of India shall be unfrozen only to the extent of Rs. 70 Lacs. In other words, from this bank account only an amount of Rs. 70 Lacs will be allowed to be utilized. The debit freeze order will continue for any amount above Rs. 70 Lacs. Application disposed off.

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• 2025 (2) TMI 353
  Maintainability of petition - availability of alternative remedy - violation of principles of natural justice - HELD THAT:- The appeal was presented out of time. It was preferred against an order passed in the period of pandemic. There is no provision in Odisha Goods and Services Tax Act, 2017 by section 107, for enlarging the period of prescribed time for an appeal to be entertained. As such, revenue s stand that dismissal of the appeal on ground of delay cannot be interfered with bears substance. Consequence of petitioner having lost his right of appeal is for petitioner to be rendered remediless. This is not contemplated in law. Impugned o....... + More

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• 2025 (2) TMI 352
  Refund of pre-deposited amounts - Rejection on the ground of being time barred - whether the application for refund made beyond a period of 2 years should be entertained or not or if it is time barred? - HELD THAT:- There is no dispute to the effect that once refund is by way of statutory exercise, the same cannot be retained neither by the State, nor by the Centre, that too by taking aid of a provision which on the face of it is directory, inasmuch as, the language couched in Section 54 is may make an application before the expiry of 2 years from the relevant date . The word may has been interpreted by the Hon ble Apex Court in numerous case....... + More

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• 2025 (2) TMI 351
  Challenge to impugned order passed by the first respondent - neither the show cause notices nor the impugned order of assessment has been served on the petitioner by tender or sending it by RPAD - mismatch between GSTR-3B and Form 26AS - HELD THAT:- The petitioner shall deposit 25% of the disputed taxes as admitted by the learned counsel for the petitioner and the respondents, within a period of four weeks from the date of receipt of a copy of this order. The impugned order dated 10.10.2023 is set aside. Petition disposed off.

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• 2025 (2) TMI 350
  Challenge to impugned order on the limited ground that the impugned order insofar as the amount of tax demanded in the impugned order is in excess of the amount which was specified in notice under DRC 01 - HELD THAT:- In view of the peculiar facts, it was suggested that Rs. 2 crores may be paid and the matters be remanded back for a fresh consideration, which was agreed to by both the learned counsel for the petitioner as well as for the respondents. The matters are remanded back to the assessing officer for a de novo consideration subject to the condition the petitioner pays the amount of Rs. 2 Crores within a period of 3 weeks from the date....... + More

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• 2025 (2) TMI 349
  Cancellation of GST registration of the petitioner - petitioner did not file its return in accordance with law for consecutive six months - HELD THAT:- The issue has already received the attention of the Hon ble Division Bench in the matter of SUBHANKAR GOLDER VERSUS ASSISTANT COMMISSIONER OF STATE TAX, SERAMPORE CHARGE ORS. [ 2024 (5) TMI 1262 - CALCUTTA HIGH COURT] . The Hon ble Division Bench had observed that the appellant can be provided with one more opportunity to remedy the bridge as the appellant being an individual since a small retailer of imitation jewellery, we deem it appropriate that the appellant should be permitted to remedy ....... + More

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Case Laws - Customs

• 2025 (2) TMI 322
  Levy of penalties u/s 112 and 114 A of the Customs Act, 1962 - cross-examination of person, whose statement was relied upon by the Customs authorities - principles of natural justice - whether an opportunity ought to be given to both the Appellants before CESTAT to cross examine Mr. Bhalla in terms of Section 138(B) of the Act? HELD THAT:- Reliance is placed upon the decision in Shri Krishan Kishor Aggarwal vs Additional Commissioner of Customs, [ 2019 (5) TMI 167 - DELHI HIGH COURT] wherein a coordinate bench of this Court observed that if a statement of the co-accused becomes the basis of an impugned order, then denial of cross examination ....... + More

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• 2025 (2) TMI 321
  Seeking release of gold ornaments inappropriately seized by the respondents - Smuggling of Gold - seizure and detention of gold jewelry from the petitioner and her family members - Baggage Rules - Confiscation order passed without issuance of SCN - No proper opportunity of personal hearing was provided to the petitioner - scope of Section 79 of the Customs Act, 1962 - no specific denial of averments or allegations raised against any party - HELD THAT:- The Customs Act, 1962, enables the Central Government to make Rules to the extent of the articles carried in the baggage of a passenger and not for the articles, which were carried on the perso....... + More

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• 2025 (2) TMI 320
  Effect of N/N. 36/2021-Customs dated 19.07.2021 [the Amendment Notification] issued u/s 25(1) of the Customs Act, 1962 amending N/N. 45/2017-Customs dated 30.06.2017 - retrospective effect from the date the Exemption Notification was issued on 30.06.2017 or not - HELD THAT:- The main body of the Amendment Notification mentions that the Central Government hereby makes the following amendments in the Exemption Notification dated 30.06.2017. It does not state that the amendment would apply retrospectively from the date the Exemption Notification was issued on 30.06.2017 nor does Explanation (d) state that it has been inserted with retrospective ....... + More

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• 2025 (2) TMI 319
  Taxability - classification of import goods - Renewable Energy Certificates (I-RECs) - intangible goods or not - taxable under the Customs Act, 1962 when imported in the electronic form or classifiable as goods under the Customs Tariff Act, 1975 when they are imported into India in the physical form? - HELD THAT:- Both I-RECs and software are intangible assets. Software exists as digital code or programs used for various applications, while I-RECs represent proof of renewable energy generation without physical form. Both can be digitally transferred and traded across borders. Software is often distributed electronically, and I-RECs are manage....... + More

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• 2025 (2) TMI 318
  Classification of import goods - Roasted Areca nuts (betel nuts)- whole and roasted Areca nuts (betel nuts)- Cut/Split - to be classified under Customs Tariff Sub-heading 2008 19 20 or under CTH 080280? - HELD THAT:- As per HSN Explanatory Notes, Heading 2008 covers fruit, nuts and other edible parts of plants, whether whole, in pieces or crushed, including mixtures thereof, prepared or preserved otherwise than by any of the processes specified in other Chapters or in the preceding headings of this Chapter. Specifying what is included in this heading, the explanatory note stales that almonds, ground nuts, areca for betel) nuts and other nuts,....... + More

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• 2025 (2) TMI 280
  Maintainability of petition - availability of alternative remedy - Challenge to SCN - delay in adjudication and the procedural lapses - grievance of the Petitioner is that though the SCN is of 2019, a proper personal hearing was conducted only on 25th September, 2024 - violation of principles of natural justice - HELD THAT:- The grounds which have been raised in the present writ petition can always be raised before the Appellate Authority as per the Act. The Court is of the opinion that this is not an extraordinary case for exercise of writ jurisdiction by this Court. It is, however, clarified that none of the questions of law raised have been gone into by the Court. Petition dismissed.

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• 2025 (2) TMI 279
  Provisional release of seized goods of the Petitioner under Bond with security amount, however, without any Bank Guarantee - classification of imported self-drilling bars - to be classified under Entry No. 82.07 or 73.04 of the Harmonized Commodity Description and Coding System (HSN) classification - HELD THAT:- The Court has perused the HSN classification entries as also the respective bills of entry and the description therein. The Court has also perused the judgment in Hind Global Enterprises [ 2017 (11) TMI 1125 - DELHI HIGH COURT] . In the said matter, the Coordinate Bench of this Court had observed that in cases of this nature, the Peti....... + More

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• 2025 (2) TMI 278
  Seeking to quash SCN - Inordinate delay in adjudicating the said Show Cause Notice - HELD THAT:- Considering that the SCN has already been quashed and set aside in the case of a Co-Noticee, for the very same reasons as set out in PRADEEP SUBHASHCHANDRA MEHTA VERSUS THE UNION OF INDIA ORS. [ 2024 (11) TMI 910 - BOMBAY HIGH COURT] , there are no hesitation in following the same course of action. The impugned Show Cause Notice dated 28th March, 2013 is quashed and set aside - petition disposed off.

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• 2025 (2) TMI 277
  Assessment of two or more Shipping Bills together to determine the duty or to demand differential duty - determination of Fe content on a wet basis or dry basis - law laid down by Supreme Court in Gangadhar Narisnghdas [ 1995 (8) TMI 73 - SUPREME COURT] is required to be followed or not. HELD THAT:- Section 50 of the Customs Act requires the exporter to make an entry of the export goods by filing the Shipping Bill or Bill of Export (in case of exports by land) and section 51 of the Customs Act empowers the proper officer to give clearance for the export consignments. The Shipping Bill is not only a declaration of the goods to be exported but ....... + More

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• 2025 (2) TMI 276
  Rejection of refund claim on the ground of time limitation - section 27 of the Customs Act, 1962 - HELD THAT:- After the expiry of obligation period under EPCG, the appellant paid the amount of duty foregone vide challans dt.01.03.2017, 12.10.2017, 15.11.2017 11.12.2017 and that the refund claim was filed on 09.01.2024 which is beyond the date of payment of duty. None of the relaxations given under section 27(1B) of the Customs Act would apply to the present case. Reliance placed on the order of this Tribunal in the case of IFGL REFRACTORIES LTD VERSUS COMMISSIONER OF CENTRAL TAX, GUNTUR [ 2024 (11) TMI 807 - CESTAT HYDERABAD] , wherein the i....... + More

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• 2025 (2) TMI 275
  Imposition of penalty for non-submission of the documents as per Regulation 5 of the Customs (Provisional Duty Assessment) Regulations, 2011 - HELD THAT:- From the records it is seen that the appellant has imported goods vide 21 Bills of Entry and there was a delay in submission of the documents only in respect of four Bills of Entry, for finalisation of the provisional assessments. Subsequently, they have submitted all the documents, in respect of the remaining four Bills of Entry also, and they have been finalised. As there was a delay in submission of documents in respect of four Bills of Entry, the Department initiated proceedings for imp....... + More

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• 2025 (2) TMI 274
  Entitlement to the benefit of N/N. 94/96-Cus dated 16.12.1996 for the imported goods that were initially exported, returned, and not re-exported within the stipulated period - HELD THAT:- In response to the show-cause notice, the appellant submitted that the alternate benefit of N/N. 94/96-Cus. is admissible to them. The said benefit was initially denied by the adjudicating authority, but later on appeal, the learned Commissioner(Appeals), accepting the argument of the appellant, remanded the case with the direction to allow the benefit of the said notification and reassess the goods accordingly. However, without adhering to the direction of ....... + More

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• 2025 (2) TMI 220
  Seeking deletion of bail condition - condition requiring Applicant to surrender his passport every time he returns from abroad and obtain permission to travel abroad on the next occasion - infringement of fundamental rights under Articles 19(1)(g) and 21 of the Constitution of India - maxim generalia specialibus non derogant (general things do not derogate from specific things) - HELD THAT:- At the outset it is seen that passport is not an incriminating document in the prosecution case and hence seizure of passport permanently prima facie would stand contrary to the provisions of the Passports Act, 1967 and more specifically Sections 10(3)(e)....... + More

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• 2025 (2) TMI 219
  Levy of penalty imposed on the petitioner company for not achieving positive Net Foreign Exchange Earnings (NFE) within the stipulated time - grant of extension of three months to achieve positive NFE (Net Foreign Exchange) - whether the penalty imposed by the respondent authority to Rs. 17.10 lakhs is justified in the facts of the case or not? - HELD THAT:- It appears that the petitioner company could not achieve the positive NFE in the year 2008-09 on account of heavy rains and cyclone in the area, the goods lying in the unit of the petitioner company were severely damaged and were not worthy of exports and amounted to wastage, as a result,....... + More

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• 2025 (2) TMI 218
  Classification of imported goods - Self-Loading Concrete Mixtures (SLCM) - classifiable CTH 8474 3110 or under CTH 8708? - HELD THAT:- In the present case the importer is also the manufacturer of SLCM for which the imports of parts have been made. They possess a Central Excise Registration Certificate for Self Loading Concrete Mixers falling under Tariff Heading 8474. Once the decision on the main machine has been taken by the Proper Officer in charge of the factory it is not deemed proper to sit in judgment over the said classification when that matter is not here. The Telangana VAT Appellate Tribunal in Appellant s own case T.A. No. 137/201....... + More

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• 2025 (2) TMI 149
  Maintainability of appeal - monetary limit involved in the appeal - HELD THAT:- Taking into consideration the averments made in the application for dismissal of appeal(s) filed by the respondent herein, it appears that the tax effect of the subject matter of the appeals is falling below the threshold contained in CBDT circular providing litigation policy of the Govt. of India i.e. Central Board of Indirect Taxes and Customs (Board), vide its instruction F.No.390/Misc/30/2023-JC dated 02.11.2023. Appeal dismissed.

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• 2025 (2) TMI 148
  Seeking release of the imported goods seized by the Principal Commissioner of Customs, Air Cargo Complex (Import), New Delhi without payment of demurrage charges in terms of Regulation 6 (1) (L) of the Handling of Cargo in Customs Areas Regulations, 2009 - grievance of the Petitioner is that despite repeated communications to the Department the imported goods were not released - HELD THAT:- In the present case, initially the Petitioner itself did not follow up with the customs for moving of the imported goods to the warehouse in terms of his own communication dated 07th November, 2021. Thereafter, even when liberty was granted by this Court o....... + More

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• 2025 (2) TMI 147
  Entitlement to G card licence - respondent/Writ Petitioner had failed in the viva voce - HELD THAT:- Admittedly, when the notification had not prescribed the procedure beyond the educational qualification and the written examination, conducting viva for the selected persons in the written examination conducted by the appellant is per se illegal. Even as per Clause-VI of the 2018 Regulation, the mode of examination do not contemplate for conducting viva. The 2018 Regulation stated supra governs the entire country. The appellant cannot pick and choose on their own method of conducting viva after written examination. The appellant had specifical....... + More

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• 2025 (2) TMI 146
  Classification of imported goods - Mass Weight Gainer - classifiable under CTH 21061000 or under CTH 21069099 of the Customs Tariff Act, 1962? - demand of differentail duty - invocation of extended period of limitation as per proviso under Section 28 (4) of the Customs Act, 1962 - HELD THAT:- It can be seen that general Rule of interpretation 3 (a) provides that heading which provides most specific description shall be preferred to the heading providing a more general description. From the literature and photographs as mentioned above, it can be seen that the product is primarily sold in the commercial parlance and know as protein concentrate....... + More

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• 2025 (2) TMI 113
  Refund of excess custom duty paid - rejection of refund on the ground that the Appellant has not provided re-assessed bills of entry in respect of said refund claims - Condonation of delay in filing refund application and filing of appeal - HELD THAT:- The Supreme Court in ITC LIMITED VERSUS COMMISSIONER OF CENTRAL EXCISE, KOLKATA -IV [ 2019 (9) TMI 802 - SUPREME COURT (LB)] reversed the decisions in MICROMAX INFORMATICS LIMITED VERSUS UNION OF INDIA OTHERS [ 2016 (3) TMI 431 - DELHI HIGH COURT] and YU TELEVENTURES PVT. LTD. VERSUS UNION OF INDIA ORS [ 2016 (8) TMI 184 - DELHI HIGH COURT] . It was directed that until and unless the assessment....... + More

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Case Laws - Corporate

• 2025 (2) TMI 78
  Classification of Appellant as a related party of Corporate Debtor - powers of RP to decide about the related party - Appellant s removal from the Committee of Creditors (CoC) of Corporate Debtor (CD). Powers of RP to decide about the related party - HELD THAT:- It is clear from the language of the Section that IRP is responsible for constituting Committee of Creditors. As per the proviso of sub-Section 2 of Section 21 the related party of Corporate Debtor has no right of representation participation or voting in a meeting of Committee of Creditors. It is evident from that IRP has to decide about related party status of creditors of the CD fo....... + More

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• 2025 (2) TMI 21
  Execution and compliance with the exit formula devised by the Company Law Board (CLB) for foreign investors ORE Holdings and Nandakumar Athappan to exit from a joint venture with Indian company CEPL - HELD THAT:- It was very obvious from the strategy of KCP and his group of companies who have been litigating since CLB took cognizance of the controversy, that they were keen to knock off the money invested by ORE and Athappan, but when KCP strategies were halted by the CLB vide its Order dated 13.08.2008, he appeared to have entertained a belief that by reading the exit-formula the way he and his group of companies had since chosen to read, the....... + More

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• 2025 (2) TMI 20
  Levy of penalty u/s 162 of the Companies Act, 1956 - failure to file the Board s Report for the financial years 2010-11 and 2013-14 - continuing offence or not - Compounding of offences under Section 441 of the Companies Act, 2013 for the offences made under Section 217 read with Section 220 of the Companies Act, 1956 - HELD THAT:- It is an admitted fact that the Appellants 1, 2 3 have failed to file Board Report with the financial statement for the financial years 2010-11 and 2013-14 respectively within the stipulated time and hence the offences have been committed. They have to be taken as a continuing offence. Penalty for Non-filing of Boa....... + More

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• 2025 (1) TMI 1455
  Refund of excess amount of Additional Fees charged from the Petitioner Companies on account of delay in filing Financial Statements along with interest - HELD THAT:- It emerges that the AGM of a Company has to be held by the 30th September of the given year which can be extended maximum by three months by the ROC. It is a Statutory Provision and the date of holding of AGM cannot be modified or changed by any Office Order. In the present case, the Petitioners in consonance with the provisions of the Companies Act, held their AGM on 29.10.2019 i.e. within the statutory period. Having so done and the financial statements having been approved in ....... + More

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• 2025 (1) TMI 1218
  Winding up of Company - Section 466 of the Companies Act, 1956 - applicability of principles of res judicata apply to the second application under Section 466 of the Companies Act, given the dismissal of a similar earlier application - HELD THAT:- The Courts in NILKANTA KOLAY VERSUS THE OFFICIAL LIQUIDATOR [ 1995 (8) TMI 327 - CALCUTTA HIGH COURT] have held that bona fide must be established before a stay on winding up proceedings can be granted. Mere consent of the creditors or an offer of full payment to them is insufficient. The Court must consider the interests of commercial morality, not merely the wishes of the creditors or contributori....... + More

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• 2025 (1) TMI 1217
  Validity of amendment to the Trust Deed by Respondent No.3, which replaced the Appellant as Principal Trustee - legality of actions taken by Respondent No.3 in convening a Board Meeting and revoking the Appellant s managerial powers - HELD THAT:- There exist extreme hostilities between entire family members and the Ld. Tribunal has also noted about the disputes inter se and went on to say its earlier orders of dated 19th December, 2024 and dated 27.12.2024 have not been complied with by either of the parties and both groups are trying to protect their own interest by changing management at their own will. The impugned interim order rather ser....... + More

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• 2025 (1) TMI 994
  Seeking Court s intervention to direct respondents to adopt a rational policy framework to prevent registration of illegal buildings and to verify the authenticity of documentation submitted for project registration - HELD THAT:- It is pertinent to note the legislative intent behind the Real Estate (Regulation and Development) Act, 2016. The RERA Act, introduced in 2013 and enacted in 2016, was born out of the need for regulatory measures in a sector that had seen substantial growth but lacked adequate consumer protections. As stated in the Act s Statement of Objects and Reasons of the Act, the primary objective is to safeguard home buyers an....... + More

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• 2025 (1) TMI 958
  Challenge to orders passed by the Respondent No. 1 declaring him as Wilful Defaulter on the basis of a Transaction Audit Report - procedural requirements under the Master Circular on Wilful Defaulters issued by the Reserve Bank of India (RBI) complied with or not - substantial opportunity of being heard not provided - documents on the basis of which a decision to declare him as Wilful Defaulter was taken, were not provided - violation of principles of natural justice - HELD THAT:- Clause 2.5 of the Master Circular provides for initiation of penal measures against the persons or entities declared as wilful defaulter under Clause 2.1.3 of the M....... + More

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• 2025 (1) TMI 957
  Seeking grant of Regular bail - allegations of serious fraud and financial mismanagement under the Companies Act, 2013 and 1956 - twin conditions under Section 212(6) of the Companies Act, 2013, which pertain to the grant of bail in cases involving serious frauds investigated by the SFIO satisfied or not - HELD THAT:- It is observed by this Court that it is a common ground between the CSL and the investors that the liquidation of the Company is not in the interest of the investors as substantial amounts have been invested by them in residential/commercial projects proposed by the CSL and the said fact has been duly noted by the concerned Comp....... + More

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• 2025 (1) TMI 956
  Dissolution of the company - Section 481 of the Companies Act, 1956 - HELD THAT:- Having heard the learned advocate for the Official Liquidator and on perusal of the record of this report and in the facts of the case the report deserves to be accepted. The Official Liquidator is permitted to make payment towards professional fees of Rs. 1,500/- to M/s. P. C. Rathod Co., Chartered Accountants towards preparation of Auditor s Certificate from common pool account available with the Official Liquidator since there is no fund in the account of the company in liquidation. Conclusion - M/s. Tirupati Foundry Private Limited (In Liquidation) is hereby....... + More

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• 2025 (1) TMI 955
  Maintainability of the company petition - non-compliance of Section 244(1) of the Companies Act, 2013 was wrongly rejected by Ld. NCLT - Petition filed by legal representatives of a deceased shareholder - locus standi of the respondents to file the petition - HELD THAT:- Admittedly the consent terms were taken on record in such Testamentary Suit No.883/2014 also. Admittedly all legal heirs who had entered the consent terms were Class II legal heirs of Late Smt Tanna and it was noted in the order dated 04.05.2017 in view of consent terms Probate was not required. Now the Probate was only required when all legal heirs had wished to act under th....... + More

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• 2025 (1) TMI 794
  Justification of Claim Management Advisor (CMA) in categorizing the claims related to delay in possession as put under adjudication - HELD THAT:- The CMA has categorically stated that the reimbursement of rent was not provided for in any document entered into between the Appellants and Maytas and there was no commitment to pay rent. In terms of the claims management process under the resolution framework, there is a clear distinction between verification of claim and adjudication of claim. The CMA has categorically and consistently stated that the reimbursement of rent was not provided for in any document entered into between the Appellants a....... + More

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• 2025 (1) TMI 555
  Sanction of Scheme of Amalgamation - Section 230-232 of Companies Act, 2013 - material information was suppressed which had a substantial impact on valuation of the shares - rejection of scheme even when overwhelming majority of shareholders and creditors have approved it. HELD THAT:- DCF method is one of the recognised methods for valuation of shares and the valuers, as well as the amalgamating companies cannot be faulted for using it. It is also to be noted that DCF method relies on future earnings, rather than ownership of assets. The allegation that valuer has not verified the information before valuation is answered by the Amicus Curiae ....... + More

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• 2025 (1) TMI 554
  Reduction of share capital - Compliance with Section 66(1)(b)(ii) of the Companies Act, 2013 or not - permissibility of conversion of reduced share capital into interest-bearing unsecured loans - HELD THAT:- The company has a power to reduce its shareholding capital in any manner, it being a domestic issue. Thus considering the fact none of the creditors ever raised any objection, even the Regional Director (Western Region) and the Registrar of Companies did not object to such reduction and also a special resolution dated 29.11.2022, having been passed by 100% majority of shareholders, it is found that there is no impediment to grant permissi....... + More

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• 2025 (1) TMI 489
  Maintainability of appeal under Section 483 of the Companies Act, 1956 - transfer of Equity shares - fraudulent preferences or void transactions under Sections 531, 531-A, and 536 of the Companies Act, 1956 - HELD THAT:- There are no hesitation in holding that the appeal filed by the appellant No.1 CRBCML, through appellant No.2 Mr. C.R. Bhansali is not maintainable in law. First things first, it is pertinent to mention that the learned Single Judge while passing the impugned order dated 25.07.2023 had delved into the issue of the maintainability of the objections that were being raised on behalf of the appellants - it is an undisputed positi....... + More

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• 2025 (1) TMI 488
  Maintainability of petition - availability of alternative remedy - Liability for default in holding the Annual General Meeting - HELD THAT:- The Petitioner herein in accordance with the scheme of the Companies Act, has rightly approached the NCLT with a Petition under Section 241 of the Companies Act, 2013 wherein admittedly one of the five Reliefs claimed are for holding of the Annual General Meeting. Though the waiver has not been granted to the Petitioner since the Petition was not supported by 1/5th members of the Company, however, Section 421 of the Companies Act, 2013 clearly provides for a remedy by way of an Appeal to Appellate Tribun....... + More

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• 2025 (1) TMI 436
  Seeking suspension of the LOC - whether the apprehensions raised by the investigative agencies justify the continued imposition of restrictions on Petitioner s right to travel? - HELD THAT:- A Look Out Circular serves as a preventive measure to restrict an individual from leaving the country, particularly when there are reasonable grounds to believe that such departure may hinder legal proceedings or jeopardize investigations into serious transgressions. While the issuance of an LOC aims to safeguard the interests of justice, it must be reconciled with the constitutional guarantees of personal liberty. The right to travel abroad has been reco....... + More

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• 2025 (1) TMI 230
  Jurisdiction of High Court to transfer the Company Petition to the National Company Law Tribunal (NCLT) for initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) 2016 - winding-up proceedings makes it appropriate or feasible to transfer the case to the NCLT or not - HELD THAT:- This Court passed the winding up order on 21.09.2015 and the Liquidator was appointed. Since, nothing substantial could be achieved towards liquidation of the available assets of debtor company, this Court on the suggestions of stake holders ordered a meeting of Department of State Excise, official Liquidator and B....... + More

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• 2025 (1) TMI 155
  Rejection of application of the appellant for the listing of shares - appellant had not taken the approval of the shareholders for the allotment of the shares to the Asset Reconstruction Private Limited - HELD THAT:- The conversion of the debt into additional shares had taken place with the agreement of the appellant company and RARE, and it is on the basis of such an agreement between the parties that a resolution was passed on 02.05.2018 by the Board of Directors of the appellant company accepting the proposal to convert the debt into shares and to allot them in favor of RARE, thus, resulting in increase of the equity capital of the appella....... + More

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• 2025 (1) TMI 154
  Dismissal of petition filed by the appellants under Section 241 of the Companies Act, 2013 - dismissal on the ground it does not meet the criteria as is provided for in Section 244 of the Companies Act, 2013 - HELD THAT:- A bare perusal of the impugned order would show the Ld. NCLT had observed Section 244 of the Companies Act, 2013 requires the following conditions for filing an application/petition under Section 241 of the Companies Act viz. a) in case of a company having share capital, not less than 100 members of the company; or b) not less than 1/10 of the total number of its members whichever is less; or c) Any member of members holding....... + More

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Case Laws - IBC

• 2025 (2) TMI 273
  Condonation of delay of 115 days in refiling the Company Appeal - sufficient cause for delay or not - HELD THAT:- In the present case, it is an admitted fact that defects were notified by the NCLAT Registry on 12.08.2024 with directions to cure the defects by 19.08.2024. However, the defects were cured after an efflux of 115 days. The question of condoning this delay in refiling would therefore need to be seen in the context of explanation offered as to whether the reasons causing the delay were beyond the control of the Applicant and that the defects could not be cured inspite of genuine efforts put in by the Applicant. It is noticed that on....... + More

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• 2025 (2) TMI 272
  Dismissal of Section 7 application filed by the Appellants on the grounds that neither debt nor default is reasonably proved - insufficient proof of debt and default - amicable settlement of disputes - HELD THAT:- The matter went through several rounds of hearing and after considering the arguments advanced by the Learned Counsels for all the parties, the matter was reserved for judgement on 19.12.2024. After the matter got reserved, the parties approached each other for amicable settlement to resolve the disputes. It has now been submitted that a Settlement Agreement dated 15.01.2025 has been entered upon. In view of the mutual settlement ha....... + More

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• 2025 (2) TMI 271
  Admission of application filed u/s 7 of the Insolvency and Bankruptcy Code, 2016 - proper service of notice or not - Notice served through two newspaper publications - declaration of the loan as a non-performing asset (NPA) by the Financial Creditor - time limitation - HELD THAT:- It is found that at no stage the Corporate Debtor had denied its liability to pay to the Respondent bank. The feeble argument raised is that the publication of notice was in Kolkata editions of the newspaper, which are not readily available in Jalpaiguri, where the registered office of the Corporate Debtor is situated. However, it is found that advance notice of the....... + More

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• 2025 (2) TMI 270
  Seeking direction against the Appellant to pay the Liquidator s fee for liquidation process under the Insolvency and Bankruptcy Code, 2016 - Whether the Liquidator s fee is payable even if the Liquidator did not directly realise or distribute the secured asset? - compliance with Regulation 21A of the Liquidation Process Regulations, 2016 or not. HELD THAT:- The Appellant / Shikshak Sahakari Bank Ltd. is a Secured Creditor who decided not to relinquish security interest and opted to realise its security interest through its own proceedings under the SARFAESI Act. On 11.05.2023, the Appellant intimated the Respondent / Liquidator its intent to ....... + More

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• 2025 (2) TMI 217
  Seeking permission of the Adjudicating Authority, to sell the Corporate Debtor (CD) as a going concern through private sale method - appropriateness of the Swiss Challenge Mechanism - HELD THAT:- The Hon ble Supreme Court in R.K. Industries [ 2022 (8) TMI 1162 - SUPREME COURT ] held that anchor bidder had no vested right to insist that the process must be taken to its logical conclusion. R.K. Industries was treated to be anchor bidder, but due to intervening facts, including the offer received from Welspun for purchase of materials as well as the land, SCC had decided to go for private sale of consolidated assets. Due to the above reasons, th....... + More

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• 2025 (2) TMI 109
  Maintainability of Petition filed by the Respondent No. 1 under Section 95 of IBC - initiation of Personal Insolvency Resolution Process (PIRP) against the Appellant who is the guarantor of the of the Corporate Debtor ESL - barred by limitation - no privity of contract between the Appellant and State Bank of India (SBI) - Impugned Order based on invocation of personal guarantee by 3rd party - no direction issued u/s 100 (2) of the Code regarding negotiations to be held in Appellant/ personal guarantor and the Creditor/ Respondent - undervaluation of shares. The application filed under Section 95 of the Code was barred by limitation - HELD THA....... + More

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• 2025 (2) TMI 77
  Distribution of distribution mechanism - Whether CoC was justified in approving the Resolution Plan on the basis of security interest of the Financial Creditor and not approving the distribution mechanism on the basis of vote share of the financial creditors? - HELD THAT:- The amended provisions clearly empower the CoC to vote after considering its feasibility and viability. The manner of distribution proposed which may take into account the order of priority amongst creditors as laid down in sub-section (1) of Section 53, including the priority and value of the security interest of a secured creditor. After the amendment of sub-section (4) o....... + More

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• 2025 (2) TMI 71
  Admission of section 7 application - Validity of the amended default date cited by the respondent and the applicability of Section 10A of IBC - change of date of default after filing the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) - determination of date of default. Whether the date of default can be changed after filing the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC)? - HELD THAT:- The Corporate Debtor had availed various credit facilities from Bharat Cooperative Bank through successive sanction letters dated 21.03.2017, 14.08.2018, and 11.03.2020. Despite these agreements and restructuring e....... + More

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• 2025 (2) TMI 19
  Interpretation and application of the proviso to Section 31(4) of the Insolvency and Bankruptcy Code (IBC) - whether the requirement for obtaining the Competition Commission of India (CCI) approval prior to the approval of a resolution plan by the Committee of Creditors (CoC) is mandatory or directory? - Locus standi of the appellants - adequacy of data presented for regulatory approvals. As per Hrishikesh Roy, J. and Sudhanshu Dhulia, J. Locus standi - HELD THAT:- Once the CIRP is initiated, the nature of proceedings are no longer in personam but rather become in rem. In light of the same, the expression any person aggrieved in the context o....... + More

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• 2025 (2) TMI 18
  Dissolution of the Corporate Debtor - whether the Appellant herein, being determined as to be a successful bidder in the liquidation proceedings and having apparently defaulted in the remittance of the amount which was the settled due to be paid under the terms and conditions of the tender document, could be granted any leverage by way of an extension of time period to pay the amount, beyond the time period stipulated under the tender document? - HELD THAT:- Because the entire auctioning process was being conducted during the COVID-19 situation, the Appellant, despite his best efforts to mobilize the required amount and to deposit the same as....... + More

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• 2025 (1) TMI 1453
  Distribution of liquidation proceeds - waterfall mechanism - distribution to be made based on the security interest of secured creditors or in proportion to their admitted claims as per Section 53(1) of the Insolvency and Bankruptcy Code, 2016? - No Resolution Plan having been approved in the CIRP - HELD THAT:- This Tribunal in the matter of Oriental Bank of Commerce Vs. Anil Anchalia Anr. [ 2022 (5) TMI 1367 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI ] had occasion to consider distribution of sale proceeds in the Liquidation as per Section 53 of the Code, in which proceeding, an IA was filed by Oriental Bank of C....... + More

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• 2025 (1) TMI 1452
  Appointment of the Resolution Professional (RP) in accordance with Section 97, sub-section (3) of the Insolvency and Bankruptcy Code, 2016 (IBC) - submission of the Appellant is that the Adjudicating Authority ought to have directed the IBBI to nominate the RP for the insolvency resolution process, which was not done and the Adjudicating Authority relied on a Circular issued by the IBBI - HELD THAT:- There is no dispute with regard to interpretation of Section 60, sub-section (2), which provides that where a CIRP or liquidation proceedings of a Corporate Debtor is pending before a NCLT, an application relating to the insolvency resolution or ....... + More

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• 2025 (1) TMI 1325
  Application for withdrawal of the Company Petition - settlement agreement and Form FA were obtained under force, coercion and threat - HELD THAT:- The present appeals are disposed off without adjudication on merits in view of the appellant s stand and claim based upon the settlement agreement dated 02.01.2025. Form FA dated 02.01.2025, being the application for withdrawal of the Company Petition, signed on behalf of respondent No. 1, M/s. K. Computers, addressed to the Interim Resolution Professional is placed on record by the appellant, Kalyan Muppaneni, the erstwhile Director of the corporate debtor. Appeal disposed off.

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• 2025 (1) TMI 1324
  Seeking permission to applicant to manage the operations of the corporate debtor as a going concern and also permit the applicant to perform all the duties under section 18 of IBC - Appointment of a new Resolution Professional (RP) and the associated financial management of the corporate debtor - HELD THAT:- It is disputed by Counsel for the Central Bank of India and Arrow Engineering Ltd. that Corporate Debtor is not running as a going concern, hence no payment be directed towards the salary as claimed by the RP. Learned Counsel has also relied on the Judgment of the Hon ble Supreme Court in the matter of Sunil Kumar Jain Ors. Vs. Sunaresh B....... + More

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• 2025 (1) TMI 1266
  Fresh valuation of shares of The Learning Internet Inc. held by EAPPL ordered by the Adjudicating Authority - scope of the Adjudicating Authority in directing fresh valuation - assets of the subsidiary company are different from the assets of the holding company or not - preservation of values of shares of EAPPL by Resolution Professional - No reasoning for under valuation has been recorded - three valuation reports quoted by the Respondent No. 1 to justify the revaluation. Whether the Adjudicating Authority could have passed the directions to the Respondent No 2 to approach the IBBI for appointment of valuers for valuation of shares The Lear....... + More

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• 2025 (1) TMI 1216
  Admissibility of application under Section 9 of the Insolvency and Bankruptcy Code (IBC) - barred by the limitation period or not - pre-existing dispute or not - service of demand notice. Maintainability on the grounds of limitation - multiples dates of default have been mentioned - HELD THAT:- On the question whether the Petition was filed within the limitation period, it is pertinent to note that the last part payment made by the CD on 17.02.2017 is undisputed. Accordingly, the limitation period was extended for 3 years from 18.02.2017, expiring on 17.02.2020. The Petition was admitted and filed on 17.02.2020, making it well within the limi....... + More

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• 2025 (1) TMI 1215
  Liquidation of the Corporate Debtor - CoC had not taken full initiatives to resolve the Corporate Debtor which is against the spirit of the Code - Section 7 application was admitted on forged documents - Request to Appellate Tribunal not to consider such additional document filed by the Respondent No. 1. The CoC had not taken full initiative to resolve the Corporate Debtor against the spirit of the Code - HELD THAT:- Section 33(2) of the Code leaves hardly any choice to the Adjudicating Authority, once the CoC decide with the 66% voting rights to liquidate the Corporate Debtor. In the present case, the resolution to liquidate was passed by 10....... + More

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• 2025 (1) TMI 1214
  Exclusion of period from 12.04.2023 until 01.07.2024 from the period of implementation of the Resolution Plan approved by NCLT - effect of interim order, which restrained the Successful Resolution Applicant (SRA) from transferring any units, in the Resolution plan - HELD THAT:- The present is not a case where after approval of the Resolution Plan, the Applicant has not taken any steps towards the implementation of the Resolution Plan and has not infused any funds. It is the case of the Appellants that although an amount of Rs.10 crores was to be infused by the SRA. The fact that SRA has infused Rs.7 crores, is not even disputed and it is an a....... + More

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• 2025 (1) TMI 1154
  Cancellation of the lease deed by NOIDA - claim of right within meaning of Section 116 of Transfer of Property Act, 1882 as a tenant holding over - exclusion of Plot No. SC-01/ D1, Sector 79 Noida from Resolution Plan submitted in the CIRP of the Corporate Debtor - it was held by NCLAT that application filed by the RP under Section 30(6) for approval of the Resolution Plan is rejected. HELD THAT:- Issue notice, returnable on 24th March, 2025.

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• 2025 (1) TMI 1153
  Maintainability of Civil suit - bar under Order 7 Rule 11 of CPC - Ownership and possession rights of the Appellant over the disputed land during CIRP proceedings - bar u/s 238 of I B Code - it was held by NCLAT that Having scrutinised the reasons which has been assigned by the Learned Adjudicating Authority in relation to the status of the property and the effect of the pendency of the Civil Suit filed by the Appellant, the rejection of the two applications of the Appellant by the Learned Adjudicating Authority by the Impugned order does not call for any interference in the exercise of the Appellate Jurisdiction under Section 61 of I B Code........ + More

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Case Laws - PMLA

• 2025 (2) TMI 269
  Seeking grant of regular bail - Money Laundering - proceeds of crime - reasons to believe - illegal procurement of empty vials and raw materials of anti-cancer drugs such as Keytruda and Opdyta - reasons to believe - it was held by High Court that The applicant has been unable to put forth any propositions before this Court that are sufficient for grant of bail and thus, the same are rejected. HELD THAT:- It is not required to interfere with the impugned judgment and order of the High Court; hence, the special leave petition is dismissed.

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• 2025 (2) TMI 268
  Money Laundering - seeking grant of bail - illegal procurement of empty vials and raw materials of anti-cancer drugs such as Keytruda and Opdyta - twin conditions prescribed under Section 45 of the PMLA satisfied or not - it was held by High Court that this Court is of the view that considering the filing of the supplementary prosecution complaint and the ongoing nature of the investigation, this Court is not satisfied that the applicant has fulfilled the twin conditions under Section 45 of the PMLA. HELD THAT:- It is not required to interfere with the impugned order - SLP dismissed.

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• 2025 (2) TMI 267
  Legality of arrest of Petitioner - violation of Section 19 of the PMLA and Article 21 of the Constitution of India - Money Laundering - illegal mining of sand and selling the same without issuance of transit challans - proceeds of crime - scheduled offence or not - reason to believe - HELD THAT:- The term reason to believe cannot be equated with the term reasonable complaint or credible information or reasonable suspicion contained in Section 41 (1) (B) of the Cr.P.C. Reason to believe is the tangible evidence or material which constitutes sufficient cause to believe existence of certain facts. This reason to believe goes to the root of the p....... + More

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• 2025 (2) TMI 216
  Money Laundering - legality of search and seizure conducted at his residence from 28.10.2024 to 29.10.2024, as well as the subsequent statement recorded under Section 17 of the Prevention of Money-Laundering Act, 2002 - proceedings based solely on the assumption or suspicion that the petitioner, as the former Commissioner of MUDA, might be in possession of records related to the offence of money laundering, is violative of statutory procedural safeguards - reason to believe under section 17 (1) of PMLA, 2002. Whether the authorisation issued to conduct the impugned search and seizure at the residence of the petitioner on 28.10.2024 and 29.10........ + More

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• 2025 (2) TMI 183
  Money Laundering - seeking grant of bail - Primary allegation is that contractual obligation under the Work orders was to supply 300 gram packet of food (khichdi) but M/s. Force One Multi Services supplied food packet weighing 100 grams and thus unjustly enriched itself - illegal misappropriation of money - no specific mechanism framed by MCGM to check the actual quantity delivered - proceeds of crime - whether the rigours of Section 45 would apply to the facts of the present case as made out by the Applicant? - HELD THAT:- In the predicate offence Chargesheet has not been filed as yet. Applicant is not made accused either in the predicate of....... + More

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• 2025 (2) TMI 144
  Prayer for conducting preliminary investigation/inquiry into the fraudulent activities undertaken - misappropriation of public monies for personal enrichment - defrauding investors - round tripping of funds through shell companies based in tax havens - making unsecured advances to subsidiaries with the intention to launder public money - creation of dubious and fictitious invoices, all of which are predicate offences under the Indian Penal Code, 1860 and the Prevention of Money Laundering Act, 2002 - HELD THAT:- Admittedly, detailed statement of the petitioner came to be recorded by the EOW on 28th October, 2024. Looking to the enormity of th....... + More

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• 2025 (2) TMI 108
  Money Laundering - Seizure of bank lockers and Gold - Challenge to order passed by the Adjudicating Authority confirming the seizure of the properties belonging to the appellants - HELD THAT:- The appellant has questioned the seizure of bank lockers on the ground that they were already under seizure by the CBI and for the aforesaid reason,there was no chance to deal with those lockers by the appellants. A specific reference of locker no. 86 and 96 in the name of the appellant was given. It is found that if the lockers are already under seizure of CBI, it could not have been seized by the respondent by invoking Section 17(1) of the Prevention ....... + More

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• 2025 (2) TMI 107
  Money Laundering - proceeds of crime - challenge to Provisional Attachment Order - selection process of Assistant Teachers of primary schools said to have been conducted in an unfair manner to give appointment to the ineligible candidates - offence under Sections 7, 7A and 8 of the Prevention of Corruption Act, 1988 and Section 120-B, 420, 467, 468, 471 and 34 of IPC, 1860 - HELD THAT:- The analysis of the bank account would show receipt of huge money from different sources without giving description or the basis to disclose the source. The appellant has failed to disclose his business with required details so as to justify transactions shown....... + More

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• 2025 (2) TMI 16
  Money Laundering - seeking grant of bail - illegal procurement of empty vials and raw materials of anti-cancer drugs such as Keytruda and Opdyta - twin conditions prescribed under Section 45 of the PMLA satisfied or not - entire case of the respondent is based on mere conjectures and surmises, and no concrete evidence has been placed on record to substantiate the allegations leveled against the applicant - HELD THAT:- It is a settled position of law that statements recorded under Section 50 of the PMLA hold evidentiary value and are admissible in legal proceedings. The Hon ble Supreme Court, while emphasizing the legal sanctity of such statem....... + More

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• 2025 (2) TMI 15
  Seeking grant of regular bail - Money Laundering - involvement of several accused persons in the procurement, manufacturing and sale of spurious anti-cancer medicines - amount involved falls below Rs. 1 Crore, making the applicant eligible for the benefit of the statutory proviso - twin mandatory conditions under Section 45 of the PMLA - reasonable grounds to believe for guilty of the offence - applicability of statutory presumption of guilt under Section 24 of the PMLA - admissible evidences or not - offences punishable under Sections 274, 275, 276, 420, 468, 471 read with 120B and 34 of the Indian Penal Code, 1860. HELD THAT:- It is a settl....... + More

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• 2025 (2) TMI 14
  Money Laundering - challenge to summons issued by the Enforcement Directorate to the petitioners under Section 50(2) of the Prevention of Money Laundering Act, 2002 - petitioners challenge the summons on the ground that they had responded to the earlier summons issued by the Enforcement Directorate, the Enforcement Directorate ought not to have issued the impugned summons. HELD THAT:- Section 44(1)(d) Explanation (ii) enumerates that the complaint shall be deemed to include any subsequent complaint in respect of further investigation that may be conducted to bring any further evidence, oral or documentary, against any accused person involved ....... + More

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• 2025 (1) TMI 1450
  Seeking grant of regular bail - Money Laundering - reasons to believe - compliance with the statutory requirements under Section 19 of the PMLA - whether the applicant s arrest was carried out in adherence to the statutory requirements under Section 19 of the PMLA which mandates that the authorized officer must have reason to believe based on material evidence before arresting an individual accused of money laundering? - HELD THAT:- This Court is satisfied that the investigating authority followed due process and substantiated the reason to believe with concrete evidence rather than mere suspicion. Accordingly, the challenge to the legality o....... + More

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• 2025 (1) TMI 1449
  Seeking grant of regular bail - Money Laundering - proceeds of crime - reasons to believe - illegal procurement of empty vials and raw materials of anti-cancer drugs such as Keytruda and Opdyta - reasons to believe - whether the applicant s arrest was carried out in adherence to the statutory requirements under Section 19 of the PMLA which mandates that the authorized officer must have reason to believe based on material evidence before arresting an individual accused of money laundering? HELD THAT:- After thorough examination of the grounds of arrest, it becomes evident that the investigating agency has outlined specific details highlighting....... + More

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• 2025 (1) TMI 1448
  Seeking grant of bail - Money laundering - alleged illegal extortion on Coal Transportation, payments collected by the applicant and his associates - twin conditions of Section 45 of the PMLA, 2002 fulfilled or not - HELD THAT:- It is quite vivid that the applicant is unable to fulfill twin conditions for grant of bail as per Section 45 of the PMLA, 2002 and also considering the submission that the applicant has not prima facie reversed the burden of proof and dislodged the prosecution case which is mandatory requirement to get bail. Hon ble the Supreme Court in case of DIRECTORATE OF ENFORCEMENT VERSUS ADITYA TRIPATHI [ 2023 (5) TMI 527 - SU....... + More

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• 2025 (1) TMI 1447
  Maintainability of proceedings under the Prevention of Money Laundering Act, 2002 (PMLA) in the absence of a scheduled offence - applicant s arrest and subsequent detention - lack of necessary sanction and procedural irregularities - Sufficiency of statements under Section 50 of the PMLA to establish a prima facie case of money laundering against the applicant - HELD THAT:- The crux of the allegation against the applicant is that he was involved in running an extortion racket by way of Rs. 20+20=Rs. 40/- per quintal of custom milled rice out of the special incentive price of Rs. 120/- payable by the State of Chhattisgarh to the custom rice mi....... + More

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• 2025 (1) TMI 1265
  Seeking grant of Regular Bail after prolonged incarceration - Money Laundering - twin conditions as contemplated under Section 45 of the PMLA or not - Section 439 of the Code of Criminal Procedure, 1973, read with Sections 45 and 65 of the Prevention of Money Laundering Act, 2002 - HELD THAT:- Supreme Court in the case of Vijay Madanlal Choudhary [ 2022 (7) TMI 1316 - SUPREME COURT (LB)] , considered the applicability of Section 436A of the Cr. P. C. which is concerning the maximum punishment for which an under trial prisoner can be detained, held that Section 436A of the Cr. P .C. has come into effect on 23.06.2006 and the said provision is ....... + More

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• 2025 (1) TMI 1264
  Money Laundering - challenge to provisional attachment order - large scale illegal extortion punishable under section 384 read with 120 B of IPC - Non application of mind by the Adjudicating Authority - Absence of predicate offence - No nexus between the appellant and alleged proceeds of crime - appellants are bonafide purchaser of the property attached by the respondents - Absence of reasons to believe in the SCN. Absence of predicate offence - HELD THAT:- The Apex Court in Sunil Kumar Agarwal [ 2024 (5) TMI 1346 - SC ORDER ] found that the petitioner has already undergone incarceration for a period of 1 year and 7 months and was otherwise n....... + More

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• 2025 (1) TMI 1097
  Seeking direction to the Enforcement Department (ED) to produce all the records as regards purported inquiry being conducted under the Foreign Exchange Management Act, 1999 - challenge to search and seizure proceedings - quashing of the illegal act of freezing of the bank account of the petitioner company - reasons to believe - HELD THAT:- Though the jurisdiction under Article 226 of the Constitution of India is plenary, however, there are self imposed limitations which are required to be followed before exercising the power of judicial review. Ordinarily, interference at the stage of investigation carried out by the law enforcement agencies ....... + More

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• 2025 (1) TMI 1096
  Money laundering - proceeds of crime - provisional attachment of properties - applicability of Section 5 (1) of the PMLA - issuance of SCN without application of mind - HELD THAT:- As there is nothing on record that appellants are in possession of any proceeds of crime. Moreover, there is nothing on record that such proceeds of crime are likely to be conceive, transfer or dealt with in any manner by the appellants. Appellant M/s Emaar Hills Township Pvt. Ltd. took the specific plea that even prior to the passing of PAO, the appellant was unable to transfer or deal with the properties in terms of the order dated 21.12.2010 passed by Hon ble Co....... + More

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• 2025 (1) TMI 1042
  Money Laundering - seeking to set aside the order, principally on the ground that prima facie no offence whatsoever is made out under Sections 406, 418, 420 read with 120B Indian Penal Code, 1860 - HELD THAT:- In the present case, it is seen that case of the Enforcement Directorate (ED) is that Applicant No. 1 on behalf of M/s. Kamala Developers received an amount of Rs. 4,27,16,900/- as proceeds of crime from M/s. Sadguru Enterprises. The second charge of ED to attribute this amount to proceeds of crime is that M/s. Sadguru Enterprises has not delivered any of its services / obligations to the Complainant (Respondent No. 2) under the Renovat....... + More

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Case Laws - SEBI

• 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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• 2025 (1) TMI 15
  Validity of SEBI s interim directions - lack of an opportunity for the appellant to be heard provided as alleged - appellant has executed Related Party Transactions without obtaining prior approval from the shareholders in terms of Regulation 23(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - As argued there have been series of correspondence between the appellant and the SEBI but the impugned order interim ex-parte order has been passed without any tenable reasons - HELD THAT:- We are of the opinion that prima facie, is indubitable that appellant and SEBI were in exchange....... + 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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• 2024 (12) TMI 413
  Settlement Applications rejected by SEBI - documents submitted by the Petitioner were deficient and that the Petitioner did not maintain its worth for the Financial years ended March 31, 2019, March 31, 2020, and March 31, 2021 - number of opportunities granted to the Petitioner and the lack of compliance HELD THAT:- As noted earlier, the petitioner has not even alleged any mala fides or breaches of the SEBI Act or the Settlement Regulations. The argument based upon alleged unfairness is not supported by the record. The petitioner cannot be assisted in simply keeping its settlement application pending and disabling the SEBI from effectively p....... + More

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• 2024 (12) TMI 295
  Petitioner deprived of the arbitration remedy - challenge to Clause 7 of SEBI Circular[SEBI/HO/MIRSD/DPIEA/CIRP/2020/2015] on the grounds that it is arbitrary and unconstitutional - the impugned clause provides that once a member is disabled or show cause is issued for declaring such member as a defaulter to a Trading Member (TM)/Clearing Member (CM) (whichever is earlier), no further Investor Grievance Redressal Committee ( IGRC )/arbitration meetings shall be conducted HELD THAT:- We are satisfied that the petitioner is abusing our extraordinary and discretionary jurisdiction to buy time, having solemnly declared that it has no means to pay....... + More

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• 2024 (12) TMI 164
  Validity of Regulation 3(2) (b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021 ( Delisting Regulations ) as being ultra-vires to SEBI Act, 1992 - Applicability of the Insolvency and Bankruptcy Code (IBC) over SEBI Regulations - Petitioner challenges the Order which approved the Resolution Plan providing for the delisting of shares of Reliance Capital Limited ( RCL ) and the further consequent circulars issued by the National Stock Exchange and the Bombay Stock Exchange announcing suspension of trading in the scrip of RCL. HELD THAT:- As considering that IBC is a complete code containing a non-obstante clause, a delisting of equ....... + More

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• 2024 (11) TMI 738
  Validity of SEBI Settlement Proceedings Regulations - scope of Regulations 6(1)(f) and 13(2)(ba) of the SEBI (Settlement Proceedings) Regulations, 2018 - Communication by which the petitioners settlement proposal came to be rejected - non following specific condition precedent(s) that they would have to comply with for consideration of their settlement applications - allegation of petitioners conduct of stalling or delaying the adjudication of the SCN. Allegations about the noticees acting in concert while acquiring shares of Abans Enterprises Ltd. (AEL) without making the required disclosures under the SAST Regulations. There are allegations....... + More

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• 2024 (11) TMI 617
  Proceedings against executive director for the alleged fraudulent activities of the company - as argued petitioner had tendered resignation and resigned from the said Amrit Projects Limited and all its group of companies in the year 2013 - HELD THAT:- An executive director is a senior-level executive responsible for the overall management and leadership of an organization. The executive director reports to the board of directors and is responsible for setting the strategic direction for the organization, overseeing day-to-day operations, and ensuring the organization s goals and objectives are met. Executive directors are appointed by the boa....... + More

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• 2024 (11) TMI 529
  PIL seeking several reliefs to deal with the menace of entities issuing financial instruments like Agro Bonds, Plantation Bonds, etc. (Financial Schemes) luring investors with promises of high returns but without any tangible securities leaving the investors in a lurch - SEBI instituted this Public Interest Litigation when there was no effective regulatory and statutory framework to control the mushrooming number of entities indulging in such financial schemes HELD THAT:- By orders made in this petition, the Deputy Commissioner of Police was appointed as the Investigating Officer and directed to file reports in sealed covers at the final hear....... + More

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• 2024 (9) TMI 1499
  Commercial transactions undertaken by and between private entities involving acquisition of shares of a life insurance company - Allegations of fraudulent acts and undue profits made by certain entities in the purchase and sale of equity shares of a life insurance company - HELD THAT:- This Court is of the view that where a field is regulated and where an appropriate regulator has either already taken note of and addressed the transaction or is investigating the said transaction, the Court in writ jurisdiction should not interfere. In such a situation, the regulator must be allowed to do its job. Writ of Mandamus being a public law remedy may....... + More

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• 2024 (9) TMI 250
  Siphon off funds from the Reliance - public listed company by structuring them as loans to credit unworthy conduit borrowers - disproportionate lending - Moving of funds from the public listed company to non-descript and financially weak privately held companies connected with the Reliance ADA group - HELD THAT:- Credit defaults in financing business are not by themselves unusual or suggestive of fraudulent activity. Inter-corporate loans or related party transactions (subject to disclosures and compliance with law) are also not per se illegal or suspicious. However, the facts and circumstances of this case clearly indicate that the defaults ....... + More

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Case Laws - FEMA

• 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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• 2024 (12) TMI 1149
  Penalty imposed under FEMA - petitioner was appointed as Vice President of the Board of Control for Cricket in India ( BCCI ), and claims to have been appointed Chairman of the IPL governing body, a subcommittee of the BCCI - relief in this case is firstly against the BCCI on the ground that by-laws require the BCCI to indemnify the petitioner. HELD THAT:- In Zee Telefilms Ltd. Anr. Vs. Union of India Ors.[ 2005 (2) TMI 773 - SUPREME COURT] as held that the BCCI does not answer the definition of State within the meaning assigned to this term under Article 12 of the Constitution of India. Therefore, this petition and the reliefs sought for it ....... + More

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• 2024 (12) TMI 1148
  Penalty imposed - failure take reasonable steps for repatriation of export proceeds of US$ 5,36,759.50 for the goods exported in the year 1997-98 - Ground of limitation - It would clearly reflect that respondent No. 2 had in fact issued the first show cause notice to the appellants on 23.01.2001 and the said date is well within the sunset period of two years prescribed u/s 49 (3) of the Act of 1999. The appellants have also submitted reply to the said notice on 01.12.2001, which again is within the sunset period itself, as in terms of Section 49 (3) of the Act of 1999 the proceedings could had been initiated up to 31.05.2002 which in the inst....... + More

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• 2024 (12) TMI 1096
  Non-grant of NOC by ED - legal framework under FEMA, 1999, which governs the issuance of such NOCs as a prerequisite for making ODIs - HELD THAT:- As prima facie the Petitioners emphasis on adherence to the valuation norms prescribed under FEMA regulations holds merit. They are correct in pointing out that the rules mandate that valuations must be conducted by Category-I merchant bankers registered with SEBI or overseas merchant bankers accredited by the host country s regulatory authority. TIL has complied with this requirement by engaging a SEBI-registered merchant banker. If the Respondents indeed possess cogent material indicating overval....... + More

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• 2024 (12) TMI 535
  Penalty imposed for contravention of provisions of 10(6) of FEMA - Remittance of Foreign Exchange to Overseas Banks for the import of various goods[Computer electronic Goods, Floppy drive, CD-ROM, Dot matrix Print Head, electronic goods etc] but the said Company failed to submit Bills of Entry for the said import - HELD THAT:- It is an admitted fact that during the investigation of the case, the appellant has managed to trace the documents of import qua the thirty remittances, and accordingly, the complaint was filed before the Adjudicating Authority for the remaining five instances pertaining to only ANZ Grindlays Bank. Out of the said five ....... + More

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• 2024 (11) TMI 835
  Recognition and enforcement of a foreign award - Common petition filed by the Petitioner seeking recognition/enforcement and execution - HELD THAT:- In the wake of the decision in the case of Vedanta Limited [ 2020 (9) TMI 1178 - SUPREME COURT ] where it is clearly pronounced that there is no need to take two separate proceedings i.e. one for deciding the enforceability (recognition) of the award as a deemed decree and then separate proceeding for execution of the deemed decree thereafter, and it is open for the award holder to apply for recognition and execution of a foreign award by common petition. In stage 1, the Court would decide the en....... + More

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Case Laws - Service Tax

• 2025 (2) TMI 316
  Violation of the principles of natural justice - inordinate and unexplained delay of more than 14 to 20 years in adjudicating the SCN - HELD THAT:- When the department decided to transfer these Show Cause Notices to the call book, the same was not even intimated to the Petitioner and that they were kept pending because the issue involved in the Show Cause Notices was pending for a decision before this Court. In these facts and circumstances, it is found that the explanation given for this inordinate delay does not hold any merit. What is also interesting to note is that the decision in the case of Homa Engineering Works [ 2007 (5) TMI 52 - CE....... + More

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• 2025 (2) TMI 315
  Levy of service tax - Steamer Agency Service - income earned from freight forwarding activity pertaining to the ocean freight related to the ocean cargo - margin earned on sale of space on the shipping lines to the exporters/importers - HELD THAT:- The issue decided in M/S. FREIGHTLINKS INTERNATIONAL (INDIA) PVT. LTD. [ 2024 (10) TMI 1629 - CESTAT BANGALORE] where it was held that In the appellant s case, if the space on the ships which it bought cannot be sold to its customers fully, or due to market conditions, or is compelled to sell at lower than purchase price, the appellant incurs loss. In a contrary situation, it gains profits. This ac....... + More

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• 2025 (2) TMI 266
  Levy of service tax - business support service - reimbursements received by the appellants from their group companies for expenses incurred on their behalf - reimbursements can be considered as consideration for the purpose of levying service tax as per the Explanation to Section 67 of the Finance Act, 1994 or not - it was held by CESTAT that the reimbursement of expenses incurred by one entity on behalf of another, without the provision of a service, does not constitute a taxable service. Such reimbursements do not qualify as consideration for service tax purposes. HELD THAT:- There are no good ground and reason to interfere with the impugne....... + More

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• 2025 (2) TMI 265
  Rejection of refund claim - Revenue submits that since the petitioner has been diligently pursuing the matter before this Court, he is certainly entitled to the benefit under Section 14 of the Limitation Act. Further, he fairly submits that if any such appeal is filed within four weeks from today, the same shall be entertained - HELD THAT:- In the wake of the position sketched, as also the statements made by learned counsel for the parties, the petition stands disposed of.

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• 2025 (2) TMI 264
  Levy of service tax - reverse charge mechanism - whether the Withholding Tax paid by the appellants in respect of the consideration received from their overseas partners i.e VISA and MasterCard, in the assessable value of the service tax payable by the appellant under Reverse Charge Mechanism? - invocation of extended period of limitation - HELD THAT:- In the facts and circumstances of the case, the contracts entered into by the appellants are distinct in relation to the reimbursement of WHT; while the Agreement with MasterCard indicated that such WHT is not reimbursable, the Agreement with VISA indicated that VISA would reimburse the WHT per....... + More

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• 2025 (2) TMI 263
  Rejection of rebate claim - export of services - whether the Tribunal has the authority to entertain appeals relating to rebate claims or if such matters should be directed to the Revisionary Authority under Section 35EE of the Central Excise Act, 1944? - HELD THAT:- In view of the first proviso to Section 35B of the Central Excise Act, 1944 where an order passed by the Commissioner (Appeals) under Section 35A, the Tribunal shall not have jurisdiction to decide any appeal relating to rebate of duty of excise on goods exported against the Order-in-Appeal passed by the Commissioner (Appeals) under Section 35B(1)(b). In respect of rebate claims ....... + More

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• 2025 (2) TMI 262
  Exemption from Service Tax under N/N. 45/2010-S.T. dated 20.07.2010 - services rendered by the Appellant in connection with the transmission and distribution of electricity - Appellant, acting as a sub-contractor, is liable to pay Service Tax even if the main contractor has already paid the Service Tax on the entire amount - Extended period of limitation. Transmission / distribution of electricity - HELD THAT:- N/N. 45/2010-S.T. exempts all services rendered in relation to transmission / distribution of electricity from payment of service tax. However, it is observed that the Ld. adjudicating authority has not considered the services rendered....... + More

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• 2025 (2) TMI 261
  Levy of penalty when the entire amount of service tax has been paid much before issuance of SCN - appellant willing to pay the applicable interest - HELD THAT:- The appellant is willing to pay interest on the service tax paid before issuance of the show-cause notice. It is the contention of the learned advocate for the appellant that even though during the relevant period they had not paid service tax on turnkey contracts, since both service as well as materials had been supplied under the said contract treating the same as works contract. However, since those contracts are not available with them being more than two decades old, it would be ....... + More

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• 2025 (2) TMI 260
  Denial of CENVAT Credit availed by the Appellant on the basis of Advice of Transfer Debit (ATD) - Liability to pay interest on the excess CENVAT Credit availed on capital goods in the first year itself - levy of penalty - Rent a cab service. Denial of CENVAT Credit availed on the basis of Advice of Transfer Debit (ATD) - HELD THAT:- Appellant is a Government of India Undertaking providing the same services from different locations across the country. The same issue for denial of the credit availed by the appellant on the basis of Advice of Transfer Debit (ADT) was raised in the jurisdiction of the Salem Commissionerate. Matter was finally dec....... + More

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• 2025 (2) TMI 215
  Valid service of SCN and the Order-in-Original issued u/s 73 of the Finance Act, 1994 - jurisdiction to issue the Order-in-Original based on the information available in Form 26AS under the Income Tax Act, 1961 - liability to pay service tax on export services under the provisions of the Finance Act, 1994 - HELD THAT:- The decision or order passed or any summons or notice issued under the Act is to be served by various modes as prescribed in clause (a) by tendering or by registered post or by speed post with proof of delivery or by courier, failing which, by affixing a copy thereof to some conspicuous part of the factory or warehouse or other....... + More

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• 2025 (2) TMI 214
  CENVAT Credit - inputs/input services used in relation to output service - angles, channels, beams, etc., which are used for erecting transmission towers - HELD THAT:- While considering the issue as to whether the appellants were eligible for the cenvat credit availed on angles, channels, beams, etc., which are used in providing output, the Hon ble Supreme Court in the case of Bharti Airtel Ltd. [ 2024 (11) TMI 1042 - SUPREME COURT] observed that the tower and pre-fabricated buildings (PFBs) are goods and not immovable property and since these goods are used for providing mobile telecommunication services, the inescapable conclusion is that t....... + More

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• 2025 (2) TMI 213
  Abatement of appeal - continuation of appeal proceedings, following the death of the appellant, who was a sole proprietor - Rule 22 of the Customs, Excise and Service Tax Appellate Tribunal (Procedure) Rules, 1982 - HELD THAT:- The Appellant who was a sole proprietor has died on 16.08.2021 during the pendency of the present appeals. It is also found that in terms of Rule 22 of Customs, Excise and Service Tax Appellate Tribunal (Procedure) Rules, 1982, on the death of the appellant, the proceedings will be abated unless an application is made for continuance of such proceedings by the legal Heirs of the Appellant. In this case, no such applica....... + More

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• 2025 (2) TMI 212
  Classification of services - supply of tangible goods services or cargo handing services? - first agreement of performing the work of terminal handling of containers at Inland Container Depot, Tughlakabad, New Delhi - second agreement of cargo handling operation in relation to export and import cargo - extended period of limitation. First Agreement - Terminal Handling - whether the appellant had provided supply of tangible goods services or cargo handing services to CONCOR? - HELD THAT:- The agreement, it is seen, is for performing the work of handling of containers at ICD, Tughlakabad at the rates and conditions specified in the Schedule ann....... + More

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• 2025 (2) TMI 211
  Taxability of the value of premium or salami for the period prior to 01.07.2012 and w.e.f. 01.07.2012 under renting of immovable property - Whether premium or salami can be subjected to levy of service tax under renting of immovable property defined under section 65(90a) of the Finance Act? - HELD THAT:- Premium is a payment for being allowed to take possession of the immovable property. It is a price paid for a transfer of a right to enjoy the property. The lessor, who owns and possesses the property transfers the possession to another for a price. There can, therefore, be no doubts that premium is the amount received for renting of immovabl....... + More

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• 2025 (2) TMI 182
  Recovery of service tax with interest and penalty - amounts recorded as license fees, documentation fees, and computer software expenses in the appellant s books of account - applicability of service tax on transactions involving the transfer of technology and related documentation from foreign vendors to the appellant - Extended period of limitation - HELD THAT:- The issue is no more res integra and this Bench of the Tribunal in Appellant s own case being Service Tax Appeal No.70058 of 2019 having Final Order No.70784 of 2024 dated 02.12.2024 [ 2024 (12) TMI 281 - CESTAT ALLAHABAD] has decided the dispute in favour of the Appellant-Assessee........ + More

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• 2025 (2) TMI 143
  Exemption from service tax under N/N. 25/2012-ST dated 20.06.2012 - services provided by M/s. Shree Hindustan Fabricators to Surat Municipal Corporation (SMC) with regard to water supply - HELD THAT:- The matter is no longer res-integra as this Tribunal in case of C.C.E. S.T. -SURAT-I VERSUS SHREE HINDUSTAN FABRICATOR [ 2024 (12) TMI 1240 - CESTAT AHMEDABAD] (the appellant themselves), has decided the issue in the favour of the respondent/assessee. It was held in the said case that We are therefore of the view that provisions of the Notification No. 25/2012-ST dated 20.06.2012 under serial no. 12E and Serial No. 25A are fully applicable appli....... + More

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• 2025 (2) TMI 106
  Review petition - no error apparent on the record - Extended period of limitation - Suppression of facts or not - Levy of Service Tax - health and fitness service - providing education to patients regarding Yoga - donation received in respect of yoga camp / residential Yoga camp - HELD THAT:- There is no error apparent on the record. Review Petition is dismissed.

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• 2025 (2) TMI 105
  Challenge to recovery notice - eligibility for the benefits under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - mis-declaration regarding the pendency of an appeal - misdeclaration regarding date of filing of the appeal - HELD THAT:- Since the declaration in Form SVLDRS-1 dated 31.12.2019 that was filed by the petitioner was not under the voluntary disclosure category , the rigours of clause (c) to sub-section (2) to section 129 (1) of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 in Chapter V of the Finance Act, 2019 cannot be pressed against the petitioner - The petitioner ought to have filed a correct declaratio....... + More

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• 2025 (2) TMI 104
  Levy of service tax on construction activities completed before the imposition of service tax on 01.07.2010 - non-payment of service tax on provision of taxable services of construction of residential complex - HELD THAT:- On perusal of the legal provisions of sub-sections (30a), (91a) of Section 65 of the Finance Act, 1994 and clause (zzzh) of Section 65(105) ibid, which provide for definition of various terms and itemized the scope of the entry of taxable service, respectively, it seen that any service provided in relation to construction of a complex which is intended for sale, wholly or partly, by a builder was subject to levy of service ....... + More

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• 2025 (2) TMI 103
  Refund of the service tax paid - appellants contended that the developer had collected the service tax wrongly and they paid the tax by mistake of law - applicability of time limitation u/s 11B of the Central Excise 1944 as made applicable to service tax matters by virtue of Section 83 of the Finance Act, 1994 - Board Circular No. 108/02/2009-ST dated 29.01.2009 - insertion of explanation to Section 65(105)(zza) of the Finance Act, 1994 with effect from 01.07.2010 - HELD THAT:- There is catena of decisions wherein it is held that service tax on construction of complex service is not leviable for the period prior to 01.07.2010. It is also foun....... + More

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Case Laws - Central Excise

• 2025 (2) TMI 314
  CENVAT Credit - input services under Rule 2(l) of the Cenvat Credit Rules, 2004 - call centre services - extended period of limitation - levy of interest and penalty as well - HELD THAT:- There is no provision in the format of the ER-1 Returns to mention the amount of Cenvat credit availed under each service category or transaction-wise. Only the total availment of Cenvat credit is required to be reflected in the return. Therefore, the finding that the Appellant did not inform the Department of such availment of Cenvat credit on the said services is unsustainable. The issue of Cenvat Credit on invoices of Authorized Service Station for the se....... + More

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• 2025 (2) TMI 259
  Rejection of an application for rectification of mistake due to a delay in filing, under Section 35C(2) of the Central Excise Act, 1944 - failure to follow the principles laid down by the Supreme Court in the case of SUNITADEVI SINGHANIA HOSPITAL TRUST v/s UNION OF INDIA [ 2008 (11) TMI 249 - SUPREME COURT ]. HELD THAT:- The Hon ble Apex Court in the case of Commissioner of Customs and Central Excise versus Hongo India Private Limited and another [ 2009 (3) TMI 31 - SUPREME COURT ], while interpreting the provisions of Sections 35, 35B, 35EE, 35G and 35 H of the Central Excise Act, 1944, held that the language used in the provisions was clear....... + More

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• 2025 (2) TMI 258
  Levy of Central Excise duty - appellant retained 50% of the sales tax/VAT collected from its customers - invocation of extended period of limitation. Whether the amount which was paid to the appellant as sales tax by its customers but retained by the appellant on the strength of state government s deferment scheme, merits inclusion in the transaction value for computing central excise duty under Section 4 of the Central Excise Act, 1944 or not? - HELD THAT:- This issue is no more res integra as the Tribunal in the case of M/S HONDA MOTORCYCLES SCOOTERS INDIA PVT. LTD. VERSUS CCE, DELHI-III [ 2016 (9) TMI 533 - CESTAT CHANDIGARH] has considere....... + More

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• 2025 (2) TMI 257
  Benefit of the exemption N/N. 6/2006-CE dated 01.03.2006 for supplies made to mega power projects against International Competitive Bidding - Invocation of Extended period of limitation - HELD HAT:- Before considering the merits of the case, it is necessary to examine the grounds on which extended period of limitation was invoked - The Assistant Commissioner had not examined the question of limitation because he found in favour of the appellant on merits. The Commissioner (Appeals) did not record any findings on the question of limitation. Extended period of limitation - HELD THAT:- The extended period of limitation was invoked only on the gr....... + More

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• 2025 (2) TMI 256
  Classification of goods - Add-on Cards - to be classified under Chapter sub-heading 8471.00 attracting Central Excise Duty @ 15% or under Chapter sub-heading 8473.00 attracting Central Excise Duty @20%? - HELD THAT:- The issue regarding the classification of Add-on Cards is no more res integra in view of the decision passed by the Tribunal, Mumbai in the case of Commissioner of Central Excise, Mumbai-II Vs. Virtual Computers Pvt. Ltd. [ 2012 (7) TMI 232 - CESTAT, MUMBAI] holding that Mother Boards and Add-on Cards are classifiable under Chapter Heading 8473 of the Central Excise Tariff Act, 1985. The Tribunal, Mumbai has held that The add-on ....... + More

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• 2025 (2) TMI 255
  Rejection of refund claim - rejection on the ground that the items Gemcitabine Hydrochloride and Doxorubicin Hydrochloride are not the drugs specified in the list - 3 4 of the N/N. 21/2002-Cus dated 01.03.2002, which forms the base for claiming the exemption under N/N. 04/2006-CE dated 1/3/2006 - appellant has passed the duty component claimed as refund to the customers or not - principles of unjust enrichment - HELD THAT:- Notification No. 4/2006-CE dated 01.03.2006 at S.No. 47 grants exemption to various drugs or medicines including their salt and esters, specified in List 3 or 4 appended to the Notification 21/02-Cus dated 01.03.2002. It i....... + More

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• 2025 (2) TMI 254
  Entitlement to the duty exemption under N/N. 10/97-CE dated 01.03.1997 for the goods supplied to the Aeronautical Development Agency (ADA) - HELD THAT:- It is an admitted fact that the goods were supplied by the appellant without payment of duty, since the institution to whom the goods were supplied are exempted from payment of duty under N/N. 10/1997-CE and they have also produced valid certificates from the competent authority as required under N/N. 10/1997-CE in support of their claim. Further, it is found that as held by this Tribunal in appellant s own case [ 2016 (8) TMI 438 - CESTAT BANGALORE ], the items supplied by the appellant to A....... + More

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• 2025 (2) TMI 210
  Calculation of Central Excise Duty - inclusion of cost of specifications provided by the manufacturer in the assessable value of the final products manufactured by the appellant and cleared to the manufacturer - HELD THAT:- The issue raised in the case of Denso India Pvt. Ltd. [ 2024 (3) TMI 686 - CESTAT NEW DELHI ] was whether the notional cost of specifications in the form of drawings and designs supplied free of cost by Maruti to the potential vendors should be included in the assessable value of the parts or components manufactured by the vendors and cleared to Maruti for their motor vehicles. To appreciate the said issue, the Principal B....... + More

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• 2025 (2) TMI 209
  Demand of differential duty of excise short paid on the goods sold - DSRM and DSRMPL are related parties under Section 4(3)(b)(i) of the Central Excise Act, 1944 or not - inter-connected undertakings - applicability of Rules 8, 9, and 10 of the Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000 - Extended period of limitation - HELD THAT:- On a plain reading of the said Rule 10, it would be clear that the provisions of Rule 10 would govern transactions between undertakings which were inter-connected undertaking and in terms of Rule 10(a) ibid, the inter-connected undertakings should be so connected that they are ....... + More

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• 2025 (2) TMI 208
  CENVAT Credit - maintenance of separate records for inputs used in the manufacture of dutiable and exempted goods or not - HELD THAT:- Though it is settled law that the appellate authority should not reverse the identical finding of fact recorded by the two subordinate authorities viz adjudicating authority and first appellate authority, still to determine the correctness of the claim made by the appellant, the records produced by the appellant are verified on sample basis for the month of December 2013 in the presence of counsel of Appellant during the hearing on 12.09.2024. On next date of hearing i.e. on 03.10.2024, the counsel for appella....... + More

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• 2025 (2) TMI 181
  CENVAT Credit on capital goods - gas plant located at Duliajan belonging to the appellant, which supplies gas for manufacturing polymers at Lepetkata forms part of the manufacturing unit at Lepetkata so as to enable appellant to claim Cenvat Credit on capital goods installed at Duliajan or not - HELD THAT:- The present case is not a case of transportation of final product but transfer of raw material to the main unit by an ancillary unit for the purpose of manufacturing the final product. The substantial question of law framed in this excise appeal is required to be answered in the affirmative and it is, accordingly, held that the appellant C....... + More

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• 2025 (2) TMI 180
  Appropriation of excess paid duty amount towards the short payment of excise duty along with interest amount - duty incidence has already been passed on to their buyers or not - principles of unjust enrichment - lack of personal hearing - principles of natural justice - HELD THAT:- The present appeal stands squarely covered against them as decided by the First Appellate Authority following the decision of the Apex Court in their own case COMMISSIONER OF CENTRAL EXCISE, MADRAS VERSUS M/S ADDISON CO. LTD. [ 2016 (8) TMI 1071 - SUPREME COURT ] where the claim was rejected. The finalization of the provisional assessment did not violate the princi....... + More

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• 2025 (2) TMI 179
  Applicability of section 11B of the Central Excise Act, 1944 relating to claim for refund of duty - applicable in a matter where adjustment is claimed by an assessee of excess amount of duty paid against future duty liability in terms of rule 96ZO of the Central Excise Rules 2002 [Rules] or not - HELD THAT:- The adjustment made of the excise duty made in the month of March 2000 was denied to the appellant by the order dated 25.09.2001 for the reason that the appellant should have applied for refund of the excess amount of duty paid under section 11B of the Central Excise Act as the excess duty was paid by the appellant under section 3 of the ....... + More

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• 2025 (2) TMI 142
  Appropriation of amount deposited during investigation towards penalty, towards the amount of duty confirmed in the impugned order - levy of penalty u/r 26 of the Central Excise Rules, 2002, read with Section 174(2) of the CGST Act, 2017 - HELD THAT:- It is undisputed that the amount of Rs. 61,06,692/- was deposited by Balaji under the head other receipts as representing towards the penalty. Although no penalty was imposed on them, it was deposited apparently towards the anticipated penalty. Thereafter, once the impugned order was passed, the appellant adjusted this amount against the 25% penalty to be deposited within 30 days. Thus, it fulfi....... + More

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• 2025 (2) TMI 141
  Denial of Cenvat Credit on various input services - canteen services - hospitality charges - real estate agent commissions - construction services - levy of interest and penalty - Extended period of limitation. Denial of CENVAT Credit - HELD THAT:- It is found that definition of input services for the period until 01.04.2011 as provided under Rule 2(l) of the Cenvat Credit Rules, 2004 clearly provides that the input services include services used by the manufacturer, directly or indirectly, in the manufacturing process. The said definition has been widely interpreted by various courts to include all services used in relation to the manufactur....... + More

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• 2025 (2) TMI 140
  100% EOU - levy of Customs Duty on sale of capital goods by a 100% Export Oriented Unit (EOU) to an overseas buyer, without physical removal from the EOU premises - deemed debonding or removal of goods or not - import of moulds from M/s. Ampa Industries in the year 2007 without payment of customs duties based on exemption contained in N/N. 52/2003-Cus dated 31.3.2003 - Extended period of Limitation - penalty. Whether the sale of capital goods being used within an EOU to TVS Indonesia, without physical removal can be treated as deemed debonding / removal of the goods from the EOU on which duty has to be paid? - HELD THAT:- The ownership of the....... + More

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• 2025 (2) TMI 139
  100% EOU - recovery of Customs Duty with interest and penalty - duty foregone on raw materials and inputs used in the manufacture of goods cleared in the Domestic Tariff Area (DTA) at nil rate of duty - whether the benefit of N/N. 12/2012-Cus (S No 431) and 12/2012-CE (S No 272) can be extended to the respondent? HELD THAT:- From perusal of entry at S No 431, of the custom notification, ii is evident that exemption has been granted to all parts, components, accessories and sub parts of these, for the manufacture of mobile handsets, battery chargers, PC connectivity cables, Memory cards and hands-free headphones of mobile handsets. The phrase ....... + More

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• 2025 (2) TMI 101
  100% EOU - classification and duty exemption of imported drugs under N/N. 12/2012-Cus. dated 17 March, 2012, Serial No. 147(A) - difference between bulk drugs and drugs - HELD THAT:- The issue has been dealt with in para 5.2 of the decision in the matter of AUROBINDO PHARMA LTD. VERSUS COMMISSIONER OF C.EX., HYDERABAD-I [ 2009 (3) TMI 810 - CESTAT, BANGALORE] by the advocate, where it was held that the term drug has to be considered to include bulk drug and formulation as per Drugs (Prices Control) Order, 1995 and hence, both the items being bulk drugs are entitled for the benefit of the Notification. In view of the ratio, that there is no di....... + More

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• 2025 (2) TMI 100
  Implications of the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS-2019) on penalties imposed on co-noticees - primary noticee has settled their duty demand under the scheme - HELD THAT:- This Court is bound by the Division Bench decision in PRAKASH STEELAGE LTD., DHARA ENGINEERING WORKS, SAMRUDDHI STEELS, KASHIPAREKH BROS AND AESH STEELS VERSUS C.C.E. S.T. BHARUCH [ 2024 (11) TMI 468 - CESTAT AHMEDABAD] where it was held that it is settled that once the duty demand case is settled under SVLDRS-2019, as per Scheme itself, there is a waiver of penalties on the main assessee against whom the demand was confirmed as well as on ot....... + More

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• 2025 (2) TMI 74
  Adjustment of excess duty paid by the Appellant against the demand for differential duty - applicability of doctrine of unjust enrichment to reject the claim for a refund of the excess duty paid upon the finalization of provisional assessment? - HELD THAT:- Sub-rule 6 ibid safeguards the right of the assessee to claim refund in case any amount is found paid in excess. However, this right is subject to the applicability of principle of unjust enrichment. Rule 7 nowhere talks about adjustment of excess duty paid towards the duty short paid. The view held by the Larger Bench in the Excel Rubber Limited case [ 2011 (3) TMI 527 - CESTAT, NEW DELHI....... + More

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Case Laws - Vat / CST

• 2025 (2) TMI 313
  Refusal of the assessing authorities to receive H Forms that were sought to be produce after the assessment proceedings had been completed - time limit for receipt of H Forms - HELD THAT:- Rule 12 (7) states that C forms or F forms would have to be filed, before the prescribed authority, within three months after the end of the period to which the declaration or the certificate relates. However, the proviso to Rule 12 (7) states that the prescribed authority could permit processing or filing of such declaration or certificate beyond the time set out in Rule 12 (7), if sufficient cause is made out as to why the forms could not be filed within ....... + More

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• 2025 (2) TMI 312
  Challenge to assessment order - movement of goods from the manufacturing unit of the appellant in Rajasthan to its depots in Bihar - inter-state supply of goods or inter-state stock transfers? - HELD THAT:- A perusal of the order dated 28.12.2015 passed by the Rajasthan Tax Board shows that it has reproduced the observations of the Rajasthan Tax Board in Appeal No s. 1229-1233 decided on 24.11.2014. It is these five appeals which were assailed by M/s United Breweries Ltd. in Central Sales Tax No s. 16/2014, 17/2014, 18/2014, 19/2014 and 20/2014 that to were allowed by this Tribunal by order dated 21.10.2024 [ 2024 (10) TMI 1124 - CESTAT NEW D....... + More

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• 2025 (2) TMI 253
  Challenge to orders of attachment of the bank account and the immoveable property - time limitation for issuing an assessment order under Section 21 (4) of AP VAT Act - HELD THAT:- A perusal of the impugned order would show that the entire order goes on the basis of best judgment assessment, relying upon the returns filed by the petitioner. There is nowhere any mention of suppression of facts, much less, willful suppression of facts, resulting in willful evasion of tax, which is the sine qua non, for invoking Section 21 (5) of the Act. In such circumstances, the provisions of Section 21 (5) of the Act would not be applicable and the period of....... + More

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• 2025 (2) TMI 178
  Assessment and refund of taxes under the Assam Value Added Tax Act, 2003 (AVAT Act) and the Central Sales Tax Act, 1956 - non-compliance to the Circular No. 15/2010 - HELD THAT:- This Court had duly perused the Circular No. 15/2010 dated 23.08.2010. The said Circular is in respect to carrying out VAT Audit Assessment and do not prescribe any instructions or directions in so far as the Revisional Authority is concerned. Under such circumstances, the question of challenging the revisional order dated 26.02.2020 on the basis of the Circular No.15/2020 is totally misconceived. This Court had perused the impugned orders dated 26.02.2020. It is see....... + More

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• 2025 (2) TMI 138
  Requirement to supply declaration in Form-F - transfer of promotional products such as Physician s Samples as well as Brand Reminders free of cost to depots or branches of the appellant located in other States or for supply of promotional products free of cost to the medical representatives of the appellant posted in other States, sales in the course of inter-State trade had not taken place - applicability of provisions of section 6A of the CST Act - HELD THAT:- Under article 246(1) of the Constitution, Parliament has the exclusive power to make laws with any of the matters enumerated in List 1 of the Seventh Schedule. Entry 92A of List 1 of ....... + More

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• 2025 (2) TMI 99
  Vires of the West Bengal Tax on Entry of Goods into Local Areas Act, 2012 as it stood prior to its amendment - constitutional validity of the original Act and the amendments. What is the effect of the ratio of Jindal Stainless Ltd. [ 2016 (11) TMI 545 - SUPREME COURT (LB)] on the impugned judgment and order of the learned Single Judge dated June 24, 2013? - HELD THAT:- Although, Jindal Stainless Ltd has held that, all judgements that follow Atiabari [ 1960 (9) TMI 94 - SUPREME COURT] , Automobile Transport [ 1962 (4) TMI 91 - SUPREME COURT] and Jindal Steel Ltd [ 2016 (11) TMI 545 - SUPREME COURT (LB)] stands overruled, nonetheless, the appea....... + More

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• 2025 (2) TMI 98
  Challenge to Impugned Assessment Orders - no period of limitation prescribed - challenge to the Impugned Assessment Orders are primarily on the ground that confirmation of demand for the respective Assessment Years viz., 2003-2004 and 2004-2005 are long after the period covered by the Impugned Assessment Orders - HELD THAT:- The Entry Tax Act, 2001 is not a self contained enactment. It is dependent on the provisions of the Tamil Nadu General Sales Tax (TNGST) Act, 1959 and later under the provisions of the Tamil Nadu Value Added Tax (TNVAT) Act, 2006 after the Tamil Nadu General Sales Tax (TNGST) Act, 1959 was repealed and stood substituted w....... + More

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• 2025 (2) TMI 3
  Rejection of application filed by the petitioner to rectify the Assessment Orders that were earlier passed on 17.12.2019 for the Assessment Years 2016-2017 and 2017-2018 - writ petition was earlier dismissed for default due to non prosecution - HELD THAT:- It is noticed that even as per the respondent, the correct method for determination of the classification would be either before the Appellate Commissioner or before the Advance Ruling Authority. Prima facie, it appears that the issue stands now covered in favour of the petitioner as the Appellate Commissioner has accepted the contentions of the petitioner that product manufactured and deal....... + More

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• 2025 (2) TMI 2
  Revision of assessment - escaped turnover - specific case of the petitioner is that the petitioner was deemed to have been assessed in terms of Section 22(2) of TNVAT Act, 2006 on 31.10.2014 - HELD THAT:- A reading of the impugned order indicates that barring discussion on the limitation and a conclusion that there was a escaped turnover there is no clear discussion as to how the proposal contained in the revised notice dated 04.12.2020 was sustained. It is however made clear that equitable principles of estoppal will not apply on tax and equity are strangers like chalk and cheese. Therefore, merely the first revised notice dated 28.11.2017 p....... + More

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• 2025 (2) TMI 1
  Dismissal of appeal - appeal dismissed on the ground that the appellant had opted for composition under section 6 of the Delhi Sales Tax on Works Contract Act and so there was no need to examine whether the transaction of Rs. 2,59,19,818/- was in connection with inter-State sale or not - HELD THAT:- The preliminary objection raised by learned counsel for the State of Delhi is that this appeal is not maintainable since an appeal shall lie only against an order passed by the highest Appellate Authority of a State under the CST Act determining issues relating to stock transfers or consignment of goods, in so far as it involves a dispute of inter....... + More

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• 2025 (1) TMI 1435
  Levy of penalty - evasion of tax under the Punjab VAT Act by not submitting the bills at ICC despite the fact that the details of bills are duly mentioned in the Statutory Form of Rajasthan (VAT 47) and was produced at the time of generation of information for other transactions - jurisdiction to check and detain the vehicles at the ICC premises - HELD THAT:- The undisputed fact is that the goods i.e. iron goods being transported in two vehicles were detained by the Excise and Taxation Officer (MW), Bathinda for verification on the grounds that the goods in transit were in excess by weight as was detected after weighment, and requisite inform....... + More

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• 2025 (1) TMI 1434
  Denial of input tax credit in terms of Section 19(5)(c) and 19(2)(V) of the TNVAT Act, 2006 - whether the petitioner was entitled to file a petition under Section 84 of the TNVAT Act, 2006 which is pari materia to Section 55 of the TNGST Act, 1959? - HELD THAT:- The application that was filed by the petitioner under Section 84 of the TNVAT Act, 2006 is in time. Even if the writ petition that were filed by the petitioner earlier challenging the Recovery Notice and the Assessment order dated 24.06.2016 were to be dismissed on account of latches, it cannot be construed that the application under Section 84 of the TNVAT Act, 2006 were barred. Eve....... + More

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• 2025 (1) TMI 1433
  Seeking quashing of FIR - prolonged trial - right to speedy trial - Petitioner has asserted that she was never involved in any illegal activity and cooperated during the investigations and had also provided all the documents to the Investigating Officer, but the facts were not presented in a correct manner before the Court - HELD THAT:- It is not in dispute that the FIR had been registered in the year 1999 for the offences, punishable under Sections 406/420/468/471/120B of IPC, 1860 and Section 50 (1) of the DST Act and Section 9 of the CST Act along with the allegations of Forgery, Breach of Trust and use of False Documents. From the FIR, th....... + More

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• 2025 (1) TMI 1368
  Exercise of revisional powers vested in him u/s. 9 (2) of the Central Sales Tax Act, 1956 r/w Section 64 of Karnataka Value Added Tax Act, 2003 - levy of penalty u/s 10A r/w Section A3 (b) of the Act, 1956 - absence of mens rea on the part of the appellant - HELD THAT:- The relevant form, namely Form-C is prescribed pursuant to Rule 12 of the CST (Registration Turnover) Rules 1957. Thus, a Registered dealer purchasing the goods is eligible to avail concessional levy of CST by issuing C-Forms against the purchases of goods which are included in its Certificate of Registration and are intended for resale, for use in the manufacture or processin....... + More

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• 2025 (1) TMI 1251
  True and proper construction of Section 51 (7) of Maharashtra Value Added Tax, 2002 - mere filing of self-assessment returns under Section 20 (1) r/w. Section 50 of the MVAT Act, 2002, is sufficient without filing application for refund as per law to claim refund when it is mandatory to file refund application on portal within stipulated limitation - mandate to submit E-form-501, within stipulated period of limitation to claim refund despite filing of self-assessment returns under Section 20 (1) r/w. Section 50 of the MVAT Act, 2002 - correctness in directing Assessing Authority to process application of refund when it was neither filed as pe....... + More

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• 2025 (1) TMI 1203
  Condonation of delay of 205 days in filing a revision application under Section 28(2) of the Uttar Pradesh VAT Act - sufficient cause for delay present or not - HELD THAT:- The record shows that the limitation for filing the revision was up to 23.09.2023, but the matter was presented, for seeking permission for filing the revision, before the legal committee on 18.10.2023 to which no proper explanation has been submitted and even after the receipt of the permission for filing of the revision on 20.11.2023, , the revision has not been filed immediately without any further delay. In the application, various dates have been mentioned but the cop....... + More

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• 2025 (1) TMI 1147
  Challenge to impugned assessment order as well as the rectification order - rejection of rectification application on the ground that there was no apparent mistake on the record and the grounds in the Rectification Application were actually the grounds of Appeal and not grounds for Rectification - HELD THAT:- In the facts of the present case, it is not in dispute that for the assessment year 2015-16, a show cause notice was issued to the Petitioner on 12th March 2020 fixing a hearing of the case on 23rd March 2020. It is also not in dispute that by 23rd March 2020, due to the Covid-19 pandemic, the entire country was under lock-down. Once thi....... + More

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• 2025 (1) TMI 1091
  Seeking condonation of delay of 179 days in filing the appeal - sufficient cause for delay or not - HELD THAT:- A perusal of the affidavit would indicate that the appellants, after passage of over four months, whereas in the order dated 22.5.2024 three months time was granted for complying with the direction, for the first time found it appropriate to seek opinion of the Chief Standing Counsel regarding filing of the appeal. As to what transpired after passing of the order dated 22.5.2024 till 11.9.2024, when the opinion was sought, no indication, whatsoever, has been made. The opinion was immediately tendered on 14.9.2024 by the office of th....... + More

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• 2025 (1) TMI 1030
  Recovery of arrears of tax due for the Assessment Year 2014-15 to 2016-17 - petitioner submits that Form-F which has been filed along with counter statement by the respondents is based on a forged signature of both the writ petitioner and his wife - liability of petitioner and his wife for the tax arrears of the petitioner s estranged son-in-law based on documents alleged to contain forged signatures - HELD THAT:- Form F dated 12.04.2013, has been executed in front of Advocate Notary from Villupuram namely M/s.Lion M.Pandurangan. It bears the notarial seal and signature of the said Notary dated 22.04.2013. The variance in the date of Form-F a....... + More

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• 2025 (1) TMI 985
  Refund claim - mere filing of self-assessment returns under Section 20 (1) r/w Section 50 of the MVAT Act, 2002, is sufficient without filing application for refund as per law to claim refund when it is mandatory to file refund application on portal within stipulated limitation - true and proper construction of Section 51 (7) of Maharashtra Value Added Tax, 2002 is it mandatory to submit E-form-501, within stipulated period of limitation to claim refund despite filing of self-assessment returns under Section 20(1) r/w. Section 50 of the MVAT Act, 2002 - true and proper construction of Section 51 (7) of Maharashtra Value Added Tax, 2002 - issu....... + More

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Case Laws - Indian Laws

• 2025 (2) TMI 311
  Reduction in the forfeiture price - Direction to Appellant to deduct only 10% of the Basic Sale Price (BSP) towards cancellation of the Complainants Apartment - refund of balance amount with interest - unfair trade practice - HELD THAT:- This Court in the case of Satish Batra v. Sudhir Rawal [ 2012 (10) TMI 595 - SUPREME COURT] has held that to justify the forfeiture of advance money being part of earnest money the terms of the contract should be clear and explicit. It has been observed that the earnest money is paid or given at the time when the contract is entered into and, as a pledge for its due performance by the depositor to be forfeite....... + More

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• 2025 (2) TMI 252
  Enforceability of clause 49.5 of the General Conditions of Contract (GCC), which prohibits claims for damages due to delays caused by the respondent - appellant contended that the delay in construction work has resulted in an additional financial burden on account of the establishment and overheads, etc., for a longer period than planned, for which the appellant would be claiming separately - HELD THAT:- Clause 49.5 was waived by the respondent. In fact, the respondent stated that the claim for financial burden would have to be dealt with together with the proposal for an extension of time, and the said claim cannot be processed separately. T....... + More

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• 2025 (2) TMI 251
  Placement of the petitioners in the Commercial Department - Merger Rules, 2022, which merged employees from the Entertainment Tax Department into the Commercial Tax Department, violated Articles 14, 16, and 21 of the Constitution by treating these employees differently and affecting their promotion prospects? - HELD THAT:- The overriding effect has been mentioned in Rule 2 of the Merger Rules. Rule 3(3) of the Rules defines the date of Substantive Appointment as the date of appointment at the post held on the date of Notification dated 24.04.2018. Rule 3 (4) of the Merger Rules, 2022 defines the cadre of posts in the Commercial Tax Department....... + More

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• 2025 (2) TMI 250
  Dishonour of cheque - vicarious liability of Managing Director of M/s. Kwality Limited u/s 138 of the Negotiable Instruments Act, 1881 - the cheque dishonored, was not drawn by him or the company he represents but was handed over by him to the complainant - HELD THAT:- The petitioner is being sought to made an accused on account of being the Managing director of M/s. Kwality Limited, the borrower of the subject loan. It is not in doubt that when the principal offender under Section 138 of the NI Act is a company, then every person who is in charge of the affairs of the company, at such time when the subject cheque is dishonoured would be liab....... + More

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• 2025 (2) TMI 207
  Modification of penalty imposed by the Board of Discipline (BoD) under Section 21A of the Chartered Accountants Act, 1949 - appellant guilty of other misconduct as envisaged under Clause (2) of Part IV of the First Schedule to the Act - dishonor of cheques issued by the appellant constitutes other misconduct under the Act or not - HELD THAT:- The appellant had raised substantial grounds before the Appellate Authority to assail the findings of the BoD, which grounds he appears to have not pursued at the time of hearing before the Appellate Authority, where he had appeared in person. No doubt, the order passed by the Appellate Authority on 17.0....... + More

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• 2025 (2) TMI 177
  Modification of Award - Order regarding the amount of 50,00,000 deposited with the Registrar, High Court of Judicature at Madras - HELD THAT:- This Court will first hear arguments of the counsel seeking reconsideration of the ratio expressed in PROJECT DIRECTOR, NATIONAL HIGHWAYS NO. 45 E AND 220 NATIONAL HIGHWAYS AUTHORITY OF INDIA VERSUS M. HAKEEM ANR. [ 2021 (7) TMI 1343 - SUPREME COURT] that is, the Court has the power to modify an award under Sections 34 and 37 of the Arbitration and Conciliation Act, 1996. Thereafter, this Court will hear the counsel who support the view that the Court does not have the power to modify an Award under Se....... + More

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• 2025 (2) TMI 176
  Interpretation of statute - analysis of the precise definition of the word forthwith as used in section 50 of the Code of Criminal Procedure Code, 1973 - scope of the legal obligation it imposes on the State to supply the grounds of arrest to an arrestee. HELD THAT:- The requirement of serving upon an arrestee the grounds of arrest (or grounds for arrest as it is alternatively phrased) as distinct from citing the reasons for arrest for seeking remand has gained much significance in light of the recent decisions of the Supreme Court. In its verdict in Prabir Purkayastha [ 2024 (5) TMI 1104 - SUPREME COURT] , the Supreme Court has drawn a clear....... + More

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• 2025 (2) TMI 137
  Dishonour of Cheque - seeking leave to appeal against separate orders of acquittal - discharge of legally enforceable debt or not - rebuttal of statutory presumption under Sections 118 and 139 of the Negotiable Instruments Act - HELD THAT:- Under Section 118 of the Act, once the signature on the cheque is admitted, the presumption is that the cheque was drawn for consideration. In tandem, Section 139 reinforces the presumption by holding that the holder of the cheque is deemed to have received it in discharge, whether wholly or partially, of a debt or liability. These provisions collectively create an inference of a legally enforceable liabil....... + More

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• 2025 (2) TMI 136
  Maintainability of petition - availability of alternative remedy - Dishonour of Cheque - challenge to conviction of Revision Petitioner/accused under section 138 of Negotiable Instruments Act and sentence passed - compromise arrived at between the parties - compounding of offences - Whether the order passed by the Appellate Court confirming the conviction of the trial court under section 138 of Negotiable Instruments Act can be nullified by the High Court on the basis of compromise entered between the parties? - HELD THAT:- It is well settled that inherent power of the Court can be exercised only when no other remedy is available to the litig....... + More

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• 2025 (2) TMI 135
  Dishonour of Cheque - conviction of the petitioners for the offence under Section 138 of the Negotiable Instruments Act - discharge of the liability of the first accused Firm - compromise arrived between the parties - compounding of offences - HELD THAT:- The petitioners and respondent are present in person and confirm the compromise arrived at between them. In support of the same, today, both the learned counsel for petitioners as well as respondent had filed a Memorandum of Criminal Miscellaneous Petition under Section 147 of the Negotiable Instruments Act, 1881 for compounding the offence, as per the settlement entered between the petition....... + More

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• 2025 (2) TMI 72
  Challenge to Arbitral Award - reduction in the compensation awarded by the Motor Accidents Claims Tribunal to the appellants for the death of their parents in a motor vehicle accident - assessment of income of the deceased parents - HELD THAT:- The Court finds that the Award rendered by the Tribunal is well-considered. Though the claimed compensation was Rs.1,00,00,000/- each with regard to the father and the mother, the Tribunal granted Rs. 58,24,000/- re the father and Rs.93,61,000/- the mother. The documents produced by the appellants and the reasoning given by the Tribunal as well as the Karnataka High Court s Division Bench judgment in B....... + More

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• 2025 (1) TMI 1432
  Dishonour of cheque - petitioner arraigned as an accused in a proceeding initiated u/s 138 read with section 141 of the Negotiable Instrument Act - petitioner resigned from the company before the issuance of the cheque - complaint lacked specific allegations - HELD THAT:- In NARENDER KUMAR SURI AND OTHERS VERSUS M/S NARENDRA POLYMERS PVT. LTD. [ 2014 (10) TMI 1084 - PUNJAB AND HARYANA HIGH COURT] , a Single Bench of Punjab and Haryana High Court held that the Director of Public Limited Company or Private Ltd. Company can tender his resignation unilaterally and without filing in Form 32 and without sending a notice to Registrar of Companies. F....... + More

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• 2025 (1) TMI 1431
  Dishonour of cheque - petitioner resigned as a director prior to the issuance of the dishonored cheque - Section 138 read with Section 141 of the Negotiable Instruments Act - HELD THAT:- In NARENDER KUMAR SURI AND OTHERS VERSUS M/S NARENDRA POLYMERS PVT. LTD. [ 2014 (10) TMI 1084 - PUNJAB AND HARYANA HIGH COURT] , a Single Bench of Punjab and Haryana High Court held that the Director of Public Limited Company or Private Ltd. Company can tender his resignation unilaterally and without filing in Form 32 and without sending a notice to Registrar of Companies. Filing in of said Form and giving of due intimation and information to Registrar of Com....... + More

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• 2025 (1) TMI 1430
  Dishonour of Cheque - whether the amended provision contained under Section 143A of the Negotiable Instruments Act, 1881 would apply on the complaint filed prior to enactment and enforcement of this provision? - HELD THAT:- Bare perusal of Section 143A of the Act of 1881 indicates that the Court trying an offence under Section 138 of the Act of 1881, may direct the drawer of the cheque to pay interim compensation to the complainant i.e. amount not exceeding 20% of the cheque amount. The sub-section (4) of Section 143A of the Act of 1881 provides that in case the drawer of the cheque is acquitted, the Court shall direct the complainant to repa....... + More

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• 2025 (1) TMI 1367
  Dismissal of application filed by NHAI under Section 34 of Arbitration and Conciliation Act, 1996 for setting aside the award passed by the Arbitral Tribunal - execution of a contract awarded by NHAI to the appellant regarding the work of four laning and strengthening of the existing two lane section - HELD THAT:- Division Bench of the High Court exercising jurisdiction under Section 37 of the 1996 Act acknowledged that primarily it was for the Arbitral Tribunal to interpret the contractual terms and if the interpretation given by the Arbitral Tribunal is a plausible one, then the court would not interfere with the award merely because accord....... + More

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• 2025 (1) TMI 1366
  Seeking grant of regular bail - reasonable grounds to believe that the accused is not guilty of the alleged offence - Section 439 of the Code of Criminal Procedure, 1973, in connection with charges under the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) - HELD THAT:- During the investigation conducted by CBI, based on information received from Interpol, the Applicant was apprehended while attempting to collect parcels containing psychotropic substances. The Applicant s contention that he was not in possession of the parcels and had no knowledge of their contents is, prima facie, unsustainable. The Applicant s conduct, as rev....... + More

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• 2025 (1) TMI 1315
  Autonomous Body - EPC (Export Promotion Council) exercises public functions or not - to be treated as State or not - Seeking grant of childcare leave - challenge to Human Resource Policy implemented by CHEMEXCIL with effect from 08.01.2024 - HELD THAT:- The Division Bench of this Court in DR JITARANI UDGATA VERSUS UNION OF INDIA ANR. [ 2022 (10) TMI 1272 - DELHI HIGH COURT] has held that The function performed by the Gjepc cannot be termed as public duty and any administrative or financial hold that the Central Government is deemed to have over Gjepc is far from pervasive. The Gjepc retains its autonomous character and it is the CoA which not....... + More

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• 2025 (1) TMI 1314
  Seeking of grant of regular bail - smuggling - recovery of 99.876 grams of Etizolam salt which is a commercial quantity - offences punishable under Sections 22, 61 85 of the NDPS Act - HELD THAT:- The petitioner was arrested on 15.04.2022 whereinafter investigation was carried out and challan stands presented on 10.10.2022. Charges in the trial in question were framed on 23.11.2022. Total 10 prosecution witnesses have been cited, out of which only 03 have been examined till date. The rival contention of learned counsel for the parties; as to whether the petitioner has been falsely implicated into the FIR in question, whether mandatory provisi....... + More

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• 2025 (1) TMI 1250
  Challenge to summoning order - Dishonour of Cheque - determination of criminal liability of a Director, on the date on which the offence is alleged to have been committed - HELD THAT:- From the entire averments made in the Petition, what emerges is that the Petitioner herein was admittedly the Director in the year 1998 at the time when the parties started negotiating initially - There is not an iota of averment made against the Petitioner that he continued to be the Director or was responsible for day-to-day conduct of business at the time in 2017, when the impugned Cheque was issued. Section 141 of the N.I. Act mandates that those Directors/....... + More

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• 2025 (1) TMI 1146
  Dismissal of appeals on the grounds of delay without considering the merits of the case - HELD THAT:- Although multiple submissions were raised from both sides touching upon the merits of the case, it is not deemed necessary to refer to them as the present appeals can be allowed on a short ground, which is, that the order impugned before the High Court was of refusal to condone the delay in preferring the appeals before the Appellate Tribunal, Mumbai. Once the High Court opined that in normal circumstances the delay ought to have been condoned, it ought not to have commented upon the merits of the orders dated 23.07.2019 and 16.10.2019, parti....... + More

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