Home Highlights June 2013 Year 2013 This

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1. The Court held that imposing a condition of furnishing a bank guarantee while granting bail is illegal. The Apex Court, in Subhash Chouhan v. Union of India, ruled that...

2. Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

3. Gross NPAs of Public Sector Banks Stood at Rs.71,047 Crore as on 31st March,2011.

4. Release of detained goods alongwith the vehicle - condition of furnishing the Bank Guarantee with bond - It is quite clear that second option of furnishing the security...

5. Amendment of section 281B. - Attachment of property - If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh...

6. Provisional release of detained goods - The department's insistence on a 100% bank guarantee of Rs. 25,00,000/- was deemed arbitrary and onerous, especially considering...

7. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

8. Bank guarantee - Supreme Court in CCE v. Dunlop India Ltd. (1984 -TMI - 40039 - SUPREME Court) has held that the State is not run on the Bank Guarantees. Therefore, no...

9. Sub-section (1) in Section 5 amended to not levy integrated tax on Extra Neutral Alcohol used for manufacturing alcoholic liquor for human consumption. Section 6A...

10. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

11. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

12. Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than...

13. The court granted regular bail to the petitioner in a case involving allegations of fraudulent claim of Input Tax Credit (ITC) and furnishing fake GST certificate for...

14. Imported goods classification disputed - whether silver jewellery freely importable or restricted category under ITC (HS) Code 71069210. Court found respondent's...

15. Provisional attachment of bank accounts - Section 83 of the CGST Act - If the writ-applicant is ready and willing to furnish the bank guarantee to the extent of ₹...