Search Results for Tag : Credit

Judgments

Interest and penalty not imposable where credit wrongly availed, reversed prior to utilization(08.08.2016)

Issue involved was relating to liability to pay interest on cenvat credit availed by Appellant but not utilized and reversed subsequently. In present .....

Tags : Cenvat credit, Interest, Liability

Notifications & Circulars

Circular on Enhanced Standards for Credit Rating Agencies (CRAs)(01.11.2016)

With a view to strengthen the functioning of CRAs and to harmonise the best practices in the industry, SEBI constituted a committee on "Strengthening .....

Tags : Standard, Enhancement, Credit rating

Interest would be payable from date on which CENVAT credit is wrongly taken or utilized(03.11.2016)

Appellant is engaged in manufacture of electronic connector harness and other IT products availed CENVAT credit of duty paid on inputs and capital goo.....

Tags : CENVAT credit, Interest, Levy

Immovability of goods is not a criteria for denying credit(24.03.2017)

Appellant is engaged in manufacture of cement. For manufacturing of cement, Appellant requires electricity which is used at various stages of producti.....

Tags : Cenvat Credit, Denial, Validity

Credit co-operative society providing credit etc. to its members cannot be treated as a ‘co-operative bank’ carrying on banking activities(27.11.2017)

The Assessee, in the present case, is a credit co-operative society who provided credit/loan facilities to its members and accepted deposits from them.....

Tags : Credit Cooperative Society; Cooperative Bank, Deduction

For erroneous credit availed, even if, not utilized, interest could be applicable for the normal period of limitation(19.01.2018)

In the facts of present case, the Appellant had wrongly taken excess credit of Rs. 9,97,32,292 during the period September 2008 to January 2009 on imp.....

Tags : Excess credit, Interest, Payment

Ranking and Accreditation System for Higher Educational Institutions(02.04.2018)

The Ministry of Human Resource Development has launched the National Institutional Ranking Framework (NIRF) on 29th September, 2015 to rank institutio.....

Tags : Ranking, Accreditation System, Higher Educational Institutions

Once cenvat credit has been availed in respect of input services, same cannot be disallowed by taking recourse to any thumb Rule or formula(22.05.2018)

The Appellant was availing cenvat credit under Cenvat Credit Rules, 2004 and, during the period under dispute, availed a total credit of about Rs. 4.4.....

Tags : CENVAT credit, Denial, Validity

CENVAT credit on GTA service is not eligible from factory to buyer's premises and eligible only upto place of removal which is factory gate(09.07.2018)

The Appellants are manufacturers of radiators and parts and are availing the facility of CENVAT credit of duty paid on inputs and service tax paid for.....

Tags : Credit, Eligibility, Demand, Confirmation

A litigant can take different stands at different times but cannot take contradictory stands in the same case(08.10.2018)

The Appellant is an assignee of debt by the Industrial Finance Corporation of India Ltd. ("IFCI") for the outstanding of Mahendra Petrochemicals Ltd. .....

Tags : Substitution, Secured creditor, Entitlement

Substantial benefits cannot be denied because of procedural irregularity(20.07.2018)

In facts of present case, the Appellant, who is engaged in the manufacture of Textile Chemicals & Oil has two units that is unit number-III and unit n.....

Tags : Cenvat credit, Demand, Validity

Excise duty liability should be computed considering sale value charged to independent customers as assessable value for purpose of valuation of job worked goods(02.01.2019)

The Appellant Bijal Packaging and B.B. containers both are situated at one factory premises were engaged in the manufacture of metal tin container. Th.....

Tags : Cenvat credit, Demand, Validity

A registered trade union can maintain a petition as an operational creditor on behalf of its members(30.04.2019)

The present appeal raises an important question as to whether a trade union could be said to be an operational creditor for the purpose of the Insolve.....

Tags : Operational creditor, Trade union, Representation

Suo motu credit cannot be taken without applying for refund(04.06.2019)

In present case, the Appellants are engaged in the manufacture of transformers. For smooth functioning of the said final product, the Appellants use t.....

Tags : Suo motu credit, Cenvat account, Entitlement

When place of removal is buyer's premises, Appellant is eligible for credit(04.07.2019)

The Appellants are engaged in the manufacturing of parts of Fuel Injection Pump/Valve Assembly and are registered with the Central Excise Department. .....

Tags : Credit, Disallowance, Legality

Credit Cards for Fishermen(02.07.2019)

The Government of India has extended the facility of Kisan Credit Card (KCC) to fisheries and animal husbandry farmers to help them meet their working.....

Tags : Credit Cards, Facility, Fishermen

Exim Bank agreed to provide Government of India supported Line of Credit of USD 38 million to the Government of the Republic of Mozambique(01.08.2019)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 20, 2019 with the Government of the Republic of Mozambique for ma.....

Tags : Agreement, Line of Credit, Support

Credit avail on Service Tax paid on 'Courier Serves' is eligible to Cenvat Credit(05.08.2019)

Present is an appeal against order-in-original of Commissioner of Central Excise, denying CENVAT credit of Rs. 94,16,769, having been availed on taxes.....

Tags : CENVAT Credit, Denial, Legality

Commerce Ministry through ECGC raises Insurance cover for Banks up to 90% for Working Capital Loans(16.09.2019)

Union Minister of Commerce & Industry and Railways, Piyush Goyal informed about the details of the Export Credit Insurance Scheme (ECIS). The scheme w.....

Tags : Export credit, Insurance cover, Enhancement

Top Story

Cabinet Approves "Partial Credit Guarantee Scheme"(11.12.2019)

The Union Cabinet, chaired by the Prime Minister has given its approval to the "Partial Credit Guarantee Scheme", set to be offered by the Government .....

Tags : Scheme, Approval, Partial Credit

Cenvat cannot be denied, when records are not held to be untrue or falsified(13.12.2019)

The brief facts of the case are that, the Appellant are engaged in manufacture of Alloy Steel Castings. They were issued show cause notices that, they.....

Tags : Cenvat credit, Fraudulent availment, Legality

Incentivising bank credit to specific sectors - Exemption from CRR maintenance(10.02.2020)

It has been announced in paragraph 3 of the Statement on Developmental and Regulatory Policies of February 6, 2020, that the Reserve Bank is actively .....

Tags : Bank credit, Exemption, CRR Maintenance

A registered trade union can maintain a petition as an operational creditor on behalf of its members(30.04.2019)

The present appeal raises an important question as to whether a trade union could be said to be an operational creditor for the purpose of the Insolve.....

Tags : Operational creditor, Trade union, Representation

Exim Bank's Government of India supported Line of Credit of USD 310 million to the Government of the Republic of Zimbabwe(08.10.2020)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 24, 2020 with the Government of the Republic of Zimbabwe, for .....

Tags : Support, Credit, Zimbabwe

Export of goods does not attract duty as the export goods can be cleared either under bond or under claim for rebate(23.02.2021)

The brief facts of the case are that, the Appellant had imported certain capital goods under duty free EPCG scheme in the year 2011. The said capital .....

Tags : Cenvat credit, Rebate, Entitlement

Group Insurance Service is admissible for Cenvat Credit(16.04.2021)

The issue involved in the present case is that whether the Appellant is entitled for the Cenvat Credit in respect of Group Insurance Services for insu.....

Tags : Group insurance, Cenvat credit, Admissibility

An importer is entitled to avail cenvat credit on inputs, if the importer is registered in terms of the provisions of Central Excise Rules(17.06.2021)

The issue in present appeal is whether the Appellant have rightly taken credit of service tax on port charges etc. in the facts that they had purchase.....

Tags : Cenvat credit, Penalty, Legality

Transaction value at which the goods are sold has to be taken for the purpose of assessment(10.12.2021)

The issue involved is that, whether the Appellant is entitled for Cenvat Credit in respect of GTA services. The Appellants submits that, the adjudicat.....

Tags : Assessment, Cenvat credit, Entitlement

When the time limit for taking credit was not prescribed on date of issue of invoices, the subsequent amendment stipulating the time limit for availing the credit shall not apply(14.12.2021)

The issue involved in the present appeal is that whether the Appellant is entitled for cenvat credit on the input service, when the credit was availed.....

Tags : Assessment, Cenvat credit, Entitlement

Exim Bank's Government of India supported Line of Credit of USD 7.29 million to the Government of Cooperative Republic of Guyana(10.03.2022)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated September 29, 2021 with the Government of Cooperative Republic of Guyan.....

Tags : Exim Bank, Support, Line of Credit

Cenvat Credit in respect of Courier Service is admissible(06.04.2022)

The facts of the case is that, during the disputed period i.e. April 2015 to June 2017, the Appellant had availed Cenvat credit on the basis of invoic.....

Tags : Cenvat credit, Input service, Admissibility

Once it is not disputed that appropriate duty has been paid, the credit thereof cannot be denied(10.05.2022)

The Appellant in the present case is the holder of Service Tax registration and is engaged in providing construction of residential complex services, .....

Tags : Cenvat credit, Denial, Legality

Application under Section 9 of the IBC after completion of the Corporate Insolvency Resolution Process against Corporate Debtor is not maintainable(13.06.2022)

Present is a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bharat Pipe Fitting Co. (Operational Creditor.....

Tags : Operational Creditor, Right, CIRP

Government of India agreed to provide Short - Term Line of Credit of USD 55 million to the Government of Sri Lanka for procurement of urea fertilizer from India(07.07.2022)

1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 10, 2022 with the Government of the Democratic Socialist Republic .....

Tags : Credit, Procurement, Urea fertilizer

Burden to prove non-receipt of the inputs is required to be discharged by Revenue by sufficient evidence(17.08.2022)

Appellants are engaged in the manufacture of Copper Rods/Wires etc. They were availing of the benefit of Cenvat credit facility. The intelligence was .....

Tags : Demand, Cenvat credit, Legality

Cabinet approves enhancement in the corpus of Emergency Credit Line Guarantee Scheme(17.08.2022)

The Union Cabinet, chaired by the Prime Minister, has approved the enhancement in the limit of Emergency Credit Line Guarantee Scheme (ECLGS) by Rs 50.....

Tags : Credit Line, Limit, Enhancement

CENVAT credit is allowable on the inputs used in production of electricity which is supplied free of cost to the assessee's sister unit(06.09.2022)

In present case, the Respondent is engaged in manufacture of Ferro Alloys falling under Chapter 72 of the Central Excise Tariff. It also has another u.....

Tags : Cenvat credit, Demand, Validity

Basic Statistical Return on Credit by Scheduled Commercial Banks in India - March 2022(28.09.2022)

The Reserve Bank released the web publication 'Basic Statistical Return on Credit by Scheduled Commercial Banks (SCBs) in India - March 2022'1 on its .....

Tags : Statistical Return, Credit, Banks

Finance Minister to review performance of Credit and other Welfare Schemes for Scheduled Castes in Public Sector Banks tomorrow(26.09.2022)

Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman will review performance of Credit and other Welfare Schemes for Scheduled Castes in.....

Tags : Performance, Credit Schemes, Review

Firewall between Credit Rating Agencies and their Affiliates(21.09.2022)

I. SEBI (Credit Rating Agencies) Regulations, 1999 ("CRA Regulations") provide for a principle-based regulation of Credit Rating Agencies (CRAs) focus.....

Tags : Firewall, Credit Rating Agencies, Regulations

Introduction of credit risk based single issuer limit for investment by mutual fund schemes in debt and money market instruments(29.11.2022)

1. As per Regulation 44(1) read with clause 1 of Seventh Schedule of SEBI (Mutual Funds) Regulations, 1996 ("MF Regulation"), a mutual fund scheme sha.....

Tags : Introduction, Credit risk, Investment

Where income is assessable to tax over a number of years, credit for tax deducted at source shall be allowed across those years in same proportion in which income is assessable to tax(30.11.2022)

Present is an appeal filed by the assessee against the order of the learned Commissioner of Income Tax (Appeals), in proceeding under Section 154 of I.....

Tags : TDS, Credit, Eligibility

Mere fact that majority debenture holders have not initiated any application under Section 7 of IBC, shall not preclude financial creditor to initiate the same(01.02.2023)

Present Appeal has been filed against the Order by which order, the Adjudicating Authority has admitted Section 7 Application filed by the Financial C.....

Tags : Financial creditor, Application, Allowability

Sectoral Deployment of Bank Credit - January 2023(28.02.2023)

Data on sectoral deployment of bank credit for the month of January 20231 collected from 40 select scheduled commercial banks, accounting for about 93.....

Tags : Sectoral Deployment, Bank Credit, Data

For claiming Input Tax Credit, genuineness of the transaction and actual physical movement of the goods has to be proved by the dealer(13.03.2023)

The issue is with respect to interpretation of Section 70 of the Karnataka Value Added Tax Act, 2003 (KVAT Act, 2003). By the impugned judgment passed.....

Tags : Purchase, Input credit, Eligibility

Sectoral Deployment of Bank Credit - December 2022(31.01.2023)

Data on sectoral deployment of bank credit for the month of December 20221 collected from 40 select scheduled commercial banks, accounting for about 9.....

Tags : Sectoral Deployment, Bank Credit, Data

Cenvat credit on the service of Repair and Maintenance during warranty period is allowable(01.03.2023)

The issue involved is that whether the Appellant is entitled for cenvat credit in respect of after sale service provided during warranty period of the.....

Tags : Warranty Period, Cenvat credit, Eligibility

Reserve Bank of India to Launch the Pilot Project for Public Tech Platform for Frictionless Credit(14.08.2023)

1. As part of the Statement on Developmental and Regulatory Policies released on August 10, 2023, Reserve Bank of India (RBI) has announced the develo.....

Tags : Pilot Project, Frictionless Credit, Public Tech Platform

Trade Credit Insurance Guidelines, 2021 - Modification to Guideline 5.3A - allowing "reverse factoring" on TReDS platforms(09.10.2023)

1. The Authority issued guidelines on trade credit insurance in September 2021 to protect business against the risk of non-payment for goods and servi.....

Tags : Trade Credit, Insurance Guidelines, Modification

Government initiatives on pre and post shipment rupee export credit, etc(20.12.2023)

Government has taken the following export promotion initiatives:-

i New Foreign Trade Policy was launched on 31st March, 2023 and it came int.....

Tags : Export promotion, Initiatives, Export credit

CENVAT credit cannot be denied on the basis that such availment was not reflected in ST-3 Returns(25.01.2024)

The brief issue to be considered in present case is as to whether the Appellant will not be eligible for CENVAT credit for the reason that the same wa.....

Tags : Cenvat credit, Denial, Legality

Phrase "Prejudicial to the interest of the Revenue" is of wide import and is not confined to loss of taxes only(11.03.2024)

In facts of present case, the assessment was completed under Section 143(3) of the Income Tax Act, 1961 (IT Act). The assessee debited the provision f.....

Tags : Assessment, MAT credit, Calculation

Amounts covered by security deposits under the agreements constitute financial debt(25.04.2024)

Present appeals take exception to judgments and orders passed by the National Company Law Appellate Tribunal (NCLAT). The issue involved is whether th.....

Tags : Financial creditor, Provision, Applicability

Process of labelling or re-labelling amounts to manufacture(30.04.2024)

Present is an appeal by the revenue under Section 35L(1)(b) of the Central Excise Act, 1944 (Central Excise Act) against the order passed by the Custo.....

Tags : Activity, CENVAT credit, Eligibility

Master Circular for Credit Rating Agencies(16.05.2024)

I. Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 ("CRA Regulations") prescribes guidelines for registration of Cre.....

Tags : Circular, Credit Rating Agencies

Rule 5 of Cenvat Credit Rules, 2004 will be applicable for the export of services prior to 14th March 2006(16.07.2024)

The appellant filed refund claims under Rule 5 of the Cenvat Credit Rules, 2004 read with Notification No. 5/2006-CE (NT) dated March 14, 2006. These .....

Tags : Cenvat Credit, Refund, Applicability

Identity, credit-worthiness and genuineness of transactions have to be explained by the assessee, if the amount pertaining to it credited in books of account(22.05.2024)

Present appeal preferred by the appellant/Revenue, challenges an order, of the Commissioner of Income Tax (Appeals) ['CIT(A)']. By the order under cha.....

Tags : Assessment, axability, Cash credit

Sectoral Deployment of Bank Credit - September 2023(31.10.2023)

Data on sectoral deployment of bank credit for the month of September 20231 collected from 40 select scheduled commercial banks, accounting for about .....

Tags : Sectoral Deployment, Bank Credit

News

SC: Financial Creditor Can be Excluded from CoC if it Got Rid of 'Related Party' Label(02.02.2021)

Supreme Court has held that a financial creditor which is not a "related party" to the corporate debtor at present can also be excluded from the Commi.....

Tags : Supreme Court, Financial Creditor

Electronic Duty Credit Ledger (Amendment) Regulations, 2022(15.09.2022)

In exercise of the powers conferred by section 51B read with section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes an.....

Tags : Electronic Duty, Credit Ledger, Regulations, 2022

AAR Tamil Nadu: Branch Eligible for Input Tax Credit for Goods and Services Tax Paid by Head Office(13.01.2020)

Appellate Authority for Advance Ruling, Tamil Nadu has held that the Input Tax Credit of tax paid by Head office for the furtherance of business would.....

Tags : AAR Tamil Nadu, Input Tax Credit

DGFT Notifies Export Quota of Broken Rice For LCs Prior To September 08, 2022(14.10.2022)

Director General of Foreign Trade has notified the export quota of broken rice for Letters of Credit (LCs) prior to September 8, 2022, for the Financi.....

Tags : Director General of Foreign Trade, Letters of Credit, broken rice

Bombay High Court: No Abetment in Act of Recovering Credit Card Dues on Behalf of Bank(23.04.2018)

Bombay High Court has held that the act of recovering credit card dues does not constitute an act of abetment.

Tags : Bombay High Court, Credit Cards

Amendment in Notification No. 48/2017-Central Tax dated the 18th October, 2017(15.01.2019)

In exercise of the powers conferred by section 147 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recomm.....

Tags : Notification, Amendment, Input tax credit

SC: 'Letter Of Credit' is Independent Contract of Sale or Underlying Transactions(11.11.2022)

Supreme Court has held that a letter of credit is independent of, and unqualified by the contract of sale or underlying transactions.

Tags : Supreme Court, Sale, Letter of Credit

Sharing of report prepared by resolution professional to both debtor and creditor(12.02.2024)

1. The resolution professional (RP) in an insolvency resolution process of a debtor under Chapter III of Part III of the Insolvency and Bankruptcy Cod.....

Tags : Sharing, Report, Debtor and creditor

NCLAT: Creditors Belonging to Different Classes Can be Given Different Treatment(03.03.2020)

National Company Law Appellate Tribunal has reconfirmed the principle that the touchstone for judging the benevolence of a resolution plan does not de.....

Tags : National Company Law Appellate Tribunal, Differential Treatment of Creditors

Participation of AIFs in Credit Default Swaps(12.01.2023)

1. SEBI (Alternative Investment Funds) Regulations, 2012 ('AIF Regulations'), have been amended and notified on January 09, 2023 to allow AIFs to part.....

Tags : Participation, AIFs, Credit Default Swaps

A collaborator in the development agreement is not a financial creditor(18.01.2023)

Present Appeal has been filed against the Order by which on an Application filed by the Home-Buyers, the Appellant has been removed from the Committee.....

Tags : Committee, Creditors, Removal

CESTAT, Bangalore: CENVAT Credit of Service Tax Can be Availed by Banks for ‘Output Services’(04.11.2020)

Customs, Excises, Service Taxes Appellate Tribunal (CESTAT), Bangalore has held that the CENVAT credit of service tax paid for insurance service recei.....

Tags : Customs, Excises, Service Taxes Appellate Tribunal, CENVAT Credit of Service Tax

Union Minister for MSME launches Union Bank MSME RuPay Credit Card(25.02.2022)

Union Minister for Micro, Small & Medium Enterprises, launched the Union MSME RuPay Credit Card of Union Bank of India. The card is being offered by U.....

Tags : Credit Card, MSME, Launch

ITAT, Chennai Disallows Deduction Claim on Receipts from Carbon Credit(12.02.2020)

Income Tax Appellate Tribunal (ITAT), Chennai has held that the receipts from the sale of the carbon credit are liable to be treated as the capital re.....

Tags : Income Tax Appellate Tribunal, Deduction Claim on Receipts from Carbon Credit

Partial Credit Enhancement to Corporate Bonds(18.05.2017)

1. Please refer to paragraph 21 (a) of the Guidelines on Partial Credit Enhancement to Corporate Bonds by Banks annexed to the circular DBR.BP.BC.No.4.....

Tags : Enhancement, Credit, Corporate Bonds

CESTAT Directs Central Excise Dept. to Reconsider Refund of Cenvat Credit to Tata Consumer Products(14.03.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore has directed the Central Excise Department to reconsider the refund of cenvat c.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, Refund of Cenvat Credit , Tata Consumer Products

Lenders Having Vested Interest in Debtor shouldn’t be Part of Creditors’ Panel: NCLT(15.04.2019)

National Company Law Tribunal (NCLT), Chennai Bench has held that a party having a vested interest /relation with a corporate debtor should not be a p.....

Tags : National Company Law Tribunal, Committee of Creditors

Income Tax Amendment Rules(27.06.2016)

The Central Board of Direct Taxes notified the 18th and 19th amendments to the Income Tax Rules 1962, introducing provisions for “foreign tax credit” .....

Tags : foreign tax credit, deduction

CENVAT Credit (Third Amendment) Rules, 2016(01.03.2016)

The Ministry of Finance notified CENVAT Credit (Third Amendment) Rules, 2016 amending CENVAT Credit Rules, 2004. Among other changes the amended Rules.....

Tags : cenvat credit, rules 2016

Cenvat Credit on Outward Transportation Services is admissible up to the place of removal(28.04.2021)

The issue involved in the present case is that whether the Appellant is entitled for Cenvat Credit in respect of Outward Transport Service which is us.....

Tags : Cenvat Credit, Entitlement

No right of representation for borrowers in proceedings by lender seeking assistance to take possession(06.08.2015)

In an application by a creditor seeking assistance to take possession of the secured asset, under Section 14 SARFAESI Act, 2002, there is no requireme.....

Tags : Assistance, secured creditor, asset, notice

Refund of accumulated Cenvat Credit is allowable on export of goods, even if, they are exempted from payment of Central Excise Duty(20.05.2024)

Present appeal has been filed by Kancor Ingredients Limited against Order-in-Appeal passed by the Commissioner (Appeals) CGST, Noida. The learned Comm.....

Tags : Cenvat Credit, Refund, Eligibility

Credit Rating-Applicable for Infrastructure Investments(05.01.2021)

In exercise of powers under Regulation 14(2) of the IRDAI (Investments) Regulations, 2016 the Authority directs Insurers to classify Infrastructure in.....

Tags : Credit Rating, Applicability, Infrastructure Investments

SC: Closer Examination of RP’s Feasibility if Plan Envisages Use of Asset Owned By Statutory Body(15.02.2024)

SC while observing that normally resolution plan’s feasibility is best decided by the commercial wisdom of Committee of Creditors, has held that when .....

Tags : Supreme Court, Resolution Plan, Committee of Creditors

Gujarat HC Grants Bail in Case of Fraudulent Claim of ITC(30.03.2022)

Gujarat High Court has approved bail to the accused who falsely claimed input tax credit (ITC) as the department has attached the immovable properties.....

Tags : Gujarat High Court, Input Tax Credit, Bail, GST evasion

Mad. HC: Juri. Akin to Revisional Juri. Must be Exercised by Adj. Authority to Assess Correctness(10.06.2024)

Mad. HC has observed that even though Adjudicating Authority may not sit in appeal over commercial wisdom of Committee of Creditors, still it is requi.....

Tags : Madras High Court, Committee of Creditors, Adjudicating Authority

ITAT, Bangalore: Assessee Living in Joint Family, Gold Credit to be Given to All Members(05.02.2021)

Income Tax Appellate Tribunal, Bangalore has ruled that when the assessee is living in joint family, gold credit provided by the Commissioner of Incom.....

Tags : Income Tax Appellate Tribunal, Gold Credit

RBI Rejects Demand of Online Merchants to Store Customers’ Credit Card Data(26.02.2021)

Reserve Bank of India has rejected the demand of top online merchants like Amazon, Microsoft, Netflix, Flipkart and Zomato to store customers’ credit .....

Tags : Reserve Bank of India, Customers’ Credit Card Data

RBI Working Paper No. 02/2019: Cross-border Trade Credit: A Post-Crisis Empirical Analysis for India(08.05.2019)

The Reserve Bank of India today placed on its website a Working Paper titled "Cross-border Trade Credit: A Post-Crisis Empirical Analysis for India" u.....

Tags : Cross-border, Trade Credit, Analysis

SC Quashes NCLAT Order which held that Dissenting Financial Creditor should not be Discriminated(11.11.2019)

Supreme Court has quashed an order passed by the National Company Law Appellate Tribunal which ruled that a dissenting financial creditor cannot be di.....

Tags : SC, Financial Creditor

ITC Case: Tel. HC Directs CGST To Forward All Investigation & Related Documents To State(19.01.2024)

In a case where Petitioner was served with a notice directing to reverse Input Tax Credit (ITC), Telangana HC has directed the Preventive Wing & DGGI .....

Tags : Input Tax Credit, Preventive Wing, DGGI Wing

Central Government notifies Public Tech Platform for Frictionless Credit(22.02.2024)

In exercise of the powers conferred by section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017) and section 20 of the Integrated Good.....

Tags : Public Tech, Platform, Frictionless Credit

Credit/Investment Concentration Norms(15.01.2024)

1. Please refer to the following instructions, as amended from time to time: (i) paragraphs 32, 91 and 110.4.2 of Master Direction - Reserve Bank of I.....

Tags : Credit, Investment Concentration, Norms

Mad. HC: Refund Claim to Be Examined on Basis of Documents of Availment of ITC & Export of Products(05.02.2024)

Madras High Court has held that refund claim has to be examined and determined on the basis of documents pertaining to the availing of Input Tax Credi.....

Tags : Madras High Court, Input Tax Credit, Refund Claim

GST: Input Tax Credit Limit on Existing Stocks Raised to Support Transition Period Sales(05.06.2017)

GST Council has decided to increase limit on input tax credit to 60% from earlier proposed 40% on items with excise rates above 18%, bringing some res.....

Tags : GST Council, Input Tax Credit

AAR, Telangana: ITC Can be Claimed on IGST Paid Both on Imports Intra & Inter-State Sales, Rules(20.04.2022)

Authority of Advance Ruling, Telangana has observed that Integrated Goods and Services tax paid on imports is eligible to be availed as an Input Tax C.....

Tags : Authority of Advance Ruling, Integrated Goods and Services Tax, Input Tax Credit

Carry Forward of un-availed Cenvat Credit in respect of assignment of right to use any natural resource under GST(14.06.2017)

Cenvat Credit Rules, 2004 provide that credit of Service Tax paid in a Financial Year, on the onetime charges payable in full upfront or in installmen.....

Tags : Cenvat Credit, Un-availed, Carry Forward, GST

Operational Creditors should Get a Say and Vote in Insolvency Process: SC(14.12.2018)

Supreme Court has observed that Operational creditors of companies undergoing the corporate insolvency resolution process should have a say in the com.....

Tags : Supreme Court, Operational Creditors, Insolvency Process

SC: Only Expressly Created Statutory Charges can Take Precedence Over Secured Creditors' Claim(05.12.2019)

Supreme Court has reiterated that only expressly created statutory first charges under Central and State laws can take precedence over the claims of s.....

Tags : SC, Secured Creditors

Registered Trade Union can File Insolvency Petition as Operational Creditor: SC(01.05.2019)

Supreme Court has held that a registered trade union can maintain a petition as an operational creditor on behalf of its members.

Tags : Supreme Court, Operational Creditor, Registered Trade Union

CESTAT, Ahmadabad: Cenvat Credit Can’t be Denied for Warranty Services Provided Free of Cost(01.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Ahmadabad has reiterated that the cenvat credit can’t be denied on warranty services during the war.....

Tags : Customs Excise and Service Tax Appellate Tribunal, cenvat credit, warranty services

CESTAT, New Delhi: No Denial of Cenvat Credit Merely on Procedural Irregularity(29.04.2022)

Customs, Excise & Service Tax Appellate Tribunal, New Delhi has observed that no denial of cenvat credit simply on procedural irregularity.

Tags : Customs, Excise & Service Tax Appellate Tribunal, cenvat credit

CESTAT, Ahmedabad: Non-filing of Declaration Can’t be Reason to Refuse Reversal of Credit(11.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that mere non filing of declaration can’t be a reason to deny the proportion.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Cenvat Credit Rules, 2004, Reversal of Credit

All. HC: Assessee Must Prove Transaction Beyond Doubt to Claim ITC(20.10.2023)

Allahabad High Court has held that onus is to be discharged by the assessee to prove and establish beyond doubt the actual transaction and physical mo.....

Tags : Allahabad High Court, Input Tax Credit, Transaction

Karnataka High Court: Input Tax Credit Cannot be Refused to Buyer if Seller Discharges Tax Liability(26.06.2019)

Karnataka High Court has noted that if the Assessee purchaser proves that the seller has already discharged the tax liability, then the Revenue cannot.....

Tags : Karnataka High Court, Input Tax Credit

CESTAT, New Delhi: Amount on Alleged Wrongly Availed Cenvat Credit Liable to be Refunded(02.03.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), New Delhi has held that the amount on alleged wrongly availed Cenvat Credit deposited at .....

Tags : Customs, Excise and Service Tax Appellate Tribunal, Cenvat Credit

RBI Issues Norms for Partial Credit Enhancement to Corporate Bonds(29.05.2017)

Reserve Bank of India has issued norms for Partial Credit Enhancement to Corporate Bonds making it mandatory for corporate bonds to have rating by a m.....

Tags : Reserve Bank of India, Partial Credit Enhancement

AAR, Gujarat: GST ITC Admissible on Bus Hired for Employees Transportation(02.05.2022)

Authority of Advance Ruling, Gujarat has observed that the Goods and Services Tax Input Tax Credit is permissible on buses hired for transportation of.....

Tags : Authority of Advance Ruling, Goods and Services Tax, Input Tax Credit, 13 passengers

NCLT, Kolkata: IRP Against Legal Heirs of Personal Guarantor by Financial Creditor Not Permissible(11.04.2022)

National Company Law Tribunal, Kolkata has held that the application is not maintainable against legal heirs of the Personal Guarantor under the Insol.....

Tags : National Company Law Tribunal, Financial Creditor, Personal Guarantor, Bank of Baroda

Foreign investment limits in Credit Information Companies revised(19.05.2016)

Foreign Direct Investment caps in Credit Information Companies have been raised significantly, including up to 100 per cent foreign ownership.

Tags : Credit information company, foreign investment

CESTAT Mumbai: Cenvat Credit Cannot be Refused Due to Mere Technical Irregularities(27.06.2019)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai has noted that the Cenvat Credit cannot be refused to the Assessee merely due to t.....

Tags : CESTAT Mumbai, Cenvat Credit

Cenvat Credit is available in case of outward transportation for the services availed from the place of removal up to the customers place(29.04.2022)

The issue involved in the present case is that whether the Appellant is entitled for cenvat credit in respect of outward GTA for period prior to 1st A.....

Tags : Cenvat credit, Entitlement, Outward transportation

MP HC Issues Guidelines on S.14 Appln Filed by Secured Creditors under SARFAESI Act(27.11.2023)

Madhya Pradesh High Court while observing that inaction of DM/ADM/ CJMs has resulted in secured creditors rushing to High Court, leading to opening of.....

Tags : Madhya Pradesh High Court, SARFAESI Act, Secured Creditors, Section 14, Guidelines

Cal. HC: Right of Reg. Person to Take ITC Vested Right Only if Conditions to take it are Fulfilled(15.12.2023)

Calcutta High Court has held that the right of a registered person to take input tax credit (ITC) under Section 16(1) of the GST Act becomes a vested .....

Tags : Calcutta High Court, Input Tax Credit, GST

CESTAT: No denial of Credits to Recipient Even if Duty was Legally Not Payable by Supplier(23.01.2020)

Customs Excise and Service Tax Appellate Tribunal (CESTAT) has held that Input tax credits cannot be denied to the recipient even if the duty was lega.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Input Tax Credit to Recipient

CESTAT, Chennai: No Denial of Refund of Cenvat Credit for Premises Being Unregistered(24.02.2020)

Customs Excise and Service Tax Appellate Tribunal (CESTAT), Chennai has held that the refund of input Cenvat credit cannot be denied for the reasons o.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Denial of Refund of Cenvat Credit

CESTAT, Delhi: Spent Acid is not Exempted Good(14.04.2022)

Customs, Excise and Service Tax Appellate Tribunal, Delhi, has quashed a demand, observing that since Spent Acid is not an exempted good, hence, the p.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, Spent Acid, Rule 6(3) of CENVAT Credit Rules, 2004

Speedy disbursal of pending refund claims of exporters of services(16.11.2015)

The Central Board of Excise and Customs released a Circular outlining its scheme to fast track sanction of refunds of accumulated CENVAT credit to exp.....

Tags : Cenvat credit, fast track, refund

Gujarat High Court Issues Notice to Centre Over Input Tax Credit Denial to Restaurants(19.11.2019)

Gujarat High Court has issued a notice to the Centre seeking to know why the option of input tax credit under Goods and Services Tax regime is not ava.....

Tags : Gujarat High Court, Input Tax Credit

NCLAT: Limitation Period Applicable to Application Filed by Financial Creditor(16.03.2020)

National Company Law Appellate Tribunal has reversed the order of the National Company Law Tribunal, Ahemdabad holding that the order of admission of .....

Tags : National Company Law Appellate Tribunal, Limitation on Application by Financial Creditor

NCLAT, Delhi: Operational Creditor is At Liberty to File Legal Proceedings to Recover Claims(21.02.2022)

National Company Law Appellate Tribunal (NCLAT), Delhi has held that the Operational Creditor is at liberty to file appropriate legal proceedings to r.....

Tags : National Company Law Appellate Tribunal, Operational Creditor

CESTAT: No Provision in Cenvat Credit Rules to Allow Cash Refund of Cess in Cenvat Credit Balance(06.05.2024)

Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that there is no provision in the Cenvat Credit Rules, 2004 or in .....

Tags : CESTAT, Cenvat Credit Rules, Central Excise Act, Cenvat credit

SC: Credit Note Issued in Consideration of Replacement of Defective Part Attracts Sales Tax(17.05.2023)

Supreme Court has held that credit note issued by manufacturer of automobiles to its dealer in consideration of replacement of defective part pursuant.....

Tags : Supreme Court, Sales Tax, Credit Note, Defective Part

Kerala HC: Cancellation of Registration Not Informed Through News Paper and Notice As Per Kerala VAT(04.05.2022)

Kerala High Court has held that the dealer is eligible for the input tax credit during the transition period since the cancellation of registration ha.....

Tags : Kerala High Court , input tax credit, cancellation, Form No.5 B

Gujarat High Court Issues Notices Over Blocking of Input Tax Credit under Rule 86A(15.12.2020)

Gujarat High Court has issued the notices to the Central and State over blocking of Input Tax Credit (ITC) under Rule 86A of the Central Goods and Ser.....

Tags : Gujarat High Court, Blocking of Input Tax Credit

National Anti- Profiteering Authority: Builders Should Pass Benefit of Input Tax Credit to Buyers(13.01.2020)

National Anti- Profiteering Authority has held that if the builders have denied the benefit of Input Tax Credit to the buyers, then they are liable to.....

Tags : National Anti- Profiteering Authority, Input Tax Credit

CESTAT Allows Cenvat Credit To Satyam Computer for Service Tax Paid on Medical Insurance Premium(14.10.2022)

Customs, Excise and Service Tax Appellate Tribunal, Hyderabad has granted a cenvat credit to Satyam Computer for service tax paid on insurance premium.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, cenvat credit, service tax, insurance premiums

Madras HC Quashes Notices Denying of Transition of Credit in Respect of TDS(16.03.2021)

Madras High Court has ruled on the Transition of VAT TDS credit into GST ITC wherein it quashed the notices issued by the Commercial Tax Authorities p.....

Tags : Madras High Court, Transition of Credit

Madras HC:Recovery Can Only be Started Once Amount of Excess Credit Has Been Quantified in Assessment(12.06.2019)

Madras High Court has observed that power to punish would stand triggered only once it is established that an Assessee has ‘committed’ an offence.

Tags : Madras HC, Excess Credit

CESTAT: Cenvat Credit Available in Outward Transportation From Place of Removal to Customers Place(05.05.2022)

Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that cenvat credit is available in case of outward transportation for the s.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, cenvat credit, outward transportation

AAR: Input Tax Credits Can be claimed on Leased Goods Transport Vehicle(24.01.2020)

Authority for Advance Ruling (AAR), West Bengal has ruled that Input Tax Credits can be claimed in accordance with the law on the leased goods transpo.....

Tags : Authority for Advance Ruling, Input Tax Credit, Lease Goods Transport Vehicle

Gujarat HC Dismisses Review Petition Against Judgment Allowing Transitional Credits(26.02.2020)

Gujarat High Court has dismissed a review petition filed by the revenue department against a judgment wherein an Applicant was allowed to file the dec.....

Tags : Gujarat High Court, Transitional Credits

Gujarat HC Directs Revenue to Re-Credit Input Tax Credit in Electronic Tax Ledger of Writ Petitioner(15.04.2022)

Gujarat High Court has directed the revenue to re-credit/restore the Input Tax Credit (ITC) to the tune of INR 1,39,49,810 in the electronic tax ledge.....

Tags : Gujarat High Court, Re-Credit Input Tax Credit

Withdraw export benefits only prospectively in case of accrued vested rights(27.10.2015)

The Supreme Court has ruled that amendments to the government’s Target Plus Scheme, to increase exports of certain goods, cannot be applied retrospect.....

Tags : Target plus, duty credit, amendment, retrospective

Grant of recognition to CDSL Ventures Limited as an accreditation agency(12.01.2022)

Amendments to SEBI (Alternative Investment Funds) Regulations, 2012 [Last amended on November 09, 2021] SEBI (Portfolio Managers) Regulations, 2020 [L.....

Tags : Recognition, Grant, Accreditation agency

CESTAT Allows Cenvat Credit to Delhi Metro Rail Corporation on Consulting Engineer’s Services(17.02.2023)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi bench has granted Delhi Metro Rail Corporation a cenvat credit for consulting engin.....

Tags : CESTAT, Delhi Metro, Cenvat Credit

AAR West Bengal: No Input Tax Credit on Motor Vehicles Bought for Rent-a-Cab Service(13.06.2019)

Authority for Advance Rulings (AAR), West Bengal has noted that the GST paid on the purchase of motor vehicles for supplying rent-a-cab service is not.....

Tags : AAR West Bengal, Input Tax Credit

Conversion of Kisan Credit Cards into Rupay Cards(07.02.2017)

Under revised Kisan Credit Card (KCC) Scheme issued by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD), w.....

Tags : Credit card, Rupay card, Conversion

No Input Tax Credit if GST Returns Not Filed: Telangana HC(23.04.2019)

Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the.....

Tags : Telangana High Court, Input Tax Credit, GST Return

ITAT, Bangalore: Delay in Filing Form 67 Cannot be Reason to Deny Foreign Tax Credit(31.03.2022)

Income Tax Appellate Tribunal, Bangalore has observed that Rule 128 of the Income Tax Rules which requires the assessee to submit Form 67 before filin.....

Tags : Income Tax Appellate Tribunal, Rule 128 of the Income Tax Rules, filing Form 67, Form 67, Foreign Tax Credit

Chhattisgarh HC Rejects Bail to Person Allegedly Involved in Fraudulent ITC(26.04.2022)

Chhattisgarh High Court has rejected the statutory bail application filed by persons, who is concerned in fraudulent Input Tax Credit.

Tags : Chhattisgarh High Court, bail, Input Tax Credit

Bombay HC: Banks Can Avail CENVAT Credit of Service Tax paid on Insurance Service(11.12.2020)

Bombay High Court held that the banks can avail CENVAT credit of service tax paid on insurance service received from Deposit Insurance Corporation.

Tags : Bombay High Court, CENVAT Credit of Service Tax

Kerala HC: Credit Rating Agencies Legally Bound to Consider Objections Against Rating(25.01.2021)

Kerala High Court has held that updation of CIBIL score is a borrower's statutory right and therefore, credit rating agencies are legally bound to con.....

Tags : Kerala High Court, Credit Rating Agengices

CBIC: ITC Can be Availed Based on Details Available in Form GSTR-2B(16.03.2021)

Central Board of Indirect Taxes and Customs (CBIC) has clarified that Input Tax Credit (ITC) can be availed based on details available in FORM GSTR-2B.....

Tags : Central Board of Indirect Taxes and Customs, Input Tax Credit

Orissa HC Grants Bail to Person Accused of Availing Bogus Input Tax Credit(22.02.2022)

Orissa High Court has granted the bail to the person accused of availing bogus Input Tax Credit worth Rs. 20.45 crores and held that denial of bail c.....

Tags : Orissa High Court, Bogus Input Tax Credit

Govt: No Restriction on Cash Dealings of Above Rs 2 lakh for Credit Card Bill Payments(05.07.2017)

Revenue Department has said that restrictions on cash dealings of Rs 2 lakh or more will not apply to credit card bill payments, business corresponden.....

Tags : Credit Card Bill Payments

Tel. HC: Accreditation to Working Journalists to be Granted on Fair and Reasonable Criteria(17.07.2024)

Telangana High Court while addressing issues of media accreditation on language based criteria, has observed that if the State Government decides to a.....

Tags : Telangana High Court, Media Accreditation, Language Based Criteria

CESTAT: Cenvat Credit in Outward Transportation for Services From Place of Removal to Customers Place(05.05.2022)

Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that cenvat credit is available in case of outward transportation for the s.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, cenvat credit, outward transportation

CCI to examine - Whether ITC availed or reduction in tax rate actually resulted in commensurate reduction in price of goods or services or both(23.11.2022)

1.In exercise of the powers conferred by sub-section (2) of section 171 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Gove.....

Tags : Powers, Competition Commission, Input tax credits

SC: NCLT/NCLAT Cannot Interfere with Commercial Wisdom of Committee of Creditors(11.03.2021)

Supreme Court has reiterated that the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) cannot interfere wit.....

Tags : Supreme Court, Commercial Wisdom of Committee of Creditors

AAR, Telangana: ITC Can Be Availed on IGST Paid Both on Imports Intra & Inter-State Sales Authority(20.04.2022)

Allahabad High Court has observed that the Court for the reason of an application under Section 29A of the Arbitration and Conciliation Act, 1996 woul.....

Tags : Authority of Advance Ruling, Goods and Services Tax, 2017, Input Tax Credit

Delhi HC:Creditor Cannot be Given Preferential Treatment Towards Satisfaction of Compromise Decree(13.08.2019)

Delhi High Court has while rejecting a contempt petition held that contempt proceedings could not be used to execute an order of payment whose executi.....

Tags : Delhi HC, Creditor

CESTAT Ahmedabad: Cenvat Credit Allowable to Legal Consultancy Services(30.08.2019)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Ahmedabad Bench has ruled that the legal consultancy services can be treated as an input f.....

Tags : CESTAT Ahmedabad, Cenvat Credit

Bombay High Court Rejects AAAR Order Denying Input Tax Credit on ‘Cash Carry’ Vans(17.07.2019)

Bombay High Court has set aside an order passed by the Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR) on admissi.....

Tags : Bombay High Court, Input Tax Credit

Credit flow to Micro, Small and Medium Enterprises Sector(02.07.2020)

1. Please refer to circular RPCD.PLNFS.BC.No.63/06.02.31/2006-07 dated April 4, 2007 containing definition of Micro, Small and Medium Enterprises as p.....

Tags : Credit flow, Msme, Classification

ITAT: TDS Credit is Allowable if Not Claimed in Subsequent Year(03.06.2022)

Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that TDS credit was allowed if it was not claimed in subsequent year.

Tags : ITAT, TDS Credit

Availment of credit on the strength of photocopies of the invoices is a procedural lapse and cannot be made the basis to disallow the credit(13.06.2022)

The limited issue involved in the present case is that the Revenue denied Cenvat credit availed on the strength of Xerox copies of the purchase invoic.....

Tags : Cenvat credit, Denial, Validity

DGGI Issues Notice to Swiggy for Wrongfully Availing ITC(03.06.2022)

Director-General of GST Intelligence (DGGI), Hyderabad has issued a notice to the operator of food delivery app Swiggy In a case on alleged GST evasio.....

Tags : DGGI, GST Evasion, Tax Credit

IBBI Asks to Furnish Extracts of GSTR-1, GSTR-3B & E-Way Bills Along With Application(17.06.2022)

Insolvency and Bankruptcy Board of India (IBBI) has notified that the operational creditors shall furnish extracts of GSTR-1, GSTR-3B and e-way bills,.....

Tags : IBBI, GSTR, Operational Creditors

Exim Bank's Government of India supported Line of Credit of USD 800 million to the Government of the Republic of Maldives(05.09.2019)

Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 18, 2019 with the Government of the Republic of Maldives for making .....

Tags : Credit, Republic, Maldives, Support

RBI requires frequent updates on CP and UFCE investments(23.06.2016)

Investment by banks and financial institutions in commercial papers will have to be reported monthly to all credit information companies, the Reserve .....

Tags : commercial paper, unhedged exposure, reporting, credit company

Gujarat High Court Grants Bail to Accused in Fake GST ITC Claim(30.03.2022)

Gujarat High Court has affirmed the legality of the provisional attachment proceedings initiated by the GST department and granted bail to the accused.....

Tags : Gujarat High Court, GST, Input Tax Credit

CESTAT, New Delhi Sets Aside Order Denying Cenvat Credit to Buyer(26.04.2022)

Customs, Excise & Service Tax Appellate Tribunal, New Delhi has observed that the allegation against supplier was proved not true and set aside the or.....

Tags : Customs, Excise & Service Tax Appellate Tribunal, cenvat credit

CESTAT, Ahmedabad: Cenvat Credit Allowable on Courier Services Used for Export of Goods(11.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that cenvat credit is allowable for courier services on the amount of input .....

Tags : Customs Excise and Service Tax Appellate Tribunal, cenvat credit, input tax, courier services

CESTAT: Credit Availed on Service Tax Paid on Deposit Insurance Service Eligible for CENVAT Credit(13.06.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai bench has held that credit availed by the Indian Overseas Bank on the Service Tax.....

Tags : CESTAT, CENVAT Credit, Service Tax

SC: No Compulsion for Companies to Give Names of All Secured/Unsecured Creditors in Balance Sheet(24.10.2024)

Supreme Court while dismissing plea of corporate debtor's suspended director against initiation of CIRP, has observed that it is not compulsory for co.....

Tags : Supreme Court, Unsecured Creditors, Balance Sheet, Secured Creditors

CESTAT, Chennai: Employer Ineligible for Cenvat Credit on Canteen Services(30.03.2022)

Customs Excise and Service Tax Appellate Tribunal, Chennai has observed that the employer is not eligible for the cenvat credit on the canteen service.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Cenvat Credit, Input Service Credit

CESTAT Delhi Confirms Order Denying Credit(21.06.2021)

Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ), Delhi bench has held that the cenvat credit is not allowable on the capital goods for .....

Tags : CESTAT Delhi, Credit

CESTAT, Delhi: Place of Removal is Premises of Buyer to Avail Cenvat Credit on Outward Transport(11.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Delhi has observed that the place of removal for availing cenvat credit on outward transport is the.....

Tags : Customs Excise and Service Tax Appellate Tribunal, cenvat credit, Rule 2(l) of the Cenvat Rules, 2004

ITAT: TDS Not Applicable to Commission to Credit Card Company Under Section 194H of IT Act(09.06.2022)

Income Tax Appellate Tribunal (ITAT), Delhi bench has held that TDS under Section 194H of the Income-Tax (IT) Act, 1961 is not applicable to the amoun.....

Tags : ITAT, Income-Tax Act, Credit Card

CESTAT: Imposition of Penalty Under CENVAT Credit Rule Will Not Sustain if Facts Not Suppressed(22.06.2022)

Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Delhi Bench has held that imposition of penalty under the CENVAT Credit rule will not susta.....

Tags : CESTAT, CENVAT Credit Rule, Penalty

SC: IBC Overrides Provisions of Electricity Act, 2003(18.07.2023)

Supreme Court while observing that Section 238 of Insolvency and Bankruptcy Code (IBC) override provisions of the Electricity Act, 2003, has held that.....

Tags : Supreme Court, IBC, Electricity Act, Secured Creditors

NCLAT: COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT(19.10.2022)

National Company Law Appellate Tribunal, Delhi has ruled that when the Committee of Creditors (CoC) decides to liquidate the Corporate Debtor, the dec.....

Tags : National Company Law Appellate Tribunal, Committee of Creditors, Corporate Debtor, liquidation

CESTAT: Refund of Unutilised Credit Can't Denied if Amount Voluntarily Debited/Credited in GSTR-3B(20.01.2020)

Customs Excise and Service Tax Appellate Tribunal, Mumbai has held that the refund of unutilized credit cannot be denied if the Assessee voluntarily d.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Refund of Unutilised Credit

CESTAT, Mumbai: Cenvat Credit Permissible on Renting Premises Outside Manufacturing Factory Unit(19.02.2020)

Customs Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai has held that Cenvat Credit is permissible on renting of premises outside the manuf.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Cenvat Credit Permissible on Renting Premises

NAA to Builders: Flat Buyers Cannot Wait Endlessly to Receive Input Tax Credit(19.06.2019)

National Anti-Profiteering Authority (NAA) while dismissing a plea by a real estate developer has observed that since flats are sold in installments w.....

Tags : NAA, Input Tax Credit

CESTAT, Mumbai Allows Refund of CENVAT Credits on Service Tax Paid on Import of Services(11.05.2022)

Customs, Excise and Service Tax Appellate Tribunal, Mumbai has allowed the refund of CENVAT credits against payment of Service Tax paid during the Goo.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, CENVAT credits, Service Tax, Goods and Service Tax, Reverse Charge Mechanism

CENVAT Credit (Fifth Amendment) Rules, 2015(29.10.2015)

The Ministry of Finance released Amendment Rules amending the CENVAT Credit Rules, 2004. Focused primarily on Education and Higher Education cess. The.....

Tags : Cenvat, credit, cess, education, 2015

Jharkhand HC: ITC Can be Denied on Inter-State Sale or Transfer of Stock(30.03.2022)

Jharkhand High Court has observed that Input Tax Credit can be denied under Section 18(8)(ix) of the Jharkhand Value Added Tax Act, 2005 on Inter-Stat.....

Tags : Jharkhand High Court, Input Tax Credit, Section 18(8)(ix) of the Jharkhand Value Added Tax Act, 2005

Supreme Court: Financial Creditor Status Meant to Protect Homebuyers' Interest(25.07.2019)

Supreme Court has observed that amendment in the Insolvency and Bankruptcy Code to give status of financial creditor to homebuyers is meant to protect.....

Tags : Supreme Court, Financial Creditor

CESTAT, Delhi: No Malafide Intention on Claiming Cenvat Credit on Rent a Cab Service(08.04.2022)

Customs, Excise and Service Tax Appellate Tribunal, Delhi has confirmed a demand in relation to availment of cenvat credit of service tax paid on rent.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, cenvat credit, service tax, rent-a-cab service, malafide intention

ITAT: TDS Credit Can be Claimed From the Country in Which Income was Taxed(08.06.2022)

Income Tax Appellate Tribunal (ITAT), Delhi has held that TDS credit can be claimed from the country in which the income was taxed.

Tags : ITAT, TDS Credit

Clarification regarding availability of Transitional Credit for GST(17.08.2017)

As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST,.....

Tags : Transitional Credit, GST, Clarification

Assignment is a transaction independent of sale of secured asset(04.08.2015)

The assignment of debt by a secured creditor is an independent transaction, which does not affect either the liability or the rights of the borrower. .....

Tags : security, assignment, secured creditor, transfer of debt

CESTAT, Mumbai Holds 4G Mobile Towers that are Movable in Nature and Eligible for CENVAT Credit(20.04.2022)

Customs, Excise & Service Tax Appellate Tribunal, Mumbai has ruled that the 4G mobile towers are movable in nature and entitled for CENVAT credit.

Tags : Customs, Excise & Service Tax Appellate Tribunal, 4G mobile towers, CENVAT credit

Govt: Service Recipients Can Carry Forward Unavailed Credit of Service Tax under GST Regime(19.06.2017)

Central Government has amended Cenvat Credit Rules to enable service recipients to carry forward unavailed credit of Service Tax under GST regime whic.....

Tags : Cenvat Credit Rules

SC: Certificate of Recovery in Favour of Financial Creditor Gives Fresh Cause to Initiate CIRP(05.08.2021)

Supreme Court has observed that a judgment and/or decree for money in favour of the Financial Creditor, or the issuance of a Certificate of Recovery i.....

Tags : Supreme Court, Certificate of Recovery in Favour of Financial Creditor

ITAT: Form 67 shall be Filed on or Before Income Tax Return Due Date(16.06.2022)

Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench has held that in order to avail the deduction of foreign tax credit, it is mandatory to file.....

Tags : ITAT, Foreign Tax Credit, Form 67

Regulatory measures towards consumer credit and bank credit to NBFCs(16.11.2023)

1. Please refer to Governor's Statement dated October 6, 2023 flagging the high growth in certain components of consumer credit and advising banks and.....

Tags : Regulatory measures, Credit, NBFCs

NCLT, Cuttack: Related Party of Financial Creditor Not Barred U/S 29A To Submit A Resolution Plan(21.10.2022)

National Company Law Tribunal, Cuttack has observed that the Insolvency and bankruptcy Code does not bar a related party of the Financial Creditor fro.....

Tags : National Company Law Tribunal, Financial, Creditor

Authority for Advance Ruling: Dealers Eligible for Input Tax Credit on Demo Cars(21.01.2020)

Authority for Advance Ruling, Maharashtra has held that input tax credit charged on inward supply of demo cars, which are used for demonstration purpo.....

Tags : Authority for Advance Ruling, Input Tax Credit on Demo Cars

Gujarat High Court Issues Notice Over Input Tax Credit on Gifts(20.02.2020)

Gujarat High Court has issued notices to the Centre, State Government, Goods and Services Tax Council and Indirect Tax Board in a case related to the .....

Tags : Gujarat High Court, Input Tax Credit on Gifts

CESTAT, Chandigarh: Benefit of Cenvat Cannot be Denied Due to Faulty Investigation(08.06.2021)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chandigarh has held that the benefit of Cenvat credit cannot be denied to the taxpayer on.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, Cenvat Credit

Tel. HC: Denying Accreditation to District, Constituency-Level Journalists is Unjustified(06.08.2024)

Tel HC while quashing the Schedule that categorizes small newspapers into four tiers for accreditation purposes, has held that depriving the journalis.....

Tags : Telangana High Court, Accreditation, Small Newspapers

AAR Tamil Nadu: Branch Eligible for Input Tax Credit for Goods and Services Tax Paid by Head Office(13.01.2020)

Appellate Authority for Advance Ruling, Tamil Nadu has held that the Input Tax Credit of tax paid by Head office for the furtherance of business would.....

Tags : AAR Tamil Nadu, Input Tax Credit

DGFT Notifies Export Quota of Broken Rice For LCs Prior To September 08, 2022(14.10.2022)

Director General of Foreign Trade has notified the export quota of broken rice for Letters of Credit (LCs) prior to September 8, 2022, for the Financi.....

Tags : Director General of Foreign Trade, Letters of Credit, broken rice

Clarification in respect of transfer of input tax credit in case of death of sole proprietor(28.03.2019)

Doubts have been raised whether sub-section (3) of section 18 of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as 'CGST Act') .....

Tags : Transfer, Input tax credit, Clarification

Telangana HC: Scrutiny By IT Department Barred For The Period Covered By The Resolution Plan(28.01.2022)

Telangana High Court has observed that for the period covered by the Resolution Plan, Income Tax Department cannot carry out any scrutiny or assessmen.....

Tags : Income Tax Act, Insolvency and Bankruptcy Code, Corporate Debtor, Financial Creditor

Delhi HC: Foreign Creditors Can't be Treated Differently From Domestic Creditors(09.05.2022)

Delhi High Court has observed that in the modern times of globalization, foreign creditors cannot be treated differently from domestic creditors.

Tags : Delhi High Court, globalization, foreign creditors, domestic creditors

Sectoral Deployment of Bank Credit - July 2023(31.08.2023)

Data on sectoral deployment of bank credit for the month of July 20231 collected from 40 select scheduled commercial banks, accounting for about 93 pe.....

Tags : Sectoral Deployment, Bank Credit, July 2023

Delhi HC Seeks Centre’s, RBI’s Reply on Credit, Debit Card Surcharge Levy(16.11.2016)

Delhi High Court has sought response from Centre and RBI on a PIL contending that surcharge levied on credit and debit card transactions was "illegal".....

Tags : Delhi High Court, surcharge, credit card, debit card

International Cases

Singapore HC preemptively restrains creditor meeting(10.12.2015)

Singapore High Court granted an order of restraint against creditors of a company in receivership, installing, essentially, a moratorium till the Appl.....

Tags : Singapore, restraint, creditor meeting, preempt

Homebuyers Seek Review of Judgment Classifying Greater Noida Industrial Authority as Secured Cred.(09.04.2025)

Homebuyers' association has filed a plea in the Supreme Court seeking review of its judgment classifying Greater Noida Industrial Development Authorit.....

Tags : Supreme Court, Homebuyers' Association, Secured Creditor

ITAT: Income Tax Dept. Can’t Deny TDS Credit to Assessee Once it is Deducted by Employer(04.07.2022)

Income Tax Appellate Tribunal (ITAT), Surat Bench has allowed a claim of TDS credit to the assessee by observing that the same cannot be rejected if t.....

Tags : ITAT, TDS Credit, Deduction

Delhi HC: Can’t Deny Applications for ITC Refund on Mere Suspicion(13.03.2023)

Delhi High Court while directing Department to initiate a refund of Input Tax Credit (ITC) has held that applications for refund of ITC cannot be reje.....

Tags : Delhi High Court, Input Tax Credit, Refund

NCLT: Salary During Notice Period Does Not Fall Within the Definition of 'Operational Debt' Under IBC(26.05.2022)

National Company Law Tribunal, Mumbai Bench has held that salary for purported notice period amounts to specific performance of the appointment letter.....

Tags : National Company Law Tribunal, Operational Debt, Operational Creditor

CESTAT, Delhi: Manufacturer Entitled to Avail Cenvat Credit on Port Charges(22.06.2021)

Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi has ruled that the manufacturer is entitled to avail cenvat credit on port charges.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, Cenvat Credit on Port Charges

Delhi HC: Challenge Against Action Taken by Secured Creditor Won’t Bar Arbitration Proceedings(23.11.2022)

Delhi High Court has held that even if a party intended to take action under Section 17 of SARFAESI Act by filing a petition before Debt Recovery Trib.....

Tags : Delhi High Court, Secured Creditor, Arbitration

Madras HC: Proceeds on Sale of Certified Emission Reduction Credit is Capital Receipt(10.03.2021)

Madras High Court has held that proceeds realized on sale of Certified Emission Reduction Credit, which had been earned on the Clean Development Mecha.....

Tags : Madras High Court, Proceeds on Sale of Certified Emission Reduction Credit

Delhi HC Grants Bail to Person Accused Of Fraudulently Claiming ITC(18.04.2022)

Delhi High Court has allowed bail to the person accused of fraudulently claiming an input tax credit under the Central Goods and Services Tax Act, 20.....

Tags : Delhi High Court, Central Goods and Services Tax Act, 2017, input tax credit

NCLAT:Financial Creditor Cannot Question Insolvency Proceedings Started by Another Financial Creditor(26.08.2019)

National Company Law Appellate Tribunal (NCLAT) while rejecting an appeal filed by L & T Infrastructure Finance Company Ltd ruled that a Financial Cre.....

Tags : NCLAT, Financial Creditor

SEBI Tightens Norms for Credit Rating Agencies(02.11.2016)

Securities and Exchange Board of India (Sebi) has asked Credit Rating Agencies to frame detailed rules for rating criteria, processes and responsibili.....

Tags : SEBI, Credit Rating Agencies , Rating Analysts

CESTAT: Providing Trained Manpower to Overseas Customers is Not an Intermediary(11.07.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai Bench has held that providing trained manpower to overseas customers is not an int.....

Tags : CESTAT, CENVAT Credit, Overseas Customers

ITAT, Pune: Addition for Unexplained Cash Credit Can’t be Merely on Suspicion(12.03.2020)

Income Tax Appellate Tribunal (ITAT), Pune has held that additions for unexplained cash credits under Section 68 of the Income Tax Act, 1961 cannot be.....

Tags : Income Tax Appellate Tribunal, Unexplained Cash Credit

CESTAT, Delhi: Cenvat Credit Admissible for Input Service Used in Storage Facilities(07.04.2021)

Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT), Delhi has ruled that the Cenvat Credit is admissible for input service used in storag.....

Tags : Customs, Excises, and Service Taxes Appellate Tribunal, Cenvat Credit

SC: Dealer Must Prove Transaction Beyond Reasonable Doubt to Claim Input Tax Credit(15.03.2023)

Supreme Court has held that under Section 70 of Karnataka Value Added tax Act, dealer claiming Input Tax Credit on purchase ought to prove and establi.....

Tags : Supreme Court, Input Tax Credit, Karnataka Value Added tax Act

ITAT: Onus to Prove Creditworthiness of Unexplained Credit is on Assessee(26.05.2022)

Income Tax Appellate Tribunal (ITAT), Allahabad Bench has held that the onus to prove the creditworthiness of the unexplained credit is on the Assesse.....

Tags : ITAT, Onus, Creditworthiness

Rajasthan HC Dismisses Plea for Declaration of Unaccredited Journalist as Frontline Health Workers(01.07.2021)

Rajasthan High Court has dismissed a Public Interest Litigation seeking declaration of non-accredited journalists as frontline health workers during t.....

Tags : Rajasthan High Court, Declaration of Unaccredited Journalist as Frontline Health Workers

SC: Power of Attorney Holder of Financial Creditor Who Had Been Given Authorisation(01.10.2021)

Supreme Court has observed that the power of attorney holder of a financial creditor who has been given authorisation can file an application under Se.....

Tags : Supreme Court, Power of Attorney Holder of Financial Creditor

NCLT: Committee of Creditors Are Competent to Revise Approved Fees of Resolution Professional(09.05.2022)

National Company Law Appellate Tribunal has ruled that the Committee of Creditors is fully competent to revise its earlier approval of the fees of the.....

Tags : National Company Law Appellate Tribunal, Committee of Creditors, Resolution Professional

CESTAT: Service Relating to Modernization, Renovation Are Input Services(08.08.2022)

Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Kolkata bench has held that services relating to modernization, and renovation are input.....

Tags : CESTAT, Cenvat Credit, Input Services

Madras HC: Credit Rating Agencies Not Discharging 'Public Functions'(14.10.2020)

Madras High Court has held that a Credit Rating Agency cannot be characterized as "State" within the meaning of Article 12 of the Constitution of Indi.....

Tags : Madras High Court, Credit Rating Agencies

SC: Can’t Reduce Benefit of Input Tax Credit without Statutory Sanction(19.02.2025)

Supreme Court has held that the benefit of input tax credit is traceable to the statute. If the same has to be reduced, which will have an adverse civ.....

Tags : Supreme Court, Input Tax Credit, Statutory Sanction

NCLT: No Establishment of Creditor-Debtor Relation from Arrangement Involving Joint Profit-Sharing(12.02.2025)

National Company Law Tribunal Delhi bench has held that if the business arrangement between the parties involves joint participation and profit-sharin.....

Tags : NCLT, Joint Profit Sharing, Creditor Debtor Relation

Pre-shipment and Post-shipment Export Credit and Packing Credit in Foreign Currency (PCFC) for E-Commerce Exports(04.09.2023)

1. Reference Chapter 9 of the new Foreign Trade Policy 2023 on 'Promoting Cross Border Trade in Digital Economy', it is submitted that consultations w.....

Tags : Pre-shipment, Post-shipment, Export Credit

NCLAT: Can’t Consider Allottee Financial Creditor When Allotted Unit Cancelled at their Request(21.03.2025)

NCLAT New Delhi has held that there cannot be a consideration of an allottee of a unit as a financial creditor if the allotted unit has been cancelled.....

Tags : NCLAT New Delhi, Financial Creditor, Allotted Unit

NCLAT: Post-Submission, CoC Can’t Remit Approved Resolution Plan(21.03.2025)

NCLAT New Delhi bench has held that Committee of Creditors (CoC) cannot remit Resolution Plan for fresh consideration once it has been approved by CoC.....

Tags : NCLAT New Delhi, Committee of Creditors, Adjudicating Authority

Court left appalled by “incomprehensible omissions” of police(16.12.2015)

The Supreme Court acquitted a man convicted for the murder of his wife after it was found that DNA evidence incriminating him was tested at a private .....

Tags : Dna, unaccredited, private laboratory, adverse inference

SC: Entries in Balance Sheet of Corporate Debtor Can be Treated as Acknowledgment of Liability(02.08.2022)

Supreme Court has held that the entries in Books of Account/Balance sheet of a company can be treated as acknowledgement of liability in respect of de.....

Tags : Supreme Court, Balance Sheet, Liability, Financial Creditors

#Budget 2025 – For MSMEs and Startups(01.02.2025)

#Rs 2-crore term loan scheme will be introduced for first-time women, Scheduled Caste and Scheduled Tribe entrepreneurs to promote inclusive growth. .....

Tags : MSME, Credit Cover, Term Loans

CESTAT, Ahmedabad: Cenvat Credit on Services within Factory Premises allowable(11.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that cenvat credit in respect of garden maintenance service under the Cenvat.....

Tags : Customs Excise and Service Tax Appellate Tribunal, cenvat credit, Cenvat Credit Rules, garden maintenance

NCLAT: Resolution Plan Approved by Committee of Creditors is Binding on All Stakeholders(20.12.2024)

NCLAT New Delhi bench has held that Resolution Plan approved by the Committee of Creditors (CoC) shall be binding on all the stakeholders including th.....

Tags : NCLAT New Delhi, Committee of Creditors, Resolution Plan

NCLAT: Authority Can’t Pass Adverse Remarks against RP Performing Duties as Per CoC’s Instruction(05.12.2024)

NCLAT New Delhi bench has held that the Adjudicating Authority cannot pass adverse remarks against the Resolution Professional who is performing dutie.....

Tags : NCLAT New Delhi, Adverse Remarks, Committee of Creditors

NCLAT: OC Can Trigger CIRP Process Only When there is an Undisputed Debt(17.03.2025)

NCLAT New Delhi bench has held that Operational Creditor (OC) can trigger CIRP Process only when there is existence of an undisputed debt and default .....

Tags : NCLAT New Delhi, Operational Creditor, Undisputed Debt

NCLAT: Can’t Maintain Joint Application if Individuals Claims do Not Meet Threshold Limit(05.05.2025)

NCLAT New Delhi bench has held that a joint application filed by operational creditors under Section 9 of the Insolvency and Bankruptcy Code, 2016 sha.....

Tags : NCLAT New Delhi, Joint Application, Operational Creditor

Bombay HC: Secured Creditors Shall Take Priority Over Government Dues Under SARFAESI Act(05.09.2022)

Bombay High Court has held that the rights of secured creditors to realise secured debts shall have priority over government dues, including revenues,.....

Tags : Bombay High Court, SARFAESI Act, Secured Creditors

NCLAT: If Credit Facility Agreement is Unstamped, Petition U/S Section 7 is Maintainable(29.04.2022)

National Company Law Appellate Tribunal has observed that if a credit facility agreement is unstamped, then petition under Section 7 of the Insolvency.....

Tags : National Company Law Appellate Tribunal, credit facility, Section 7, Insolvency and Bankruptcy Code, 2016

CESTAT, Ahmedabad: Non-filing of Declaration Can’t be Reason to Refuse Reversal of Credit(11.04.2022)

Customs Excise and Service Tax Appellate Tribunal, Ahmedabad has observed that mere non filing of declaration can’t be a reason to deny the proportion.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Cenvat Credit Rules, 2004, Reversal of Credit

NCLT: IBC Doesn’t Have Provision to Issue Multiple Demand Notices before Filing Petition u/s 9(24.12.2024)

NCLT New Delhi bench has held that the Insolvency and Bankruptcy Code, 2016 doesn’t contain a provision that allows Operational Creditor to issue mult.....

Tags : NCLT New Delhi, Multiple Demand Notices, Operational Creditor

NCLAT: Can’t Reject App. for Approval of RP Solely on Basis of Withdrawal of Consent by CoC Members(09.05.2025)

NCLAT New Delhi bench has held that there cannot be rejection of an application seeking approval of a Resolution Plan (RP) merely on the basis of with.....

Tags : NCLAT New Delhi, Resolution Plan, Committee of Creditors

Sectoral Deployment of Bank Credit - August 2023(28.09.2023)

Data on sectoral deployment of bank credit for the month of August 20231 collected from 40 select scheduled commercial banks, accounting for about 93 .....

Tags : Sectoral Deployment, Bank Credit, Highlights

ITC Available on Vehicles Supplied to Customers on Lease Rent Subject to Conditions: AAR(19.04.2019)

Authority for Advance Ruling (AAR), Madhya Pradesh has ruled that Input Tax Credit (ITC) is available on GST paid on vehicles provided to different cu.....

Tags : AAR, Input Tax Credit, Vehicles

RBI Permits Importers to Raise Trade Credit in Rupees(15.09.2015)

Reserve Bank of India (RBI) has allowed resident importers to raise trade credit in rupees, with riders. It can be raised after entering into a loan a.....

Tags : RBI, Trade Credit

SC Declares Noida As Operational Creditor Under IBC(18.05.2022)

Supreme Court has ruled that the NOIDA is an operational creditor under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

Tags : Supreme Court, NOIDA, Insolvency and Bankruptcy Code, 2016, creditor

AAR: Input Tax Credit Allowable on Debt Settlement(22.05.2019)

AAR West Bengal has held that the companies are eligible to claim the input tax credit even if the liability to pay for inputs between them, including.....

Tags : AAR, Input Tax Credit

Under CENVAT scheme, CENVAT credit is passed on by using invoice documents, which are to be transferred to buyer of goods only(20.06.2018)

In facts of present case, the Appellant is a refinery for the manufacture of petroleum products. During the period in dispute, Crude Oil Refinery proj.....

Tags : Cenvat credit, Denial, Validity

#Economic Survey 2021-2022: Centre Fixes Farm Credit Target at Rs. 16.50 Lakh Crores(31.01.2022)

Central Government has fixed a farm credit target of Rs 16.50 lakh crore for the current fiscal. The government has also announced Rs 2 lakh crore con.....

Tags : Economic Survey, Central Government, Farm Credit Target

CESTAT: Steel Plates and MS Channels are Capital Goods; Modvat Credit can be Availed(24.05.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Hyderabad Bench has ruled that the assessee is entitled to avail of modvat credit on stee.....

Tags : CESTAT, Customs, Captial Goods, Modvot Credit

Madras HC: Time Limit for Availing Transitional Input Tax Credit Under GST Mandatory(21.07.2020)

Madras High Court has ruled that the time limit for availing Transitional Input Tax Credit (ITC) is mandatory in nature, not directory. The Court also.....

Tags : Madras High Court, Time Limit for Availing Transitional Input Tax Credit

Del. HC: TDS Credit to be Granted by AO in Compliance of Directions by ITAT(23.08.2024)

Delhi High Court has held that TDS Credit is ought to be granted by Assessing Officer (AO) in compliance with directions passed by Income Tax Appellat.....

Tags : Delhi High Court, TDS Credit, Assessing Officer

Government Prescribes Procedure to Furnish Form 67 to Claim Foreign Tax Credit(26.09.2017)

Central Government has prescribed the procedure to be followed to furnish Form 67 to claim foreign tax credit under the provisions of the Income Tax A.....

Tags : foreign tax credit, Income Tax Act, 1961

Madras HC Disallows Credit for Cesses Not Subsumed Under GST Laws(19.10.2020)

Madras High Court has held that the cesses that have not been subsumed by the Goods and Service Tax laws cannot be carried forward to claim set off ag.....

Tags : Madras High Court, Credit for Cesses Not Subsumed Under GST Laws

SC: RP Containing Proposed Combination Should be Placed before CoC after Approval by CCI(31.01.2025)

Supreme Court by a 2:1 majority has observed that a resolution plan containing a proposed combination under the Insolvency and Bankruptcy Code, 2016 s.....

Tags : Supreme Court, Resolution Plan, Committee of Creditors

CESTAT, Delhi Quashes Service Tax Commissioner Order Confirming Recovery of CENVAT Credit(26.08.2021)

Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi has quashed the Service Tax Commissioner’s Order confirming recovery of CENVAT cre.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, Order Confirming Recovery of CENVAT Credit

SC: Principle of Commercial Wisdom Doesn’t Validate CoC’s Decision Taken in Contravention of Law(08.05.2023)

Supreme Court has held that the principle of Commercial wisdom cannot be used to validate the decision of Committee of Creditors (CoC) which was taken.....

Tags : Supreme Court, Commercial Wisdom, Committee of Creditors

Employee of company has same locus standi as creditor(24.08.2015)

A three-judge bench of the Madhya Pradesh High Court answered the question, whether an employee of a company qualifies as a creditor of the company, i.....

Tags : Employee, creditor, company, debt

CESTAT: Cenvat Credit Allowable on Steel Items Used in Creation of Sponge Iron Kiln and Power Plant(17.05.2022)

Customs, Excise and Service Tax Appellate Tribunal, Kolkata has applied the "user-test" by providing cenvat credit on steel goods used in the construc.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, user-test, cenvat credit, sponge iron kiln, power plant

CBIC Notifies ITC Cannot be Availed on Failure to Furnish Details in Form GSTR-1(31.12.2021)

Central Board of Indirect Taxes and Customs (CBIC) has notified that the Input Tax Credit (ITC) cannot be availed on the failure of a supplier to furn.....

Tags : Central Board of Indirect Taxes and Customs, Input Tax Credit

Onus lies on Department to justify admissibility or inadmissibility of Appellant's availment and utilisation of cenvat credit(28.09.2018)

In present matter, the Appellant company is engaged in rendering event management service, advertising service, sponsorship and business consultation .....

Tags : Input credit, Demand, Penalty

SC: Operational Creditor Includes All Those Who Provide or Receive Operational Services(07.02.2022)

Supreme Court has observed that operational creditor includes all those who provide or receive operational services from the corporate debtor, which u.....

Tags : Supreme Court, Operational Creditor

Gujarat AAAR: LNG Jetties is Not in the Nature of 'Plant And Machinery'(25.05.2022)

Appellate Authority of Advance Ruling has ruled that LNG jetties are not in the nature of "plant and machinery" and so, applicant cannot avail 'input .....

Tags : Gujarat Appellate Authority of Advance Ruling, Input Tax Credit, Plant and Machinery

Kerala HC Issues Norms for Journalists Accreditation for Reporting Court Proceedings(18.11.2016)

Kerala High Court has published norms for regular accreditation of journalists wanting to report High Court proceedings.

Tags : Kerala High Court, journalists, accreditation

Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit(29.11.2018)

1. Please refer to the operational instructions for the captioned scheme contained in RBI circular on Interest Equalisation Scheme on Pre and Post Shi.....

Tags : Equalisation Scheme, Interest, Shipment, Export Credit

CCI Permits $150-mn JBF Group-KKR Credit deal(21.12.2015)

Competition Commission of India (CCI) has approved polyster products manufacturer JBF Industries' $150 million deal with global investment firm KKR Cr.....

Tags : Competition Commission of India, JBF Industries, KKR Credit

CBEC: No Refund of Unutilised Input Tax Credit on Corduroy Fabrics Supply(26.09.2017)

Central Board of Excise and Customs (CBEC) has notified that refund cannot be allowed on unutilised input tax credit on corduroy fabrics supply under .....

Tags : Central Board of Excise and Customs, input tax credit, corduroy fabrics

CBDT: No MAT Credit for Companies Opting for Lower Corporate Tax Rate(03.10.2019)

Central Board of Direct Taxes (CBDT) has issued a detailed circular that Minimum Alternate Tax (MAT) credit will not be available to a company that op.....

Tags : CBDT, MAT Credit

NCLAT: Must Distribute Liquidation Proceeds amongst Secured Creditors on Basis of Admitted Claims(30.01.2025)

NCLAT New Delhi bench has held that liquidation proceeds must be distributed to secured creditors on the basis of secured claims as per Section 53 of .....

Tags : NCLAT New Delhi, Secured Creditors, Liquidation Proceeds

NCLAT: Pendency of Suit Against Financial Creditor No Bar for Starting Proceedings under Sec 7 IBC(14.10.2019)

National Company Law Appellate Tribunal has ruled that pendency of a suit filed by the corporate debtor against a financial creditor cannot restrain i.....

Tags : NCLAT, Financial Creditor

Sectoral Deployment of Bank Credit(31.10.2019)

Data on sectoral deployment of bank credit collected from select 39 scheduled commercial banks, accounting for about 90 per cent of the total non-food.....

Tags : Sectoral Deployment, Bank Credit, Data

SC Directs to Open GST Portal for Claiming Transitional Credit for Two Months(22.07.2022)

Supreme Court has directed to open the GST system enabling to claim transitional credit for two months.

Tags : Supreme Court, GST System, Transitional Credit

#Budget 2025 – For MSMEs and Startups(01.02.2025)

#For MSME, credit cover will increase from Rs 5 crore to Rs 10 crore. For startups it will increase to Rs 10 crore and for well-run exporter MSME, ter.....

Tags : MSME, Credit Cover, Term Loans

ITAT: Money Can’t be Treated as ‘Unaccounted’ Merely Because of Non-Response from Creditors(26.07.2022)

Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money .....

Tags : ITAT, Creditors, Unaccounted

Company can Claim Income Tax Credits on Maintenance of Guest House, Training Hostels: AAR(16.10.2018)

Authority for Advance Ruling, Odisha has granted a ruling on entitlement to take credit of tax paid on various goods and services used for maintenance.....

Tags : AAR, Income Tax Credits

NCLAT: Secured Creditor to Pay Liquidator's Fees Under Regulations if Option u/s 52 IBC Exercised(13.12.2024)

NCLAT New Delhi bench has held that if the secured creditor opts to realise its security interest under Section 52 of the Insolvency and Bankruptcy Co.....

Tags : NCLAT New Delhi, Secured Creditor, Liquidation Regulations

NCLAT: Approval of RP Can’t be Questioned by OC When Provided with More than Liquidation Value(07.03.2025)

NCLAT New Delhi bench has held that Operational Creditors cannot question Resolution Plan approved by the Adjudicating Authority when they are provide.....

Tags : NCLAT New Delhi, Operational Creditors, Resolution Plan

NCLAT: Non-Registration of Charge not Sine Qua Non for Creditor to be Treated as ‘Secured Creditor’(18.02.2025)

NCLAT New Delhi bench has held that non-registration of “charge” as per Section 77 of Companies Act, 2013 is not a sine qua non for a Creditor to be t.....

Tags : NCLAT New Delhi, Sine Qua Non, Secured Creditor

SC: Dealers Not Allowed to Claim ITC for Purchases Linked To Exempt Sales under UPVAT Act(15.04.2025)

SC has observed that Section 13(7) of Uttar Pradesh Value Added Tax Act, 2008 sets out that no facility for input tax credit shall be allowed to a dea.....

Tags : Supreme Court, Input Tax Credit, UPVAT Act

ITAT: Supporting Evidence Mandatory for Claim TDS Credit in Absence of TDS Certificate(01.09.2022)

Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that supporting evidence is mandatory for claiming TDS Credit in absence of a TDS Certific.....

Tags : ITAT, TDS Credit, Supporting Evidence

SC: Rehabilitation Scheme Under SICA Binds All Creditors(20.03.2023)

Supreme Court while observing that rehabilitation scheme under Section 18 of the SICA, 1985 shall bind all the creditors including the unsecured credi.....

Tags : Supreme Court, SICA, Unsecured Creditors, Rehabilitation Scheme

CESTAT, Kolkata: Manufacturer is Eligible to Avail Cenvat Credit on Sales(13.04.2022)

Customs, Excise, and Service Tax Appellate Tribunal, Kolkata has observed that since the sale and manufacture are inter connected, the cenvat credit i.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, cenvat credit, sales commission

CESTAT, Ahmedabad: Cenvat Credit Allowable on Furniture Used in Guesthouse(16.05.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad has observed that cenvat credit can be allowed on the furnitures used in guest .....

Tags : Customs, Excise and Service Tax Appellate Tribunal, cenvat credit

NCLAT: Recovery Proceedings before DRT doesn’t Prohibit Financial Creditors from Filing App. u/s 7(17.01.2025)

NCLAT New Delhi bench has held that if recovery proceedings have been initiated before the Debt Recovery Tribunal (DRT) it does not prohibit Financial.....

Tags : NCLAT New Delhi, Financial Creditors, Recovery Proceedings

CESTAT, Mumbai: Reliance Industries Entitled to Avail CENVAT Credit for Employees Opting for VSS(13.05.2022)

Customs Excise and Service Tax Appellate Tribunal, Mumbai has observed that Reliance Industries is entitled to avail CENVAT credit on the service tax .....

Tags : Customs Excise and Service Tax Appellate Tribunal, CENVAT credit, service tax, Voluntary Separation Scheme

NCLT Delhi: Can’t Adjust Payment Made for Specific Invoice Against Back Dated Invoices(13.05.2025)

NCLT New Delhi bench has held that if a Corporate Debtor makes a payment against a specific invoice raised by the Operational Creditor then such payme.....

Tags : NCLT New Delhi, Corporate Debtor, Operational Creditor

I-T Department Notifies Rules for Foreign Tax Credit(01.07.2016)

Income-Tax Department has notified rules for Foreign Tax Credit, providing clarity on tax credit available to Indian resident taxpayers on foreign inc.....

Tags : Income-Tax Department, Foreign Tax Credit

ITAT, Delhi: Actual Receipt of Money by Assessee is Mandatory for Unexplained Cash Credit(29.04.2021)

Income Tax Appellate Tribunal (ITAT), Delhi, while providing the relief to the Zexus Air Services Pvt. Ltd., has ruled that actual receipt of money by.....

Tags : Income Tax Appellate Tribunal, Unexplained Cash Credit

Credit to MSME entrepreneurs(05.05.2021)

1. This is with reference to circular DOR.No.Ret.BC.37/12.01.001/2020-21 dated February 5, 2021, on captioned subject.

2. In terms of the ab.....

Tags : Credit, MSME, Entrepreneurs

NCLAT: Resolution Professional Cannot Withhold Any Plan and Refuse to Submit Before CoC(12.04.2022)

National Company Law Appellate Tribunal, has observed that Resolution Professional of its own cannot withhold any plan and reject to submit the same b.....

Tags : National Company Law Appellate Tribunal, Resolution Professional, Committee of Creditors

AAR: 5% GST Payable On GTA Services Availed For Transporting Cotton Seed(21.10.2022)

Authority of Advance Ruling, Punjab has held that the 5% GST is chargeable on goods transport agency services availed by the applicant for transportin.....

Tags : Authority of Advance Ruling, input tax credit, goods and services

AAR: No ITC Available for Supply of Goods and Services for Civil Work and External Development Work(22.01.2020)

Authority for Advance Ruling (AAR), Rajasthan has held that Input Tax Credit (ITC) is not available for supply of goods and services which are used fo.....

Tags : Authority for Advance Ruling, Input Tax Credit on Supply of Goods and Services for Civil Work and External Development Work

CESTAT, Mumbai: Cenvat Credit Not Admissible on Goods Transport Agency Services(24.02.2020)

Central Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai has held that Cenvat credit is not admissible on Goods Transport Agency services us.....

Tags : Customs Excise and Service Tax Appellate Tribunal, Cenvat Credit, Goods Transport Agency Services

CESTAT, Delhi: Cenvat Credit Not Allowable on Capital Goods on Which Depreciation Availed(14.06.2021)

Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Delhi has held that the Cenvat credit is not allowable on the capital goods for which th.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, Cenvat Credit

Supreme Court Refuses to Restrain Formation of CoC for Byju’s(21.08.2024)

Supreme Court has refused to pass an order restraining formation of a Committee of Creditors by Resolution Professional for Byju's in the insolvency p.....

Tags : Supreme Court, Committee of Creditors, Resolution Professional, Byju's

Guidelines for computing exposure for counterparty credit risk arising from derivative transactions(10.11.2016)

Please refer to the paragraph 4 of the Statement on Developmental and Regulatory Policies issued by RBI on October 4, 2016. It was indicated therein t.....

Tags : Derivative transactions, credit risk, Guidelines

RBI Allows Banks to Extend Non-Fund Based Credit(08.01.2016)

Reserve Bank of India (RBI) has allowed banks to extend non-fund based credit, not the usual form of normal loans and thereby lifted the old age ban.

Tags : Reserve Bank of India, non-fund based credit

NCLAT: In absence of privity of contract, application u/s 9 of IBC not maintainable(28.03.2025)

The National Company Law Appellate Tribunal (NCLAT) has observed that where there is no privity of contract or any sort of Debtor-Creditor relationshi.....

Tags : Privity of contract, Maintainability of application, Debtor-Creditor relationship, the Insolvency and Bankruptcy Code, 2016

#Major Changes Implementing From Today: RBI’s New Credit and Debit Card Rules(01.10.2020)

Reserve Bank of India (RBI) has issued new guidelines which will become effective from 1st October, 2020 to secure debit and credit cards, whereby car.....

Tags : Reserve Bank of India, Credit and Debit Card Rules

NCLAT: Can’t Interfere with Approval of RP Permitting Creditor to Take Action against Guarantees(20.02.2025)

NCLAT New Delhi bench has held that there cannot be interference with approval of a resolution plan containing a clause that creditors can take approp.....

Tags : NCLAT New Delhi, Resolution Plan, Creditors

SC: Admission of Claims After Acceptance of RP by CoC will Make CIRP an Endless Process(12.09.2023)

Supreme Court has held that if claims are admitted after resolution plan (RP) has been accepted by the Committee of Creditors (COC) under Insolvency a.....

Tags : Supreme Court, CIRP, Resolution Plan, Committee of Creditors, Claims

NCLAT: Even if No Reply is Given to Demand Notice, CD Not Barred from Contesting App. u/s 9(18.02.2025)

NCLAT New Delhi bench has held that Corporate Debtor cannot be barred from contesting the application filed under section 9 of IBC even if no reply wa.....

Tags : NCLAT New Delhi, Corporate Debtor, Operational Creditor

CESTAT: CENVAT Credit Can’t be Denied on Sales Commission(02.12.2020)

Customs, Excises, and Service Taxes Appellate Tribunal (CESTAT) has held that the CENVAT Credit cannot be denied on sales commission as it falls under.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, CENVAT Credit

SC Stays CIRP Proceedings on Behalf of Operational Creditor Making Futuristic Claims(17.08.2020)

Supreme Court has stayed the Corporate Insolvency Resolution Process (CIRP) pending against a Corporate Debtor, in view of the "futuristic claims" mad.....

Tags : Supreme Court, Operational Creditor Making Futuristic Claims

Bom. HC: Delay in Submitting Export Documents Won’t Result in Credit Ceasing to be 'Export Credit'(07.01.2025)

Bom. HC while interpreting Reserve Bank of India's (RBI) 2015 Master Circular on Rupee/Foreign Currency Export Credit & Customer Service to Exporters,.....

Tags : Bombay High Court, Export Documents, Credit Ceasing

NCLT Delhi: If Contract Prohibits Interest, Operational Creditor Cannot Claim it(13.05.2025)

NCLT New Delhi bench has held that an Operational Creditor cannot claim interest on the amount due if the contract prohibits charging of the interest.

Tags : NCLT New Delhi, Operational Creditor, Contract

SC Issues Notice on Plea Against NCLAT Mandating Committee of Creditors Nod for CIRP Withdrawal(02.06.2025)

Supreme Court has issued notice on an appeal filed by Riju Ravindran challenging the NCLAT judgment holding that the application for withdrawal of the.....

Tags : Supreme Court, Committee of Creditors, CIRP Withdrawal

SC: Moratorium Declared under IBC Will Not Extinguish Claims of Creditors(23.12.2024)

Supreme Court has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 will not extinguish the claims of all t.....

Tags : Supreme Court, Moratorium, Claims of Creditors

Supreme Court Upholds Homebuyers' Status of Financial Creditors(09.08.2019)

Supreme Court has upheld the Government's decision to grant homebuyers the status of financial creditors, thereby enabling them to claim their dues wh.....

Tags : Supreme Court, Financial Creditors

NCLAT Dismisses Appeal by a Contractor against DLF(06.05.2025)

NCLAT New Delhi bench has dismissed an appeal filed by a contractor against DLF u/s 61 of IBC, 2016 claiming a debt and stated that multiple exchanges.....

Tags : NCLAT New Delhi, Corporate Debtor, Operational Creditor

Cenvat Credit is allowed on dredging service received by the Appellant for construction of navigation channel(29.08.2022)

In both the appeals, the common issue involved is that whether the dredging services received by the Appellant for dredging the navigation channel lea.....

Tags : Cenvat credit, Input service, Entitlement

CESTAT Ahmedabad Refuses Cenvat Credit of Service Tax Paid on Outward Transportation Service(31.03.2021)

Customs, Excise, Service Tax Appellate Tribunal (CESTAT), Ahmedabad Bench has refused to grant Cenvat credit of Service Tax paid on Outward Transporta.....

Tags : CESTAT Ahmedabad, Cenvat Credit

CESTAT, Mumbai Allows CENVAT Credit Even When Goods Not Classified as Capital Goods(14.03.2022)

Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai has allowed the CENVAT credit even when the goods were not classified as capital g.....

Tags : Customs, Excise and Service Tax Appellate Tribunal, CENVAT Credit

CESTAT, Bangalore Allows Refund of Cenvat Credit as Transition Merely an Error(05.07.2021)

Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), Bangalore has allowed the refund of cenvat credit as the transition of refund amount mer.....

Tags : Customs, Excise, and Service Tax Appellate Tribunal, Refund of Cenvat Credit

Kerala HC: Education Loan Can’t be Rejected for Low CIBIL Score of Student(31.05.2023)

Kerala High Court has held that an application for education loan by a student could not be rejected by a bank on the ground of a low Credit Informati.....

Tags : Kerala High Court, Credit Information Bureau (India) Limited (CIBIL), Education Loan