News & Updates Latest Tax newsRequest for a one-time settlement cannot be entertained by a sole financial creditor after commencement of CIRP: Telangana HC [Read Order] January 2, 2025In a recent case, the Telangana High Court has held that a request for a one-time settlement cannot be entertained by a sole financial creditor after commencement of Corporate Insolvency Resolutions Proceedings ( CIRP ). The court dismissed a Writ petition filed by Mandava Holdings Private Limited. The petitioner contended that PTC India Financial Services […] LubnaDetermination of Assessable value as per Rule 9 of Central Excise (Valuation) Rules not Applicable on Independent seller: CESTAT [Read Order] January 2, 2025The Mumbai bench of the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) has held that determination of assessable value as per Rule 9 of the Central Excise ( Valuation ) Rules, 2000 is not applicable to independent sellers. Fie Spherotech, Rajendra Krishnaji Pujari, Chandrakant Vasudev Deshpande, the appellants are engaged in the […] NeethuDiscount claim under Excise Duty stating Written off of Value in Books of Account: CESTAT sets aside Demand of Excise Duty on Value of Goods Mentioned in Price List [Read Order] January 2, 2025The Mumbai bench of the Customs, Excise & Service Tax Appellate Tribunal(CESTAT) sets aside the demand of Excise Duty based on value of goods mentioned in price list even after the appellant claimed discount stating written of value in books of accounts. M/s Forbes Marshall Pvt. Ltd, the appellants engaged in the manufacture of Pressure […] AmalaITAT remands case to Assessing Officer: Allows Assessee to furnish details for Unexplained Investment [Read Order] January 2, 2025The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad bench, has remanded a case back to the Assessing Officer ( AO ) for further examination, allowing the assessee to furnish the necessary details regarding unexplained investments. This decision came after the Tribunal found merit in the assessee’s request for another opportunity to submit supporting documents, […] NeethuUnder declaration of Ineligible ITC: Madras HC directs to lift Bank Account proceedings on 10% Pre-deposit [Read Order] January 2, 2025The Madras High Court, in a matter of under declaration of ineligible Goods and Services Tax ( GST ) – Input Tax Credit ( ITC ) has directed to lift the bank account proceedings or garnishee proceedings on 10% pre-deposit. It granted the opportunity for hearing for the last time. The petitioner, engaged in the […] DevayaniCESTAT sets aside Customs Broker Licence Revocation and Penalty concerning Export Overvaluation Dispute [Read Order] January 2, 2025In a recent decision, the Mumbai bench of the Customs, Excise, and Service Tax Appellate Tribunal set aside the customs broker license revocation of M/s Rupali Logistics Clearing & Forwarding Pvt. Ltd. and the imposition of a penalty for alleged violations related to export overvaluation. The Principal Commissioner had earlier revoked the appellant’s Customs Broker […] AmalaCustoms duty cannot be demanded jointly and severally: CESTAT quashes penalty u/s 114A [Read Order] January 2, 2025Recently, the Ahmedabad bench of the Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) held that the customs duty could not be demanded jointly and severally and quashed the penalty that was levied against the appellant, RVS Petrochemicals Limited, under Section 114 A of the Customs Act, 1962. In this case, the appellant […] NeethuITAT quashes Disallowance of Interest on Credit already confirmed to be Genuine [Read Order] January 2, 2025The Income Tax Appellate Tribunal ( ITAT ), Surat Bench, quashed the disallowance of interest on an unsecured loan, which had already been confirmed as genuine by the assessee. In this case, the appellant, Prarthana Gems, had received an unsecured loan of Rs. 25,00,000 from the late Mr. Rafique Peer Mohammad, a well-known individual in […] LubnaCESTAT sets aside Appeal against Air Asia on Issue of Customs Duty Refund citing Payment of Duty under Protest [Read Order] January 2, 2025In a recent ruling, the Bangalore bench of the Customs, Excise & Service Tax Appellate Tribunal ( CESTAT ) sets aside the customs appeal on issue of refund duty paid by Air Asia based on re-classification of Aircraft parts, as the duty was already paid under protest. The Commissioner (Appeals) has rejected all these appeals […] LubnaAnnual Digest 2024: Supreme Court and High Court Cases on Taxation [Part 33] January 2, 2025This annual round-up analytically summarizes the key Direct and Indirect Tax Judgments of the Supreme Court and all High Courts of India reported at Taxscan.in during 2024. Demand Order issued due to GST ITC claimed under wrong GSTIN by Suppliers: Allahabad HC orders fresh decision as per Circular No. 183/15/2022-GST M/S My Auto World […] Devayani
