News & Updates Latest Tax newsCESTAT Sets Aside ₹10 Lakh Penalty under Rule 26(1) Due to Lack of Goods Confiscation [Read Order] February 22, 2025The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT)set aside a ₹10 lakh penalty imposed under Rule 26(1) of the Central Excise Rules, 2002, due to the absence of goods confiscation. Ramesh Garg, appellant-assessee,challenged the order dated March 30, 2017, issued by the Joint Commissioner, imposing a Rs. 10,00,000 penalty under Rule […] FarhanaService Tax on R&D and Consultancy under RCM: CESTAT sets aside Extended Limitation due to Lack of Willful Suppression [Read Order] February 22, 2025The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) set aside the extended limitation period for service tax demand on Research and Development ( R&D ) and consultancy services received under the Reverse Charge Mechanism (RCM), citing a lack of willful suppression. Mec Shot Blasting Equipment P Ltd., appellant-assessee, manufactured […] NeethuKerala HC Directs Revenue Authority to Refund Amount Deposited after Setoff Property Tax [Read Order] February 22, 2025The Kerala High Court disposed of the writ petition directing the 2nd respondent to take appropriate steps to refund the amount deposited by the petitioner at the time of preferring the appeal after deducting the amounts due for the respective period as provided in Government orders. M/s.Synthetie Industries Ltd, the petitioner filed the writ petition […] AmalaChhattisgarh HC Refuse to Grant Bail on Offence Committed Under PMLA citing link with Coal Scam [Read Order] February 22, 2025The Chhattisgarh High Court refused to grant bail for the accused who was arrested for the offence under the Prevention of Money Laundering Act, 2002 (“the PMLA”) as the prosecution has prima facie established the link between one of the accused in the coal scam. The court found the involvement of the applicant in commission of […] NeethuFailure to Serve Notices at Correct Address: ITAT orders Reassessment of Unexplained Deposits and Income [Read Order] February 22, 2025The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) recently set aside the assessment order against the assessee, citing violations of natural justice and failure to consider additional evidence. The assessee, Badrinath Shreenivas, a resident of Bangalore, had not filed his Income Tax Return in the Assessment Year ( AY ) 2011-12. […] LubnaFailure to File Copy of Financial Statement u/s 137 of Companies Act: MCA imposes Penalty on Company and Board of Directors February 22, 2025In a recent order of adjudication passed by the Ministry of Corporate Affairs ( MCA ), the Registrar of Companies imposed a fine of ₹3.3 lakhs on the company and its board of directors for the failure to file a copy of the financial statement as per Section 137 of the companies act. The Company […] HaripriyaHomebuyers can now Take Possession during CIRP: IBBI Introduces Amendments to IRP of Corporate Persons Regulations, 2016 February 22, 2025Through Notification No. IBBI/2024-25/GN/REG122, dated 03.02.2025, the Insolvency and Bankruptcy Board of India ( IBBI ) has proposed changes to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The purpose of these modifications is to improve the corporate insolvency resolution process’s (CIRP) efficiency and transparency, especially with regard to real estate developments. A […] HaripriyaInstant Car & Bike Insurance Issuance: How Online Platforms Make It Easy February 22, 2025The world today is fast-paced which is moving towards more innovation and digitalisation. It is also reflected in the insurance industry, where people are drawn towards hassle-free options that save them time. Therefore, online platforms for purchasing vehicle insurance have effectively replaced the days of tedious paperwork with a few clicks. It has empowered the […] NeethuAdditions for Cash Deposits and Advances u/s 69A: ITAT Deletes Addition Based on Recorded Sales [Read Order] February 22, 2025The Chennai Bench of Income Tax Appellate Tribunal (ITAT)deleted the addition made under Section 69A of Income Tax Act,1961 for cash deposits and advances, holding that the amounts were sourced from recorded sales. Mahasakthi Mills Limited, the appellant-assessee, engaged in manufacturing cotton and synthetic yarn and cloth, reported a loss of Rs. 174.55 lakh for […] AmalaInsolvency Proceedings Against Personal Guarantor at Threshold Stage: Supreme Court removed HC’s Interdict [Read Judgement] February 22, 2025In ruling on an appeal concerning insolvency procedures brought against a personal guarantee, the Supreme Court ruled that the High Court had no right to forbid such proceedings by concluding that the guarantor had renounced his duty. The two judge Bench of Justices P.S. Narasimha and Manoj Mishra observed that “While there is no exclusion […] Amala
