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How would you handle the taxation of Non-Convertible Debentures (NCDs)?
Investing in non-convertible debentures (NCDs) offers a stable income stream, but it's crucial to understand the tax implications. Interest income from NCDs is taxed under "Income from Other Sources" at the applicable slab rate. At redemption, the p…
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SEBI Fortifies Debenture Trustee Regulations for Robust Debt Market
The Securities and Exchange Board of India (SEBI) has unveiled a comprehensive Master Circular consolidating guidelines for Debenture Trustees. This circular aims to streamline processes, enhance transparency, and bolster investor protection in the …
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SEBI Proposes Fast-Track Public Debt Issuance, Easing Regulations for Ease of B…
The Securities and Exchange Board of India (SEBI) has released a consultation paper proposing significant changes to the NCS Regulations and LODR Regulations. The key proposals include introducing a fast-track mechanism for public issuance of debt s…
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Service Tax Appeal Dismissed as Time-Barred, Court Upholds Strict Adherence to …
This case involves an appeal against an order passed by the Commissioner (Appeals) Customs, Central Excise & Service Tax, Lucknow, dismissing the appellant's appeal as time-barred. The Commissioner (Appeals) held that the appeal was filed after more…
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Court dismisses GST appeal filed beyond limitation period, rejects application …
This case involves a writ petition challenging the dismissal of the petitioner's appeal under Section 107 of the Uttar Pradesh Goods and Services Tax Act, 2017 (GST Act) on the ground of limitation. The petitioner argued that Section 5 of the Limita…
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Customs appeal dismissed as time-barred; delay beyond 30 days after statutory p…
This case deals with an appeal filed against an order of the Commissioner (Appeals) Customs, GST & Central Excise, Lucknow, dismissing the appellant's appeal as time-barred. The Commissioner (Appeals) held that the appeal was filed after the statuto…
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Court allows condonation of delay in filing GST appeals beyond 4 months, overru…
The case involves two appeals filed by a partnership firm against orders passed by a Single Bench of the Calcutta High Court in two separate writ petitions (WPA 107 of 2021 and WPA 133 of 2021). The appeals concern the issue of whether the Appellate…
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Court Upholds Dismissal of Delay Condonation Application for Income Tax Refund …
The petitioner challenged an order dismissing their application to condone the delay in filing a refund application for the assessment year 2011-12. The court upheld the dismissal, as the application was filed beyond the six-year time limit prescrib…
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Service Tax Dispute: Court Dismisses Writ Petition for Challenging Order Beyond…
This case involves a writ petition filed by the petitioner challenging the imposition of service tax on their works by the respondent authority. The court dismissed the petition as the petitioner had failed to file an appeal against the original ord…
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Jamshedpur court allows company to appeal against tax order on interstate goods…
This case involves a company from Faridabad that was transporting goods to Tata Steel in Jamshedpur when its truck was intercepted by state tax authorities. The authorities alleged defective documents and cancelled the e-way bill, imposing tax and p…
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Delve into the nuances of debenture redemption as outlined in the Companies Act…
Debentures, a crucial financial instrument for companies seeking long-term borrowing, have a life cycle that culminates in redemption. This comprehensive guide delves into the nuances of debenture redemption as outlined in the Companies Act 2013 and…
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Penalty under Section 271(1)(c) deleted by ITAT as assessment and penalty proce…
This case involves an appeal by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], confirming the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Income Tax Appellate Tribunal (ITAT) allowed…
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Court upholds dismissal of appeals filed beyond statutory time limit, clarifies…
Goods & Services Tax,Feb. 26, 2021The appeals arose from the dismissal of writ petitions by a single judge, who had declined to entertain the appeals as they were filed beyond the maximum time limit stipulated under the statute, even after the condonable extent of delay. The appellants argued that the court's power under Article 226 of the Constitution is wide enough to extend relief on merits, and that the technical ground of delay cannot be a bar. The court dismissed the appeals,…
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Court quashes GST order for non-compliance with statutory hearing requirement.
Goods & Services Tax,Mar. 15, 2024The case involved an appeal against a Single Judge's order dismissing a writ petition challenging a GST assessment order for FY 2021-22. The court allowed the appeal, quashing the assessment order due to the revenue authority's failure to provide a statutory hearing opportunity before passing the order.
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Demystifying the Role of Debenture Trustees: A Comprehensive Guide
Co. Law, Sebi, Audit & A/c,Apr. 23, 2024This comprehensive guide delves into the intricate world of debenture trustees, shedding light on their pivotal role in safeguarding the interests of debenture holders. It explores the eligibility criteria, registration process, duties, and powers of these trustees, while also addressing pertinent questions surrounding the creation and enforcement of security, appointment of nominee directors, and the regulatory framework governing their operations…
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Sub-contractor not liable for service tax if main contractor paid tax on full c…
Customs & Excise,Mar. 15, 2024The case involved an appellant who provided services as a sub-contractor to main contractors during 2008-2012. The appellant did not pay service tax, believing the main contractors had discharged the tax liability on the full contract value. The court ruled that the extended period demand for service tax on the appellant cannot be sustained due to ambiguity in the law during that period.
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Tax appeals dismissed for delay despite COVID-19 extension by Supreme Court.
Goods & Services Tax,Mar. 15, 2024The case involves two writ petitions filed by a petitioner challenging the dismissal of their appeals against tax adjudication orders by the appellate authority on the grounds of delay. The appeals were filed under Section 107(1) of the Tripura State Goods and Services Tax Act, 2017, against adjudication orders dated 03.06.2020. The appellate authority rejected the appeals as being filed beyond the stipulated period under Section 107(4) of the Act,…
Court remands case back to Commissioner for decision on merits after finding de…
This case involves an appeal filed by the appellant against an order passed by the Commissioner (Appeals) rejecting their appeal on the grounds of limitation. The Commissioner had dismissed the appellant's application for condonation of delay in filing the appeal. The court found that the Commissioner erred in not condoning the delay and has remanded the matter back for a decision on merits.
Customs & Excise,Mar. 15, 2024-
Legal Compliance for Bond Redemption: A Systematic Approach to Fulfilling Oblig…
Co. Law, Sebi, Audit & A/c,Mar. 16, 2024When bonds reach maturity, companies must navigate a meticulous set of compliances to ensure a seamless redemption process. The Companies Act, 2013, and its accompanying rules, such as Rule 18(7) of the Companies (Share Capital and Debentures) Rules, 2014, mandate the establishment of a Debenture Redemption Reserve (DRR) and specific investment requirements. Issuers must maintain transparency, provide timely intimations to trustees and stock exchan…
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Exploring the Mandates and Implications of The Dual Pillars of DRR and DRI
Co. Law, Sebi, Audit & A/c,Mar. 16, 2024Companies issuing debentures must navigate the intricate provisions of the Companies Act, 2013, and its accompanying rules. The Act mandates the creation of a Debenture Redemption Reserve (DRR) and a Debenture Redemption Investment (DRI) to protect debenture holders' interests. These measures ensure that companies set aside adequate funds for timely redemption, fostering investor confidence and promoting the growth of India's bond market. Exemption…
Court rules assessee entitled to interest on excess advance tax paid, even if i…
Income Tax,Mar. 08, 2024This case involves a dispute between an individual assessee and the Income Tax Officer (ITO) over the payment of interest on excess advance tax paid by the assessee. The ITO had refused to pay interest, citing that the advance tax instalments were not paid on the due dates specified in the Income Tax Act. The assessee challenged this decision in the High Court.
Bakelite Hylam wins interest on excess advance tax paid after due dates
The case involved Bakelite Hylam Ltd. disputing the Income Tax department's refusal to pay interest under Section 214 on excess advance tax paid during the financial year 1971-72, even though some instalments were paid after the due dates specified under Section 211. The Supreme Court ruled in favor of Bakelite Hylam, overruling an earlier Andhra Pradesh High Court judgment.
Income Tax,Mar. 08, 2024-
Income Tax , Jul. 25. 2020Suzuki's non-compete payment to ex-MD ruled as capital receipt, not taxable inc…
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Goods & Services Tax , Mar. 06. 2024Charitable trust allowed to run integrated Ayurvedic-Allopathic hospital, exemp…
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Income Tax , Aug. 20. 2020Court allows deduction for interest paid on foreign loan, overrules tax tribuna…
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Income Tax , Sep. 04. 2020Court orders release of 6kg gold, ₹1.49 lakh seized 11 years ago, finds no just…
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Income Tax , Jul. 11. 2020The notice issued under Section 148 of the Act beyond four years after the rele…
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