PREFACE Under the erstwhile Central Excise regime, Section 11B of the Central Excise Act, 1944 read with Rule 5, Rule 5A and Rule 5B of the Cenvat Credit Rules, 2004 (‘CCR’) specified situations where cash refund of cenvat credit was allowed to the assessee. However, the situation of closure of factory was not specifically covered…

IntroductionVirtual currencies, the most popular of them being ‘bitcoin’, have taken the world by a storm in this last decade. Currently, there are over 1600 virtual currencies being circulated. This number is growing. Unlike money, which is legal tender, virtual currencies are decentralized, unregulated and uninhibited. Cryptoassets, and virtual currencies in particular, are in rapid…

Transferable Development Right (TDR) is compensation in the form of Floor Price Index (FSI) or Development Rights, which shall entitle the owner to construction of a built-up area. This FSI is issued in a certificate, which shall be called a ‘Development Right Certificate.’ A Development Rights Certificate (DRC) shall be issued by the municipal commissioner…

Introduction  Even though God rules in the affairs of men, the earth is not God’s jurisdiction. It is man’s jurisdiction. This quote is apt to set the tone for this piece relating to the “jurisdiction” of the “proper officer” of DRI. It is a much-debated question. However, in my humble opinion, it is a self-inflicted…

INTRODUCTIONAs was being promoted, Goods and Services Tax (GST) was touted to be the single biggest tax reform to takeplace in India post-independence. It was intended to be a good and simple tax. It indeed is (pun intended). To this end, one laudable objective was to provide an authority for advance ruling (AAR) which would,…