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…

Introduction Virtual 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…

1. Transferable Development Right (TDR) is compensation in the form of Floor Price Index (FSI) or Development Rights which shall entitle the owner for construction of built up area. This FSI is issued in a certificate which shall be called as ‘Development Right Certificate’. 2. Development Rights Certificate (DRC) shall be issued by Municipal Commissioner…

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

INTRODUCTION As was being promoted, Goods and Services Tax (GST) was touted to be the single biggest tax reform to take place 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)…