"05 May 2017" Archive

HC permit Service of Summons Via SMS, WhatsApp & Email

Tata Sons ltd & Ors Vs John Doe(s) & Ors (Delhi High Court)

The plaintiffs are permitted to serve the defendant No. 9 Ashok Kumar Agarwal by text message as well as through Whatsapp as well as by email and to file affidavit of service....

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Registry cannot insist on NOC from old advocate to appoint new advocate

Karnataka Power Transmission Corporation Ltd Vs M.Rajashekar (Karnataka High Court)

There is nothing known as irrevocable vakalatnama. The right of a party to withdraw vakalatnama or authorization given to an advocate is absolute. Hence, a party may discharge his advocate any time, with or without cause by withdrawing his vakalatnama or authorization....

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Section 80-IB(10) If Authority excluded open terrace from working of built-up area than revenue cannot review the same

The Deputy Commissioner of Income Tax Vs M/s Ace Star Properties Pvt. Ltd. (ITAT Chennai)

In a significant ruling, the ITAT Chennai held that the private open terrace attached with residential unit would form part of built- up area for the purpose of computing deduction under section 80-IB(10) of the Income Tax Act if the same was included in the house project approved by the local authority....

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Rent paid under Oral Agreement to an authority is allowable

Assistant Commissioner of Income Tax Vs Texool Limited (ITAT Mumbai)

In ACIT Vs. Texool Ltd., the Mumbai ITAT allowed deduction on rent directly paid to the authority on behalf of Lessor under an Oral agreement. However, the relief was granted subject to a condition that the lessor has offered the same in his return of income....

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Marketing Expense sharing would not Amount to BAS Services

SMV Beverages Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

The definition of business auxiliary service may not cover the transaction in this case, as the main appellant is not promoting or marketing of services provided by PFL as there is no service which has been provided by PFL in the case in hand....

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Why a personal accident insurance policy is the first insurance that you should buy?

Chances are high that you might have already bought term and health insurance policies and now you are happy that you have properly protected yourself. But before you put your insurance planning on a back seat, it is necessary to find out the gap in your insurance portfolio....

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Posted Under: Corporate Law |

GST Composition Scheme, its benefits and Transition

Composition Scheme is a distinct feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme...

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Posted Under: Corporate Law |

Overview of ‘Real Estate (Regulation and Development) Act, 2016’

Finally, after the long wait of almost nine years, regulating the Real Estate sectors became a reality with Real Estate (Regulation and Development) Act, 2016’ came into force on May 1, 2017 in entire Country. ...

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Posted Under: Corporate Law |

GST-Procedural impact on Gold Jewellery

GST on gold industry has been pegged at an 5% rate. Due to GST, there will be no distinction between manufacturing and trading, no separate books, will be required to maintain. Moreover it will also reduce the cascading tax effect. The various aspect of jurisprudence, on gold jewellery, is discussed which may be helpful to the trade....

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Posted Under: Corporate Law |

Accelerating India’s innovation boom

Over the last three years, entrepreneurship has captured India’s imagination, and for good reasons. Never in our history has it been possible for first-generation entrepreneurs to start companies, raise seed capital and build a business in the way we have seen in recent times....

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Posted Under: Corporate Law |
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