I have read few judgments on a proceeding under section 397/398 of Companies Act, 1956 placing reliance on Company Law Board regulations and based on the procedural technicality. With great respect to the courts, I do strongly feel that the Company Law Board should not go technically in a proceeding under section 397/398 of the Companies Act, 1956.
Service Tax Commissionerate Delhi has cancelled over 1000 service tax registrations obtained online by the service providers vide Trade Notice No.3/ST/2010 on the ground either no hard copy of documents is submitted or the documents have been submit
In the light of the above decisions, it can now be concluded that orders of CIT which set aside assessment orders on the ground that they are erroneous (due to non application of mind, etc) without recording any finding to show as to how the said assessment order is erroneous or prejudicial to the interest of revenue (without rejecting the claim of the taxpayer) are bad in law and liable to be quashed.
Income Tax sleuths will keep an eye on private functions such as ‘mundan’ and marriage held by persons associated with candidates in poll-bound Bihar to check if these ceremonies were being secretly financed by them to bribe voters. The details of mo
NRIs want change in DTC clause on stay in India which proposes to tax a person living in India for more than 59 days. Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bil
An amendment to Rule 12 of the Income-tax Rules, 1962 vide notification no. 49 dated 9th July,2010 made it mandatory for all Companies (including foreign companies) filing ITR-6 to digitally sign the Income-tax return for the AY 2010-11. Thereafter,
Coimbatore: Income Tax Department sleuths carried out raids at over half-a-dozen establishments including hospitals, specialty treatment centres and diagnostic centres. The raids that began in the forenoon went on till late evening.
Presently, assesses are claiming refund orders on the services provided by CHA which are gigantic problematic services in getting refund. The refunds claimed by the assessees as against their exports are their civil rights but are being declined by the departmental authorities on various arguments which are of no significance and value less. The various reasons on which the department is refusing these refund claims on the said service are highlighted as under:
(i) The extent of applicability of principles of natural justice depends upon the nature of inquiry, the consequences that may visit a person after such inquiry from out of the decision pursuant to such inquiry. The right to fair hearing is a guaranteed right. Every person before an Authority exercising the adjudicatory powers has a right to know the evidence to be used against him. Dhakeswari Cotton Mills Ltd. vs. CIT 26 ITR 775 (SC) followed; (ii) However, the principles of natural justice do not require supply of documents upon which no reliance has been placed by the Authority to set the law into motion. Supply of relied on documents based on which the law has been set into motion would meet the requirements of principles of natural justice; (iii) The concept of fairness is not a one way street. The principles of natural justice are not intended to operate as roadblocks to obstruct statutory inquiries. Duty of adequate disclosure is only an additional procedural safeguard in order to ensure the attainment of the fairness and it has its own limitations. The extent of its applicability depends upon the statutory framework;
After the introduction of VAT, a large number of refund applications are being filed, as compared to the BST period. The department is undergoing transition due to which business processes have undergone many changes. As a result, a number of circulars were issued from time to time to lay down the procedure for the granting of refund,
