CIT vs. Manish Build Well Pvt Ltd (Delhi High Court)-In the present case, the CIT (A) has observed that the additional evidence should be admitted because the assessee was prevented by adducing them before the assessing officer. This observation takes care of clause (c) of sub-rule (1) of Rule 46A. The observation of the CIT (A) also takes care of sub-rule (2) under which he is required to record his reasons for admitting the additional evidence. Thus, the requirement of sub-rules (1) and (2) of Rule 46A have been complied with.
After corporate leaders, leading foreign investors, rating agencies and research firms have raised the red flag over the notion about ‘policy paralysis’ and a slow pace of economic reforms in the country. Asserting that factors like a slow decision-making process and delay in implementing key economic reforms are leading to a slowdown in economic growth rate, the experts have asked the government to immediately gear up to benefit from the underlying positive points of the India story.
If the provisions of the DRT Act and Securitisation Act are interpreted keeping in view the background and context in which these legislations were enacted and the purpose sought to be achieved by their enactment, it becomes clear that the two legislations, are intended to create a new dispensation for expeditious recovery of dues of banks, financial institutions and secured creditors and adjudication of the grievance made by any aggrieved person qua the procedure adopted by the banks, financial institutions and other secured creditors, but the provisions contained therein cannot be read as creating first charge in favour of banks, etc.
Please refer to circular No SEBI/CFD/DCR/SAST/ 1/2011/09/23 dated September 23, 2011 wherein inter-alia format for submitting Draft Letter of Offer to SEBI under Regulation 16(1) of the Regulations was specified. In the said format, certain additional instructions have been inserted. Merchant bankers are advised to follow the said updated format while submitting the Draft Letter of Offer to SEBI.
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