"10 January 2013" Archive

HC Rejects Winding up Petition as serious dispute existed on amount due from company to petitioner

Jalan Infotech Pvt. Ltd. Vs Hewlett Packard India Sales Pvt. Ltd. (Calcutta High Court)

There is no doubt that the correspondence between the parties in April, 2009 gives the impression that the company admitted and acknowledged that the company owed money to the petitioner. Yet, on the basis of the mail exchanged at the relevant time, the exact quantum of the company's indebtedness to the petitioner cannot be assessed....

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Activity involving offer of plots for sale with assurance of development of infrastructure/amenities, lay-out approvals etc. is a ‘service

M/s Narne Construction P. Ltd. Vs Union of India (Supreme Court of India)

The short question that falls for determination in these appeals by special leave is whether the appellant-company was, in the facts and circumstances of the case, offering any 'service' to the respondents within the meaning of the Consumer Protection Act, 1986 so as to make it amenable to the jurisdiction of the fora established under th...

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Reassessment to check excess disallowance of deduction not justified if primary facts were disclosed during original assessment

Kalpataru Sthapatya Pvt. Ltd. Vs Income Tax Officer (Gujarat High Court)

In the present case, the assessee disclosed the factum of housing project, the construction of shops and the profit derived therefrom. These were the primary facts sufficient for the Assessing Officer to proceed in its assessment process. He had undertaken such a process and applied the facts to the provisions of law by applying his mind....

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Winding up proceeding can be admitted on failure to return advance against property on cancellation of agreement

Sanchit Vinimay Pvt. Ltd. Vs Mrs. Sipra Thomas (Calcutta High Court)

In the instant case, the agreement was entered into between the parties on 1-7-2012 and by the mail dated 4-7-2012, the petitioner evinced her desire not to go ahead with the transaction. Indeed, the petitioner unilaterally offered the deduction in terms of the agreement though it would have been understandable for the petitioner even to ...

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Mis-interpretation or mis-reading of document is question of law and on such an issue an appeal can be filed

M/s. Unit Trust of India & Ors. Vs M/s. Jagan Nath Sayal & Co. & Anr. (Delhi High Court)

An appeal under Section 10F of the Companies Act can be filed only on a question of law; a mis-interpretation or mis-reading of document is question of law. There is no dispute that in this case a question of law has arisen as the submission of the appellant is that the correspondences exchanged between the parties were not appreciated by...

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List of Candidates Elected from Central & Regional Councils of WIRC, SIRC, EIRC, NIRC & CIRC

List of Candidates Elected from Central and Regional Councils of WIRC, SIRC, EIRC, NIRC and CIRC who were elected in recently concluded election of ICAI- Result Notification – Central Council Result Notification – Regional Councils...

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Posted Under: Company Law |

In Speculation trading there is no ‘sale’ or ‘turnover’ effected within the meaning of S. 44AB

Banwari Sitaram Pasari HUF Vs Asstt. CIT Cir. 3(1) (ITAT Pune)

Assessee was engaged in the speculation transaction of sale and purchase of units without taking delivery and the account was settled by crediting the difference. The Tribunal after considering section 18 of the Sale of Goods Act, 1930 observed that no property in the said units passed on to the assessee inasmuch as the assessee never acq...

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Amendment to Section 15M of SEBI Act, 1992

The Cabinet today approved the proposal of the Department of Economic Affairs for amendment to Section 15M of the Securities and Exchange Board of India (SEBI) Act, 1992, to enlarge the field of selection for the post of Presiding Officer (PO) of the Securities Appellate Tribunal (SAT)...

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Posted Under: Company Law |

Railways Relax Condition of Production of Original Proof of Identity during Journey

Ministry of Railways has made some relaxation in the condition of production of original Proof of Identity during train travel and particularly for the passengers belonging to the lower economic classes. ...

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Posted Under: Company Law |

No addition to be made in block assessment if no incriminating material found during search

Shri Gurinder Singh Bawa Vs Dy. Commissioner of Income-tax (ITAT Mumbai)

AO had made assessment on the information/material available in the return of income. The information regarding the gift was available in the return of income as capital account had been credited by the assessee by the amount of gift. Similar was the position in relation to addition under section 2(22)(e). T...

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