"03 June 2018" Archive

Entire purchases cannot be treated as bogus for mere non-production of dealers

Shalimar Wire Agency Vs Dy. CIT (ITAT Mumbai)

Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions. ...

No Penalty under section 271(1)(c) if Addition on estimate basis

Shri Radhey Shyam Vs ITO (ITAT Delhi)

When income of assessee was determined on estimation basis of net profit, then no penalty under section 271(1)(c) could be imposed for concealment and furnishing inaccurate particulars....

Mere transfer of some of its customers and business leads to its subsidiary by a company not amount to Slump Sale

L&T Finance Ltd. Vs DCIT ( ITAT Mumbai)

L&T Finance Ltd. Vs DCIT ( ITAT Mumbai) We have given a thoughtful consideration to the facts of the case and are of the considered view that ‘Slump sale’ as defined in section 2(42C) means the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values […]...

Tribunal Registrar cannot consider and decide on applications for condonation of delay

In Re Hiten Ramanlal Mahimtura (ITAT Mumbai)

While hearing the appeal, we observed that the Registrar has heard this preliminary issue of condoning the delay and passed order on 8.3.3018 condoning the delay. The power of condoning the delay is with the Court/Tribunal under the Limitation Act as well as u/s. 253(5) r.w.s. 252(1) of the Income Tax Act....

Ground & technical handling services rendered to other airlines in India- Taxation

DCIT Vs. M/s. KLM Royal Dutch Airlines (ITAT Delhi)

DCIT Vs. M/s. KLM Royal Dutch Airlines (ITAT Delhi) The technical handling services rendered by the assessee to the other airlines in India held to be part of the business of the assessee from the operation of aircraft in international traffic. In DCIT vs. KLM Royal Dutch Airlines [ITA No: 3819 /Del/2015, (A.Y. 2009-10) & […]...

Appointment of Directors under section 152 of Companies Act, 2013

SECTION 152 OF THE COMPANIES ACT, 2013 – APPOINTMENT OF DIRECTOR An individual who is appointed or elected as the member of the board of Directors of a Company, who, along with the other directors, has the responsibility for determining and implementing the policies of the company. Director is an individual who directs, manages, ove...

Posted Under: Income Tax |

Remedy to director who has resigned & company is not filing e-form DIR-12 with ROC

The nitty-gritty involved while resignation from the post of Director of a Company, precautions to be taken while resigning have been discussed by the author is separate articles link of which have been provided above...

Posted Under: Income Tax |

Whether Resignation of Director is subject to Approval /Acceptance

Under Companies Act, 1956 there was no provision governing the resignation tendered by a Director. Thus matters in dispute with respect to mandatory acceptance or approval of resignation were taken to Courts of law, wherein various pronouncements clarifying whether resignation by a Director is a unilateral or bilateral act have been made ...

Posted Under: Income Tax |

Precautions to be taken while resigning from Directorship of a company

A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such time and in such form as may be prescribed and shall also place the fact of such resignation in the report of direct...

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February 2024