"18 November 2020" Archive

Investigation cannot be stalled on apprehension of contracting COVID-19

P.V. Rao Vs Senior Intelligence Officer (Delhi High Court)

The Hon’ble Delhi High Court, in the case of P.V. Rao vs. Senior Intelligence Officer, DGGSTI [W.P.(C.) No. 8975/2020 (dated, November 18, 2020)] denied relief to P.V. Rao (Petitioner) from appearing physically in Delhi to record statement in alleged GST evasion case and held that judicial interference at this threshold stage, in such m...

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DGGI busted Inter State Fake Invoice racket

Release ID: 1673705 18/11/2020

Inter State Fake Invoice racket with fake transactions valued at over Rs. 131 Crore value busted by DGGI involving fraudulent Input Tax credit of Rs. 26.09 Crore...

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Income from time charter services rendered by vessel cannot be treated as ‘royalty‘

Smit Singapore Pte Ltd. Vs DCIT (ITAT Mumbai)

Smit Singapore Pte Ltd. Vs DCIT (ITAT Mumbai) Assessee had received charges on account of time charter services rendered by its vessel ‘Smit Borneo‘ along with the crew to Leighton India Contractor Pvt. Ltd., and not for allowing the latter the ‘use‘ or ‘right to use‘ of industrial, commercial, or scientific equipm...

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Physically record statement in alleged GST evasion case: HC directs Byju’s CFO

P V Rao Vs Senior Intelligence Officer, Directorate General Of GST Intelligence & Ors. (Delhi High Court)

The present petition is filed to seek a writ of Mandamus to direct Respondent No. 1, the Senior Intelligence Officer, Director General of GST Intelligence (“DGGSTI”) to allow the Petitioner to tender his statement and adduce evidence through video conferencing, in relation to a summon issued under Section 70 of the CGST Act, 2017. ...

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In absence of order by Adjudicating Authority within 180 days, Provisional Attachment Order under PMLA ceases to have effect

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court)

Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) Sub-section (1) of Section 5 of the Prevention of Money Laundering Act, 2002 (ACT) empowers the Director or any other officer not below the rank of the Deputy Director authorized by the Director of Enforcement in this regard, to pass an order […]...

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Checklist for ROC compliances during statutory audit for unlisted companies

In India, the term “statutory auditor” refers to an external auditor whose appointment is mandated by law. A “statutory audit” is a legally required review of the accuracy of a company’s or government’s financial records. The purpose of a statutory audit is the same as the purpose of any other audit ...

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Method of Accounting Can’t be Rejected u/s 145 Without Examination of Books

VRB Foods Pvt. Ltd. Vs DCIT (ITAT Delhi)

The issue under consideration is whether rejection of method of accounting under section 145 without even examination of books of assessee is justified in law?...

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Section 56(2)(vii)(b) Not Applicable if It Is Not Enacted as on Date of Agreement

ACIT Vs Sri Anala Anjibabu (ITAT Visakhapatnam)

The issue under consideration is whether provisions of section 56(2)(vii)(b)(ii) are applicable on difference between consideration paid for purchase of property and SRO value as on date of agreement?...

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Section 147/148 proceedings on mere investigation wing information was not valid

Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad)

Hitesh Ashok Vaswani Vs DCIT (ITAT Ahmedabad) In the present case the search information received from the investigation wing was used to form the reason to believe by the AO but without applying the mind. Thus the reasons were merely recorded on the borrowed satisfaction by the AO. The source for all the conclusions was […]...

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Pass special resolution if remuneration payable to executive promoter director exceeds 5% of net profit: SEBI

Notification No. SEBI/HO/CFD/CMD1/0W/P/2020/19620/1 18/11/2020

SEBI held that in case if the aggregate remuneration payable to all executive promoter directors exceeds 5 per cent of the net profits, the Company shall be required to pass a special resolution under clause (ii) of regulation 17(6) (e) of LODR Regulations, subject to the condition that such approval of the shareholders shall be […...

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