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Archive: 29 January 2021

Posts in 29 January 2021

‘Hundi receipts’ in cash towards Corpus of Trust is Capital Receipt

January 29, 2021 3969 Views 0 comment Print

The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law.

GVAT: Section 35 power cannot be exercised after expiry of 5 years

January 29, 2021 2586 Views 0 comment Print

Saurashtra Ferrous Pvt. Ltd. Vs State Tax Officer (Gujarat High Court) It is an admitted fact that the respondents-authorities have not invoked the Section 39 of the GVAT Act, which provides the powers to withhold the refund in certain cases. After considering the facts and circumstances of the case, we are of the view that […]

Iinterest on delayed refund of Excise duty under excise exemption scheme

January 29, 2021 708 Views 0 comment Print

Important Judgment of Gauhati High Court on interest on delayed refund of Excise duty under the excise exemption scheme. Under the said scheme exempted units have to first pay the excise duty which is to be refunded back after verification

Receipts inextricably linked to project under implementation are capital receipt

January 29, 2021 921 Views 0 comment Print

Meja Urja Nigam Pvt. Ltd. Vs ITO (ITAT Allahabad) In this case, we have observed that there is a clear finding by ld. Assessing Officer/ld. CIT(A) that earnest money(EMD) given by contractors was forfeited by assessee on account of non completion of work and other miscellaneous recoveries were made from contractors. It is undisputed that […]

Aadhaar authentication for contact less service in transport sector

January 29, 2021 597 Views 0 comment Print

Ministry is of the opinion that persons are facing difficulties in respect of availing various services related to driving licence and registration certificate especially during these COVID-19 pandemic. In view of the above, Ministry has decided to provide certain services online with the help of Aadhaar number as per Order attached.

Private Placement of Shares: Law and Procedure

January 29, 2021 16233 Views 0 comment Print

Private Placement means offer and issuance of shares to a select group of persons by a Company. The Procedure for issuance of shares on Private Placement Basis is as follows: 1) Hold a Board Meeting: The first and the foremost step for issuing shares on a Private Placement Basis is to hold a Board Meeting […]

Data, Privacy and You

January 29, 2021 1434 Views 0 comment Print

28 January, every year, is celebrated at the International Data Privacy Day. Most of us today are unaware of and uninformed about how our personal information is being used, collected, or shared in our digital society. The purpose of Data Privacy Day is to raise awareness and promote privacy and data protection best practices. Data […]

HC accepts Writ petition although alternative remedy was available

January 29, 2021 2718 Views 0 comment Print

Writ petition was maintainable despite the availability of an alternative remedy as the nature of challenge thrown in the writ petition was on the ground of absence of jurisdiction of Resolution Professional and the NCLT in IBC matters and not ‘wrongful exercise of the available jurisdiction’, thus bringing it within the fold of Article 226 of the Constitution.

HC directs GST Authorities to consider proposal to release Bank account against Immovable Property

January 29, 2021 651 Views 0 comment Print

The present petition inter-alia seeks quashing of the impugned Letters dated 31st December, 2020 whereby Respondents have directed the Bankers of the Petitioner Company to Freeze and/or Provisionally attach the bank accounts of the Petitioner Company

HC quashes GST refund cancellation order for being cryptic & non-speaking

January 29, 2021 1800 Views 0 comment Print

Genpact India Pvt. Ltd. Vs Union of India And Ors. (Punjab And Haryana High Court) The petitioner has straightway approached this Court, challenging the order dated 11.09.2020 of the Adjudicating Authority, vide which the refund claimed by the petitioner has been rejected. Having heard the counsel for the parties and on going through the pleadings […]

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