"07 February 2021" Archive

Approach to deal with Transitional Credit issues in Hyper Technical Manner was wrong: HC

Union of India Vs A. F. Babu (Kerala High Court)

Union of India Vs A. F. Babu (Kerala High Court) By the impugned judgment, the learned Single Judge allowed the writ petition and directed the respondents in the writ petition to open an online portal to enable the first respondent to file the form GST TRAN-I electronically or to accept the same manually. Aggrieved by […]...

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No section 80IB(10) deduction If No expense by Land Owner Towards project Development

Anjli Foundations Vs ITO (ITAT Chennai)

Anjli Foundations Vs ITO (ITAT Chennai) Since, the assessee transferred/assigned 50% of the property to the developer, the assessee owned only 25 cents or half-acre as against one acre as per the condition laid down in section 80IB(10), the assessee’s Profit and Loss Account showed that on the gross sale value of Rs. 4,07,53,750/-, only...

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Tax on Agricultural land transferred under JDA

Medravathi Agro Farms Pvt. Ltd. Vs ACIT (ITAT Hyderabad)

Medravathi Agro Farms Pvt. Ltd. Vs ACIT (ITAT Hyderabad) It is observed that the assessee company as well as other thirteen land owning companies were incorporated with their main object to carry on the agricultural activities and there is no dispute about the same. In order to pursue this main objects, these companies purchased agricultu...

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Forfeiture of convertible warrant results in extinguishment of right

DCIT Vs Azalea Infrastructure Pvt. Ltd (ITAT Delhi)

DCIT Vs Azalea Infrastructure Pvt. Ltd (ITAT Delhi) The facts clearly shows that on October 20, 2010, India Bulls Power Ltd pursuant to the provisions of Section 192A of the Companies Act, 1956 made a preferential allotment of 42 crore as fully convertible warrants to 4 different companies which are the entities promoted by the […]...

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Freezing of bank accounts under PMLA without compliance of law was not valid

OPTO Circuit India Ltd. Vs Axis Bank & Ors. (Supreme Court)

Since freezing of bank account due to initiation of proceedings under PMLA has been done without due compliance of law, it was necessary to direct to defreeze the respective accounts and clear the cheques issued by assessee, drawn in favour of the Competent Authority towards the ITDS, PF, ESI, Professional Tax, Gratuity and LIC employeesâ...

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Analysis of recent amendment in CSR Rules & Provisions

1. Brief Background a) The Company law in India mandates certain category of companies to carry out Corporate Social Responsibility (CSR) activities mandatorily. Section 135 of the Companies Act, 2013 enlists the companies which are mandatorily required to comply with the CSR requirements, which are: i. Net worth of Rs. 500 crore or more,...

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Tax on Interest on Delayed Compensation for Compulsory Land Acquisition

ACIT Vs SV Global Mill Ltd. (ITAT Chennai)

ACIT Vs SV Global Mill Ltd. (ITAT Chennai) We find that the Tribunal in the context of Section 10(37) of IT Act, held that interest received for delayed payment of enhanced compensation in respect of acquisition of immovable property is in the nature of interest liable to be taxed u/s.56(2)(viii) r.w.s. 145A(b) of IT Act. […]...

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Interest on FDR prior to commencement of business is Capital Receipt

Jaypee Powergrid Limited Vs ITO (ITAT Delhi)

Jaypee Powergrid Limited Vs ITO (ITAT Delhi) It is clear upon a perusal of the facts as found by the authorities below that the funds in the form of share capital were infused for the specific purpose of acquiring land and the development of infrastructure. Therefore, the interest earned on funds primarily brought for infusion […]...

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Smuggling of gold with intent to threaten or likely to threaten economic security of country is Terrorist act

Mohammed Aslam Son of Abdul Rashid Vs Union of India (Rajasthan High Court)

Mohammed Aslam Son of Abdul Rashid Vs Union of India (Rajasthan High Court) Under Section 15(I)(a)(iiia) of the Act of 1967, the smuggling of gold with intent to threaten or likely to threaten the economic security of the country is very much covered under the smuggling of “any other material” Thus, the contention of the […]...

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Public Money Recovery Cannot Wait Indefinitely to Suit Convenience of A Particular Borrower

Brahm (Alloys) Ltd. & Anr. Vs West Bengal Financial Corporation & Ors. (Culcutta High Court)

Brahm (Alloys) Ltd. & Anr. Vs West Bengal Financial Corporation & Ors. (Culcutta High Court) HC held that Counsel for the respondents is justified in arguing that recovery of public money cannot wait indefinitely to suit the convenience of a particular borrower. In the present case, even the latest offer given by the concerned ARC...

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