"01 March 2021" Archive

WhatsApp group administrator not liable for an act of member of group

Kishor S/o Chintaman Tarone Vs State of Maharashtra (Bombay High Court)

Kishor S/o Chintaman Tarone Vs State of Maharashtra (Bombay High Court) The crux of the issue involved is whether an administrator of Whatsapp group can be held criminally liable for objectionable post of its member for committing offences punishable under sections 354- A(1)(iv) , 509 and 107 of the Indian Penal Code and section 67 [&hell...

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ITAT: Bank crisis ‘reasonable cause’ for not producing documents during assessment

ITO Vs M/s Ishika Foods (P) Ltd. (ITAT Jaipur)

Where the business of assessee was discontinued and the premises had been taken over by the Bank as part of its recovery proceedings, the crisis being faced upon consequent action taken by Bank was the reasonable cause which prevented assessee from submitting the requisite information/documents on the notices issued by AO and for remainin...

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No addition for share issued at Premium based on prescribed methodology

PCIT Vs Cinestaan Entertainment Pvt Ltd (Delhi High Court)

PCIT Vs Cinestaan Entertainment Pvt Ltd (Delhi High Court) The law requires determination of fair market values as per prescribed methodology. The Appellant-Revenue had the option to conduct its own valuation and determine FMV on the basis of either the DCF or NAV Method. The Respondent-Assessee being a start-up company adopted DCF method...

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Code on Wages (Central Advisory Board) Rules, 2021

G.S.R. 143(E) 01/03/2021

(1) These rules may be called the Code on Wages (Central Advisory Board) Rules, 2021. (2) They shall come into force on the date of their publication in the Official Gazette....

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Income Tax Dept searches major Pharma group of Hyderabad

The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad.  This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. ...

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Posted Under: Income Tax |

Master Circular on Surveillance of Securities Market

SEBI/HO/ISD/ISD/CIR/P/2021 /22 01/03/2021

In order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market, SEBI in consultation with Stock Exchanges has decided to adopt following measures:-...

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Notice served by registered post was properly served notice | section 138 | N.I. Act.

M Nagappa Vs Mohamad Aslam Savanur (Karnataka High Court)

Service of notice through registered post was proper service of notice and there was no requirement to serve notice under certificate of posting as there was no rebuttal evidence to show that the complainant has deliberately and intentionally sent the legal notice to the wrong address and the accused was not working at the place and addre...

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No wealth Tax on Urban Land after construction of Building by Charitable Trust on the same

Shri S. Peter Vs Asst. Commissioner of Wealth Tax (ITAT Chennai)

Shri S. Peter Vs Asst. Commissioner of Wealth Tax (ITAT Chennai) The solitary issue that came up for our consideration from the given facts and circumstances of this case is, whether the lands owned by the assessee and leased to trusts comes under the definition of ‘asset’, as defined u/s.2(ea) of the WT Act, or […]...

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Fake invoices with a face value of Rs. 3308 crore unearthed

D.O.No.54/CH(IC)/2020 01/03/2021

I am happy to note that the anti-evasion teams of Jaipur and Alwar CGST Commissionerates have used data analytics to unearth a large case of fraudulent ITC availment, involving fake invoices with a face value of Rs. 3308 crore by several non-existent firms registered in Jaipur. These firms had fraudulently availed ITC of about Rs. 83.37 c...

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Quasi-criminal proceedings can be initiated under Section 138 of NI Act- SC

P. Mohanraj & Ors. Vs Shah Brothers Ispat Pvt. Ltd. (Supreme Court Of India)

P. Mohanraj & Ors. Vs Shah Brothers Ispat Pvt. Ltd. (Supreme Court) Shri Lekhi, learned Additional Solicitor General, took strong objection to the use of the expression ‘quasi-criminal’ to describe proceedings under Section 138 of the Negotiable Instruments Act, which, according to him, can only be described as criminal pr...

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