"20 March 2021" Archive - Page 2

HC orders Conditional interim Releases of cash Seized from associates of D.K Shivkumar

Wellworth Software Pvt. Ltd. Vs CBI/ACB (Karnataka High Court)

Wellworth Software Pvt. Ltd. Vs CBI/ ACB (Karnataka High Court) These two petitions are preferred against the orders passed by the LXXXI Addl. City Civil and Sessions Judge, Bengaluru, rejecting the applications filed by the petitioners under Sections 451 and 457 of Cr.P.C. 2. The undisputed facts are that during course of investigation i...

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Ministry of Commerce Issues Guidelines for Startup India Seed Fund Scheme

The Commerce Ministry has issued guidelines for Startup India Seed Fund Scheme (SISFS) 1. The Seed Fund will be disbursed to eligible startups through eligible incubators across India. 2. Criteria: a. A startup,recognized by DPIIT, incorporated not more than 2 years ago at the time of application. b. The startup must have a business idea ...

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Posted Under: Corporate Law |

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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Addition for Non-Bonafide change in revenue recognition method justified

UL India Pvt. Ltd. Vs DCIT (ITAT Bangalore)

UL India Pvt. Ltd. Vs DCIT (ITAT Bangalore) The next issue relates to the addition made rejecting the claim of change in method of revenue recognition. The Ld A.R fairly admitted that this issue has been decided against the assessee by the co-ordinate bench in AY 2009-10 (referred supra). We notice that this issue has […]...

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Necessity of a new Press Note replacing Press Note No. 2 of FDI Policy 2016/2018

We invoke your kind and immediate attention towards FDI in e-commerce section of Press Note No. 2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthless destroying the Indian retail sector with their deep pockets and expensive lobby if legal experts who will stop at nothing b...

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Posted Under: Corporate Law |

No SVLDRS benefit if department not quantifies amount during investigation

Karan Singh Vs Designated Committee Sabka Vishwas Legacy Dispute Resolution Scheme And Another (Delhi High Court)

Karan Singh Vs Designated Committee Sabka Vishwas Legacy Dispute Resolution Scheme and Another (Delhi High Court )  Since quantification has co-relation and is interlinked with tax relief under the scheme, and the Petitioner has not made a voluntary disclosure, but has rather approached for settlement in respect of case under investigati...

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SVLDRS application cannot be rejected merely for initiation of enquiry after 30.06.2019

New India Civil Erectors Private Limited Vs Union of India and others  (Bombay High Court)

New India Civil Erectors Private Limited Vs Union of India (Bombay High Court) A careful reading of the query and the answer given thereto would make it clear that if an enquiry or investigation or audit was initiated on or before 30.06.2019 then such a person would not be eligible to make a declaration under […]...

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No service Tax on Supply of River Sand merely for loading/Unloading of the same by Appellant

Shree Mohangarh Construction Co. Vs Commissioner of Central Excise & Service Tax (CESTAT New Delhi)

Shree Mohangarh Construction Co. Vs Commissioner of Central Excise & Service Tax (CESTAT New Delhi) The first contract is supply of river sand; it is not for loading or unloading any cargo. Needless to say that if somebody has to supply river sand it has to loaded into the truck and unloaded it at the […]...

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HC places matter of virtual non application of mind and disregard to hierarchy of Courts by Trial Court before Inspecting Committee of HC Judges

Air Customs  Vs Begaim Akynova (High Court Delhi)

Air Customs  Vs Begaim Akynova (High Court Delhi) The petitioner, vide the present petition has sought the setting aside of the impugned order dated 06.01.2021 of the learned CMM, New Delhi vide which the learned Trial Court granted permission to the respondent-Begaim Akynova to travel abroad to her home for one year from 06.01.2021 to [...

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District Court Summons Senior Partner of CA Firm in case of Alleged bribe to Tax Officer

CBI Vs Prithvi Raj Meena (District Court Delhi)

CBI Vs Prithvi Raj Meena (District Court Delhi)  1. Introduction: Complainant Sh. Krishan Kumar is one of the partners of a firm known as M/s Square 9 Inn. Sh. P.R. Meena/Accused No.1 was the Income Tax Officer (ITO) dealing with the ITR of the said firm. Sh. Deepak Aggarwal/Accused No. 2 is a Chartered Accountant […]...

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