"16 April 2021" Archive - Page 4

HC Court set aside Statement in SVLDRS-3 issued without affording opportunity of hearing

Chinar Shipping & Infrastructure (India) Pvt. Ltd. Vs Union of India (Bombay High Court)

Chinar Shipping & Infrastructure (India) Pvt. Ltd. Vs Union of India (Bombay High Court) It could not be out of place to refer to a decision of Karnataka High Court in the case of Kiran Borewells Vs. Union of India wherein the impugned order was set aside finding that decision had been taken without providing […]...

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Reopening based on mistaken facts was invalid

Excel Financial Consultants Pvt. Ltd. Vs ITO (ITAT Kolkata)

Therefore, reasons are to be examined only on the basis of reasons as recorded. Here, in this case, I note that the A.O on mistaken facts resorted to reopening which is an admitted fact on a perusal of re-assessment order (supra). Therefore, the condition precedent for reopening the assessment u/s 147 of the Act is found to be absent and,...

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Consideration of matters by committee of creditors on committee members request

Notification No.: IBBI/CIRP/2021  16/04/2021

Regulation 18 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) provides that a resolution professional (RP) may convene a meeting of the committee of creditors (CoC), when he considers it necessary. He shall, however, convene a meeting of the CoC, if a request to that effect is made by...

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IBBI found IP not guilty of misconduct despite Delay in preparation of Information Memorandum

Notification No. IBBI/DC/70/2021 16/04/2021

The DC notes the submission of Mr. Nagarajan that the CIRP of Cethar Ltd. was very complex and the promoters of the CD took advantage of the gaps from date of order of the CIRP to the date of appointment of IRP and moved the documents and records of the CD out of his reach […]...

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ADD investigation on imports of ‘Copper & Copper Alloy Flat Rolled Products’

Case No. AD-OI-06/2020 16/04/2021

Case No. AD-OI-06/2020 Anti-Dumping investigation concerning imports of Copper & Copper Alloy Flat Rolled Products originating in and exported from China PR, Korea RP, Malaysia, Nepal, Sri Lanka and Thailand...

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Section 35(2AB) Deduction for Scientific research expenditure- ITAT restores file to PCIT

Botil Oil Tools (I) Pvt. Ltd. Vs PCIT (ITAT Delhi)

Botil Oil Tools (I) Pvt. Ltd. Vs PCIT (ITAT Delhi) Facts of the case, in brief, are that the assessee is a company engaged in the business of manufacturing Oil Field Drilling and Production Equipment, which are used for drilling the Wells to pull out the oil from the wells. It filed its return of […]...

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SCN without Mandatory pre-show cause notice consultation is not valid

Back Office It Solutions Private Limited Vs Union of India & Ors. (Delhi high Court)

Back Office It Solutions Private Limited Vs Union of India & Ors. (Delhi high Court) We are of the view that the contesting respondents were mandatorily required to have a pre-show cause notice consultation with the petitioner-company and that having not being done in the instant matter, the proceedings initiated by the contesting res...

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CBIC issued advisory on issue of SCN considering SC judgment in Canon India

F.No. 450/72/2021-Cus IV 16/04/2021

F.No. 450/72/2021-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Custom) ***** Room No. 227B, North Block, New Delhi Dated: 16th April 2021 To, The Principal Additional Director General, Directorate of Revenue Intelligence (DRI), New Delhi Sub:-  Hon’ble  Supreme  Court...

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SEBI Guidelines for warehousing norms for agricultural/agri-processed & non-agricultural goods

Notification No. SEBI/HO/CDMRD/DMP/P/CIR/2021/551 16/04/2021

Guidelines for warehousing norms for agricultural/agri-processed goods and non-agricultural goods (only base/industrial metals) underlying a commodity derivatives contract having the feature of physical delivery...

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Employees contribution to ESIC & PF allowable when payment is made

DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi)

DCIT Vs Dee Development Engineers Ltd. (ITAT Delhi) The assessee company has not deposited the employees’ contribution within the due date which is prescribed under the said statute i.e. Provident Fund and ESIC. This issue is dealt by the Hon’ble Delhi High Court in case of CIT vs. M/s Bharat Hotels Ltd. 410 ITR 417 […]...

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