"13 November 2021" Archive

Verification of pleadings under CPC as amended by Commercial Courts Act, 2015

Order VI of Civil Procedure Code (CPC) deals with pleadings in general. Order VII deals with plaint and Order VIII deals with written statement.  Order VI, Rule 1 defines pleadings as follows: 1. Pleading: Pleading shall mean plaint or written statement. Pleading is nothing but what a party to a suit pleads in support of […]...

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Posted Under: Corporate Law |

RBI: Retail Direct Scheme – Gilt accounts

We have heard of institutions dealing with government securities at various stages and many retailers wanted to invest or trade in them. RBI heard the requests of retailers and has come out with the following scheme, just yesterday. Let us learn the epoch- making development in detail. The highlights of the ‘RBI Retail Direct’ scheme ...

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Posted Under: Corporate Law |

Rental income from sub-lease shall be considered as Business Income since same was business of assessee

Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai)

Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business. Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggr...

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Deduction allowable on loss suffered by assessee on Foreign Exchange Fluctuation Loss

PCIT Vs United Spirits Ltd. (Karnataka High Court)

Loss suffered by an assessee on account of foreign exchange difference as on the date of balance sheet was an item of expenditure under Section 37(1) as the view of AO and CIT (A) that the investments were made on, from the FNCR loans was not based on any supporting material and was only a presumption....

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GST on reimbursement received from MMRDA

In re Maha Mumbai Metro (M3) Operation Corporation Limited (GST AAR Maharashtra)

To achieve the above objective, applicant is incurring various expenses such as Salary & Wages for employee, Contribution to provident Fund, Training expenses, Canteen expenses, Advertisement expenses, Manpower expenses etc. Currently, no revenue is generated by applicant by incurring these expenses in relation to Operation and Maintenanc...

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25 States/UTs have so far undertaken reduction of VAT on Petrol & diesel

25States/UTs have so far undertaken commensurate reduction of  VAT on Petrol and diesel to give relief to the consumers.  This follows the decision of the Government of India on 3rd November, 2021 to significantly reduce Central Excise Duty on Petrol and Diesel by Rs. 5 & Rs. 10 respectively. While doing so, the States were also urged...

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Posted Under: Corporate Law |

Key Highlights of Legal Metrology (Packaged Commodities) Amendment Rules, 2021

The central government has amended the Legal Metrology (Packaged Commodities) Rules 2011 vide Legal Metrology (Packaged Commodities) Amendment Rules, 2021 making declaration of maximum retail price (MRP) in Indian currency inclusive of all taxes on pre packed commodities and date of manufacture mandatory. The amendments to come into effe...

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Posted Under: Corporate Law |

Default bail U/s. 167(2) Cr.P.C. cannot be equated with discretion of Court U/s. 437, 438 or 439 Cr.P.C.

Amandeep Singh Bhui Vs Inspector (Preventive) Central Goods and Service Tax (Punjab and Haryana High Court)

Amandeep Singh Bhui Vs Inspector (Preventive) Central Goods and Service Tax (Punjab and Haryana High Court) Default bail under Section 167(2) Cr.P.C. cannot be equated with the discretion of the Court under Sections 437, 438 or 439 Cr.P.C., wherein the Court has got ample power to impose any condition as would be deemed fit on […]...

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MCA & IEPFA further simplifies IEPFA Claim Settlement Process

Ministry of Corporate Affairs has further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 with the mission and vision of Government of India of Ease of Living and Ease of Doing Business. Companies...

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Posted Under: Corporate Law |

Liability of ensuring that keyword is not an infringement of trademark lies on Google

DRS Logistics (P) Ltd. Vs Google India Pvt Ltd & Ors. (Delhi High Court)

DRS Logistics (P) Ltd. Vs Drs Logistics (P) Ltd. (Delhi High Court) Facts- An application seeking ad interim ex parte injunction was filed by the plaintiffs against Google India, Google LLC and Just Dial restraining them from using or permitting third parties to use plaintiffs’ registered trademark AGARWAL PACKERS & MOVERS or DR...

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