"27 January 2022" Archive

A Bird’s Eye View of RERA, 2016 through the lens of Newtech Promotors & Developers Vs State of UP & Ors.

The legislative intent of the statute and its application in practise by the judiciary has always been a race to perfection with one leading the other and the case of Real Estate (Regulation and Development) Act, 2016 is no different. The Act, 2016 came on the statute book with all its provisions in force on […]...

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Posted Under: Corporate Law |

Forfeiture of convertible warrant results in Capital Loss for Income Tax

Shriram Retail Holdings Pvt. Ltd. Vs DCIT (ITAT Chennai)

Shriram Retail Holdings Pvt. Ltd. Vs DCIT (ITAT Chennai) Forfeiture of convertible warrant would result into extinguishment of the right of the assessee to obtain a share. A share in a company is nothing but share in the ownership of the company. While the right of the assessee to share in the ownership of the […]...

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Sales of goods, subject to VAT/ sales tax, is outside the purview of service tax

Express Engineers &

As per circular dated 23.08.2007 issued by the Department that clarifies that the payment of VAT/ Sales tax on a transaction has to be treated as sale of goods and levy of service tax on such transaction would not arise....

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Change of Registered office of A company Under Companies Act, 2013

SHIFTING OF REGISTERED OFFICE UNDER COMPANIES ACT, 2013 REGISTERED OFFICE is the place where all documents and notices are sent to the company. It is mentioned in the Situation clause of the Memorandum of Association. SHIFTING OF REGISTERED OFFICE MEANS CHANGE IN THE PLACE OF THE REGISTERED OFFICE.IT MAY BE IN THREE WAYS BROADLY 1. [&hell...

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Posted Under: Corporate Law |

Principal Vs. Principle

DRAFTING TIP  PRINCIPAL vs. PRINCIPLE Principal and Principle look and sound alike, yet have different meanings. While Principal can be a noun or an adjective, Principle is a noun. PRINCIPAL:- When Principal is used in form of a noun it means:- 1. Main / head person, such as the Principal of a school. (to remember […]...

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Posted Under: Corporate Law |

Orissa HC stays section 148 notice issued after 31st March 2021

Rashmi Motors Vs PCIT (Orissa High Court)

Rashmi Motors Vs PCIT (Orissa High Court) 1. This matter is taken up by video conferencing mode. 2. It appears that a Division Bench of Allahabad High Court has in its judgment dated 30th September, 2021 in Writ Tax No.524 of 2021 (Ashok Kumar Agarwal v. Union of India) accepted the pleas challenging reassessment notice […]...

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HC Quashes section 148 notice issued beyond 4 years as same was approved by JCIT instead of CIT

Ambika Iron and Steel Pvt. Ltd. Vs PCIT (Orissa High Court)

Ambika Iron and Steel Pvt. Ltd. Vs PCIT (Orissa High Court) For the purpose of Section 151(1) of the Income Tax Act, 1961 since the reopening of the assessment was beyond 4 years, it had to have the prior approval of the Commissioner of Income Tax, and there was no such approval in the present […]...

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Air India strategic disinvestment completed

The Air India strategic disinvestment transaction has been completed today with Government receiving a consideration of Rs 2,700 crore from the Strategic Partner (M/s Talace Pvt Ltd, a wholly owned subsidiary of M/s Tata Sons Pvt Ltd), retaining debt of Rs 15,300 crore in Air India and AIXL and transferring shares of Air India (100% [&hel...

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Posted Under: Corporate Law |

Order imposing interest on gross GST amount quashed for Violation of Principle of Natural Justice

Manshi Automobiles Vs Union of India (Patna High Court)

Manshi Automobiles Vs Union of India (Patna High Court) We form an opinion that the order is bad in law. This we say so, for two reasons- (a) violation of principles of natural justice, i.e. Fair opportunity of hearing. No sufficient time was afforded to the petitioner to represent his case; (b) order passed ex […]...

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Allowing less than 24 Hours to respond to SCN is Violation of Principles of Natural Justice

MMG Constructions LLP Vs Union of India (Karnataka High Court)

Where a response was sought by the Assessing Officer to the show cause notice, giving less than 24 hours, it has been held to be arbitrary resulting in palpable injustice. Thus, without going into merits or demerits of the case, it would be suffice in restoring the proceedins to the Assessing Officer to provide reasonable opportunity of h...

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