"20 February 2022" Archive

SEBI IPO disclosure norms for loss making companies

SEBI proposes new disclosures for loss making companies intending to issue an IPO: 1. India’s market regulator plans to ask new-age technology companies to justify the pricing of shares for their initial public offerings to ensure transparency on account of the meltdown in stocks of some of these companies. 2. Shares of some new-age tec...

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Posted Under: SEBI |

AO not justified in re-characterising the transaction of issue of debentures/CCDs as that of equity shares

City Corporation Limited Vs DCIT (ITAT Pune)

City Corporation Limited Vs DCIT (ITAT Pune) With regard to first issue pertaining to TP adjustment in respect of interest payment on debentures, the TPO has discussed this issue from Para 6 onwards and has given his findings at Para 16 of his order. During transfer pricing proceedings, the TPO while going through the assessee’s [&h...

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Posted Under: SEBI |

Case not presented properly by Assessee due to Old age before AO & CIT(A): ITAT allows one more Opportunity

Dr. Mumtaz Ali Khan Afzal Vs Income Tax Officer (ITAT Hyderabad)

Dr. Mumtaz Ali Khan Afzal Vs Income Tax Officer (ITAT Hyderabad) From the facts of the case it appears that the assessee did not properly co-operate before the Ld. AO. However, considering the explanation rendered by the Ld. AR regarding the hardship faced by the assessee and since the assessee is a senior citizen, we […]...

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ITAT confirms addition of Income offered for Taxation during Survey by Assessee which was not retracted

Apex Realities Vs ITO (ITAT Indore)

Apex Realities Vs ITO (ITAT Indore) We find that during the course of survey, it was found that assessee had made the cash payment of Rs. 70,00,000/- to the land owners against the purchase of their land. The date of registry was 22/01/2015 and during the course of survey, it was found that there was […]...

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Sessions or Additional Sessions Judge cannot try offences under IBC

Satyanarayan Bankatlal Malu Vs IBBI (Bombay High Court)

Satyanarayan Bankatlal Malu Vs IBBI (Bombay High Court) It can be noticed that under Section 435 of the Companies Act, Special Court, comprising of Sessions Judge or Additional Sessions Judge, was in place since 2013 and it retained its jurisdiction to try the offences under the Companies Act. Amendment of 2017, for the first time brough...

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Service tax cannot be demanded on amounts incurred by HO towards salaries of Branch employees

Cades Digitech Pvt Ltd Vs Commissioner of Central Tax (CESTAT Bangalore)

Cades Digitech Pvt Ltd Vs Commissioner of Central Tax (CESTAT Bangalore) We find that the amounts incurred by the head office (HO) towards the salaries etc. of the employees working in their branches can by no stretch of imagination be equated to any service rendered to them by the respective branches. We find that in […]...

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ITAT deletes Addition towards ESI and PF paid before Income Tax Return due date

Murlidhar Hassani Vs DCIT (ITAT Jaipur)

Murlidhar Hassani Vs DCIT (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) of the Act. Further, the ld D/R has referred to the explanation […]...

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Section 80P(2)(d) deduction not eligible on interest earned on Investments made in any Bank

Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. Vs PCIT (ITAT Bangalore)

To the extent of the interest earned from investments made by it with any co-operative society, a co-operative society is entitled to deduction of the whole of such income under section 80P(2)(d) of the Act. However, interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)...

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Payment for use of overall ICT Infrastructure is Royalty under India – Netherlands DTAA

Vanderlande Industries Private Limited Vs ACIT (ITAT Pune)

Vanderlande Industries Private Limited Vs ACIT (ITAT Pune) A cursory glance at the definition of the term `Royalties’ makes it patent that the hitherto content of para 4 of Article 12 comprising of copyright royalty cases only became subject matter of sub-para (a) of the amended para 4 of Article 12. In addition, para 4(b) […]...

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Posted Under: SEBI | | ,

RVAT: Penalty justified for concealing transactions of sale & purchase to avoid payment of Tax

Assistant Commissioner Vs C.P. Agro Industries (Rajasthan High Court)

Assistant Commissioner Vs C.P. Agro Industries (Rajasthan High Court) The Tax Board has neither recorded any cogent finding on merits of the case before setting aside the penalty nor it has considered the provisions of section 61 of the RVAT Act, 2003, more particularly, when the fact was proved before all the Authorities that Forms-C [&h...

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