Brief Facts DLF issued 17,50,00,000 equity shares in an IPO in 2007. DLF had submitted its DRHP for the aforementioned IPO with SEBI on January 2, 2007. DLF had previously submitted a DRHP on 11th May, 2006, which it subsequently withdrew, thereafter filing a second DRHP on 2nd January, 2007. Finally, on June 18, 2007, Red Herring […]
The claim of the Department was prior to the date of Resolution Plan approved by the NCLT, and therefore, the present income tax proceedings is hit by section 31(1) of Insolvency and Bankruptcy Code, 2016, which has overriding effect vis-à-vis the Income Tax Act, 1961.
The pertinent assertion of learned counsel Shri Gargieya is that the assessing authority could not have adopted the procedure provided under Section 148 of the Income Tax Act for reopening the assessment of the petitioner because such action was taken on the basis of facts revealed to the assessing authority during the assessment of DRA Group at Ahmedabad and the proceedings, if any, would have to be conducted under Section 153A read with Section 153C of the Income Tax Act.
Anil Tambi challenges income tax assessment in Rajasthan HC, citing lack of effective hearing. Stay granted on the impugned order. Case ongoing.
CBI Arrests A Deputy Commissioner of Income Tax And An Auditor (Private Person) In A Bribery of Rs. 50,000/- The Central Bureau of Investigation has arrested a Deputy Commissioner of Income Tax, Coimbatore (Tamil Nadu) and an Auditor (a Private person) for demanding & accepting bribe of Rs.50,000/- from the Complainant. A case was registered […]
As per the Hindu Law every member of HUF has a pre-existing right in the property of the HUF and any amount given to a member therefore from the HUF property tantamounts to only giving him what actually belonged to him and there is no question therefore of the same being any amount given for no consideration or in the nature of gift, which are covered in the scope of Section 56(2)(vii) of the Act.
Form INC-20A (Declaration for Commencement of Business): Hello friends, here we are going to discuss the new e-form INC-20A (Declaration for Commencement of Business). First of all we will discuss the legal background of the new provision. What is the reason for insertion of new provision. What are the consequences, if a company does not […]
Mediation is an alternate dispute resolution mechanism that involves a third party or collective individuals, acting as a third party that helps in arriving at a mutually agreed settlement. This mode of ADR mechanism has its roots embedded since time immemorial in the history of humankind.
Government of Maharashtra, reduces with effect from the 1st April 2022 rate of VAT on Natural Gas to 3% from existing Rate of 13.5 per cent. FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated 25th March 2022. NOTIFICATION THE MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT 1522/CR. 18/Taxation-1.— In […]
Arbitrators are creatures of an agreement, it is for the parties to confer upon them such power and prescribe such procedure for them to follow, as they deem fit, so long as they are not bad in law (the proviso to section 41 and section 3 of the Arbitration & Conciliation Act, 1996( hereinafter referred […]
