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Archive: 28 May 2022

Posts in 28 May 2022

CBDT notifies Income-tax Authority for section 143(2) notice

May 28, 2022 7254 Views 0 comment Print

CBDT authorises Assistant Commissioner of Income Tax/ Deputy Commissioner of Income Tax (International Taxation), Circle -1(1)(1), Delhi to act as the ‘Prescribed Income-tax Authority’ for the purpose of issuance of notice under sub-section (2) of section 143 of the Act. MINISTRY OF FINANCE Department of Revenue Central Board of Direct Taxes New Delhi. Notification No. […]

Different modes of payment of Life Insurance Policy

May 28, 2022 8562 Views 0 comment Print

Life is very important and everybody is just managing to save his life through earning livelihood, by taking food and water through the day and having proper sleep at the night.

Investment Portfolio of a Bank

May 28, 2022 4521 Views 0 comment Print

Understanding the investment portfolio of a bank: Learn about the RBI’s guidelines on classification and valuation of SLR and non-SLR securities.

Valuation Profession in India

May 28, 2022 4209 Views 1 comment Print

Explore the growing valuation profession in India and its significance in determining the economic worth of assets and liabilities.

Belated retraction falls in afterthought category & has less efficacy in law

May 28, 2022 2580 Views 0 comment Print

M. D. Infra Developers Vs DCIT (ITAT Surat) Facts- The assessee firm is in the real estate business. A search action under section 132 of the Income-tax Act, 1961, was carried out on 17-07-2012 in the group cases of Dalia (Badshah) Babariya Group of Surat. The AO observed the modus operandi for purchase of said […]

Customers Broker not liable for penal action for bonafide action based on material given by client

May 28, 2022 1350 Views 0 comment Print

he appellant no doubt has filed Bill of Entry in the present case. But the same has been filed on the basis of material given to him by his client. He has expressed his bonafide and denied in-correctness of those documents. Merely because there is evidence on record to falsify the said statement, Customs Broker cannot be held liable for the penal action.

Excise duty not leviable on intermediate goods captively consumed for manufacture of exempted final products

May 28, 2022 2406 Views 0 comment Print

Spray King Agro Equipment Pvt Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad) Facts- The appellant is engaged in the manufacture of Brass parts of agricultural products falling under Chapter sub- heading 8424900 of the Central Excise Tariff Act, 1985. As per the Notification No. 03/2005-CE dated 24.02.2005, Brass parts of Agriculture Products are exempted from […]

Compensation available in case of medical negligence based on report of MCI

May 28, 2022 2940 Views 0 comment Print

The MCI on the conduct of Respondent 1 leave no doubt in our mind that this is certainly a case of medical negligence leading to deficiency in his services. NCDRC, except referring to the general principles of law as laid down in the judgments of this Court has not attempted to draw its conclusion from the oral and documentary evidence available on record.

Loss on sale of Government ‘Available For Sale’ securities is trading loss

May 28, 2022 1260 Views 0 comment Print

We note that the term Cooperative Bank is specifically excluded in the first proviso to sub clause (a) of section 36(1)(viia) of the Act. Accordingly, the Ld. AO has rightly computed the deduction eligible U/s. 36(1)(viia) of the Act. We therefore uphold the order of the Ld. AO on this ground.

Debt of ‘Corporate Debtor’, not considered in Resolution Plan, doesn’t extinguish automatically

May 28, 2022 1611 Views 0 comment Print

HC observed that the debt which the ‘Corporate Debtor’ owes for payment in future, if not taken into consideration in the ‘Resolution Plan’ does not extinguish automatically and the creditors, including the ‘Financial Creditor’ or ‘Operational Creditor’ or ‘Secured Creditor’ or ‘Unsecured Creditor’ has rights to claim the same.

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