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Archive: 10 August 2022

Posts in 10 August 2022

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6999 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

GST implications on recovery of liquidated damages by Railways

August 10, 2022 1911 Views 0 comment Print

Payment received by Railways in the form of liquidated damages against tolerating non-performance of conditions of a contract such as a delay in the rendering of supply is not liable to GST.

Liability u/s 138 or 141 of NI Act arises on person who is responsible for conduct of business

August 10, 2022 15561 Views 0 comment Print

Held that the liability under Section 138/141 of the NI Act arises from being in charge of and responsible for the conduct of the business of the company at the relevant time when the offence was committed, and not on the basis of merely holding a designation or office in a company.

SC refuses to extend tenures of NCLT members appointed for less than 5 years

August 10, 2022 951 Views 0 comment Print

National Company Law Tribunal Bar Association Vs Union of India  (Supreme Court) The petitioner contends that the notification S.O. 3412 (E) dated 20 September 2019 issued by the Ministry of Corporate Affairs appointing 28 candidates as Members of the National Company Law Tribunal for a tenure of three years is contrary to the provisions of Section […]

Section 80-IA deduction not allowable if not claimed in return of Income

August 10, 2022 3063 Views 0 comment Print

Patel Brass Works P. Ltd Vs ACIT (ITAT Rajkot) The issue for consideration before us is that if the assessee has not claimed deduction under section 80-IA of the Act in the return of income, can it be permitted to claim the same during the course of assessment proceedings by way of filing a revised […]

Penalty u/s 271F leviable for failure to furnish AIR

August 10, 2022 765 Views 0 comment Print

Held that penalty u/s 271F leviable as the assessee being a co-operative bank failed to furnish annual information annual information return

Section 271B penalty not imposable for non-business income transactions

August 10, 2022 1305 Views 0 comment Print

AR contends that there were no sales or purchase made by the assessee during the year under consideration and the additions made on account of unexplained cash deposits, unexplained investments, unexplained other investments and unexplained profit on sale of land to an extent of Rs.15,40,26,567/- is not turnover as the investments and sale of land was in the nature of capital gain but not in the category of business income.

Revenue cannot debar genuine refund of Assessee for non-payment of TDS by deductor

August 10, 2022 975 Views 0 comment Print

Revenue has sufficient machinery to recover such amount of TDS deducted from the defaulting assessee but this is not the right way for the revenue to collect the tax again or debar genuine refund to the assessee who has already suffered taxation at source.

Insolvency resolution proceedings rightly initiated against NRI personal guarantor

August 10, 2022 1995 Views 0 comment Print

Held that the provision under Section 60(1) makes it clear that the residence of Personal Guarantor is not taken into consideration when insolvency resolution proceedings against the Personal Guarantor are initiated.

Intention to refer to arbitration should be emphasized in case of vague arbitration clause

August 10, 2022 3453 Views 0 comment Print

Held that intention of the parties to have their disputes arbitrated and that the same is paramount even where the dispute resolution clauses are vaguely worded or where there is an ambiguity in choice of the mechanism to be adopted.

Overview and Importance of Valuation under IBC

August 10, 2022 3786 Views 0 comment Print

Explore the journey and importance of valuation under IBC. Learn how this profession plays a pivotal role for debtors and creditors in the financial sector.

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