"12 August 2022" Archive - Page 2

Corporate Insolvency Resolution Process Initiated by Operational Creditor – Full Procedure

Who can initiate CIRP? -financial creditor -operational creditor (in the instant scenario) -corporate debtor itself Steps involved in CIRP Step 1: Notice The Operational Creditor is required to deliver Demand notice (in Form 3) (or) copy of invoice attached with a notice (in Form 4) to the corporate debtor.[1] Step 2: Reply by Corporate D...

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Posted Under: Corporate Law |

TDS not deductible on payment for usage of rights for internet/ telecom facility

RBS Business Services Pvt. Ltd. Vs DCIT (TDS) (ITAT Delhi)

Held that payment made for usage of rights for the internet and telecom facility doesn’t fall in the nature of work defined u/s 194C and hence TDS not deductible....

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Waiver of pre-deposit is not tenable on account of financial inability

Prem Kumar Ojha Vs Commissioner of Customs (CESTAT Delhi)

Whether wavering of pre-deposit on the grounds of Section 129E of the Customs Act, 1962 existing prior to August 06, 2014 is feasible?...

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Section 40A(2)(b) Disallowance not valid if AO not formed opinion on excessive or unreasonable deduction

ACIT Vs Praveen Sushil Kanda (ITAT Raipur)

A.O while working out disallowance under section 40A(2)(b), had though observed that the payment of salary to the aforementioned two related parties in question was found to be excessive, but had fundamentally erred by not opining as to what as per him was the fair market value of the service which were being rendered by the aforemention...

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Dismissal of appeal on account of non payment of taxes – ITAT restored matter to CIT(A)

Topworth Urja & Metal Limited Vs ACIT (ITAT Raipur)

Dismissal of appeal in limine on account of non payment of taxes & non filing of returns u/s.153A. Appeal restored to file of CIT(A) in view of proviso to section 249(4)(b) to exercise the discretion vested in him & to consider the plea taken by appellant as regards financial difficulties....

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Section 271B penalty notice after 30 months of completion of assessment is not sustainable

Jila Sahakari Kendriya Bank Maryadit Vs ITO (ITAT Raipur)

Levy of penalty by the assessing officer after passage 30 months after the completion of the assessment, we are of the opinion that the penalty proceedings are barred by limitation and consequently penalties levied under section 271B cannot be sustained...

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Evolution of Union Finance and Revenue Sharing With Provinces In India

Summary- State has a duty to collect the taxes from the citizen and use it for their welfare.  It is a part of the statecraft. This fact has been given due importance in various historical as well as religious texts. In the modern time, welfare states have overcome the religious dictates and laws/rules etc. have […]...

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Posted Under: Corporate Law |

ITAT deletes addition for Share Application Money from Kolkata based companies

ITO Vs Sharda Shree Agriculture & Developers Pvt. Ltd. (ITAT Raipur)

ITO vs. Sharda Shree Agriculture & Properties Pvt. Ltd. relating to addition on account of Share Application Money from two Kolkata based companies. Entire Addition was deleted...

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ITAT deletes Entire Additions on account of alleged Bogus Purchases & Bogus Sales

ACIT Vs Sanjay Kumar Kochar (ITAT Raipur)

ACIT vs. Sanjay Kumar Kochar relating to deletion of addition on account of Bogus Purchases & Bogus Sales. Entire Addition was deleted....

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MahaRERA Model Form of Allotment Letter

Order No. 357 2022 12/08/2022

Submission of proforma of the allotment letter and agreement for sale at the time of registration of a real estate project in compliance of Clause (g) of Sub-section 2 of Section 4 of the Real Estate (Regulation and Development) Act, 2016....

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November 2022