"21 September 2022" Archive

Firewall between Credit Rating Agencies and their Affiliates

SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/121 21/09/2022

CRAs shall formulate a policy on separation or firewall practices with the non-rating entities and document the same in their internal operational manuals or governing document. Such policy, and revisions thereto, shall be ratified by the Board of Directors of the CRAs...

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Examining fulfilment of conditions at the time of registration u/s 12AA is unjustified

Sanatan Dharam Sabha Durga Bhawan Vs CIT (Exemption) (ITAT Delhi)

ITAT Held that at the stage of granting registration u/s. 12AA of the Act, authority cannot examine whether the conditions for availing exemptions under Section 11 of the Act are fulfilled or not....

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NCLT has Discretion to not admit CIRP Application despite default by Corporate Debtor: SC

Vidarbha Industries Power Limited Vs Axis Bank Limited (Supreme Court of  India)

NCLT and NCLAT fell in error in holding that once it was found that a debt existed and a Corporate Debtor was in default in payment of debt there would be no option to NCLT but to admit the petition under Section 7 of IBC....

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Service tax demand Notice on Legal Services by Senior Advocate set aside

Madhu Sudan Mittal Vs Union of India (Jharkhand High Court)

Demand notice issued by the tax authorities to a Senior Advocate seeking payment of service tax on legal services provided by him to a legal firm was set aside as Notification No.30/2012-ST dated 20.06.2012 had been amended by way of substitution by virtue of two consecutive notifications, i.e., Notification No. 18/2016-ST dated 01.03.201...

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Penalty on import of timber after granting relaxation is unconstitutional: HC

N D Timbers Vs Union of India (Gujarat High Court)

N D Timbers Vs Union of India (Gujarat High Court) The core question of law which falls for consideration by this Court is whether the levy of five time fees in the form of penalty upon the petitioners on import of timber after granting them relaxation for such import will violate the provisions of Article […]...

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Physical verification of Registered Office of Company – Incorporation Rule 25B

Physical verification of Registered Office of Company – Companies (Incorporation) Third Amendment Rules, 2022 INTRODUCTION:   MCA has introduced an amendment in Companies (Incorporation) Rules, 2014 and inserted a new rule 25B  as per which the ROC can physically verify the registered office of the Company to check the authenticity o...

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Posted Under: SEBI |

Penalty u/s 112(a) imposed on customs broker as importer of undeclared/ undervalued goods not traceable

Oceanic Enterprises India Pvt. Ltd Vs Commissioner of Customs (CESTAT Chennai)

Held that penalty u/s 112(a) imposed on customs broker is justified as importer of undeclared goods and undervalued goods is not traceable and the address as well as GST registration reflected in the documents are found to be fake....

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Novation of MOU with execution of Supplemental Agreement cannot decided U/s. 11 of Arbitration Act

Jaganmayi Builders And Developers Private Limited Vs Sumanth Reddy (Karnataka High Court)

All questions relating to novation of the MOU with the execution of the Supplemental Agreement and the significance of reference to the terms of the MOU in Clause-13 of the Supplemental Agreement, which touch upon the jurisdiction of the sole Arbitrator to enter reference of the dispute, must be decided by the sole Arbitrator as required ...

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In absence of transfer Income cannot be treated as Capital Gain

DCIT Vs Virendrabhai Devjibhai Patel (ITAT Surat)

DCIT Vs Virendrabhai Devjibhai Patel (ITAT Surat) ITAT observed that the transactions were done by the assessee and the real investment in the transaction was carried out by Shri. Dharmeshbhai Patel (in short SDP). The assessee and Shri. Dharmeshbhai Patel (SDP) entered into an arrangement wherein, Shri. Dharmeshbhai Patel (SDP) provided ...

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

Lalit Sakalchand Gandhi Vs ACIT (ITAT Pune)

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 sal...

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September 2022