Kerala High Court held that statutory provision with regard to punishment provided for commission of offence u/s 138 of Negotiable Instrument Act, 1881 is clear that the maximum fine shall be twice the amount of the cheque and nothing more
ITAT Kolkata held that the claim the depreciation on goodwill which has resulted from the scheme of amalgamation which was duly approved by the Hon’ble Calcutta High Court cannot be rejected.
Local cheques are payable within the jurisdiction of the clearing house and will be presented through the clearing system prevailing at the centre. Credit arising out of local cheques shall be given to the customer’s account as indicated in the Cheque Collection Policy (CCP) of the concerned collecting bank.
ITAT Mumbai held that exemption u/s 10AA of the Income Tax Act available in case imported goods are re-exported by a unit duly approved by development commissioner of concerned SEZ.
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ITAT Bangalore held that provision for long term service award is made on actuarial valuation and amount provided for in the books of accounts based on actuarial valuation cannot be said to be contingent.
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The acronym RTGS stands for Real Time Gross Settlement. RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a real time and on gross basis. This is the fastest possible money transfer system through the banking channel. Settlement in real time means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. Gross settlement means the transaction is settled on one to one basis without bunching with any other transaction. Considering that money transfer takes place in the books of the Reserve Bank of India, the payment is taken as final and irrevocable.
ITAT Pune rejected the petition for condonation of delay in filing an appeal as it was found that the appeal was casual, non-serious and non-vigilant in preferring appeal against the impugned orders.
