"02 December 2022" Archive

Public Holidays for year 2023 under Negotiable Instruments Act 1881 in Maharashtra

Notification No. PHD-1122/C.R.117/Desk-29. 02/12/2022

Public Holidays for year 2023 under Negotiable Instruments Act 1881 in Maharashtra GENERAL ADMINISTRATION DEPARTMENT Mantralaya, Madam Cama Road, Hutatma Rajguru Chowk, Mumbai 400 032, dated the 2nd December 2022. NOTIFICATION PUBLIC HOLIDAYS–2023 No. PHD-1122/C.R.117/Desk-29.— In exercise of the powers of Central Government under sec...

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Matter involving adjudication of facts cannot be entertained under Article 226

K. Sanalkumar Vs State Tax Officer (Intelligence) (Kerala High Court)

Kerala High Court proceeding finalized against the petitioner based on certain computer records cannot be challenged before High Court as alternative remedies before the Appellate Authority is available before the petitioner. Matter involving adjudication of facts is not possible under Article 226 of the Constitution of India....

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Addition beyond issue involved in limited scrutiny case is unsustainable

Sudhir Chadha Vs ACIT (ITAT Delhi)

ITAT Delhi held that it is settled law that the revenue cannot travel beyond the issues involved in the limited scrutiny cases, except in exceptional circumstances and hence addition confirmed beyond the limited scrutiny case is unsustainable....

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Rejection of documents without verifying authenticity is against principle of natural justice

Nayara Energy Limited Vs C.C.E. & S.T. Rajkot (CESTAT Ahmedabad)

CESTAT Ahmedabad held that adjudicating authority cannot reject the documentary evidence without verifying the authenticity of the same. Rejection of the documents without ensuring the authenticity is gross violation of principle of natural justice which is untenable in law....

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Independent Directors under Companies Act, 2013 & SEBI LODR Regulations

An Independent Director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. We can also say that; an Independent director is a director who is not connected or associated with the company in any manner....

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Posted Under: Corporate Law |

Refund not paid due to technical defect should be processed and paid along with appropriate interest

Neema Nidhi Ltd Vs ACIT (Kerala High Court)

Kerala High Court directed the Centralized Processing Centre at Bengaluru to process the refund which are due to the petitioners which is not processed due to technical defect. Also directed to grant interest on account of delay in payment of refund....

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Post proving the source and genuineness of receipt of gift from brother addition is unsustainable

ITO Vs Dr. Satish Natwarlal Shah (ITAT Ahmedabad)

ITAT Ahmedabad held that once the source and genuineness of receipt of shares from brother in USA is proved, addition of the same is unsustainable in terms of explanation 2 to section 56(2)(v) of the Income Tax Act. Also, there is no need for any ‘occasion’ for receipt of such gift from the brother....

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Rebate claim rejected as filed beyond period of limitation of one year

Sansera Engineering Limited Vs Deputy Commissioner Large Tax (Supreme Court of India)

Supreme Court held that period of limitation prescribed u/s 11B of Central Excise Act, 1944 is to be applied while calculating period of limitation for claiming rebate of duty under rule 18 of the Central Excise Rules, 2002. Rebate claim rejected as filed beyond period of limitation of one year of relevant date...

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Stamp duty expenditure for public subscription of share/ debenture is allowable u/s 35D

CIT Vs On Mobile Global Ltd (Karnataka High Court)

Karnataka High Court held that the expenses incurred towards stamp duty in connection with issue for public subscription of shares or debentures of the company is an allowable expenditure under section 35D of the Income Tax Act....

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Authority issuing notice under FEMA, 1999 for violation of FERA, 1973 is bad in law

First Global Stockbroking P Ltd. Vs R. M. Ramchandani (Bombay High Court)

Bombay High Court held that the Adjudicating Authority is not authorized to issue show cause notice under the Foreign Exchange Management Act (FEMA), 1999 for violations of provisions in Foreign Exchange Regulation Act (FERA), 1973....

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