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Archive: 23 December 2022

Posts in 23 December 2022

Section 60(5) of IBC 2016 is a provision with a non-obstante clause: HC

December 23, 2022 1413 Views 0 comment Print

Section 60(5) makes it discernible that it is a provision with a non-obstante clause that ‘notwithstanding anything contrary contained in any other law’ gives a jurisdiction to the NCLT to entertain or dispose of any application or proceeding by or against the corporate debtor or corporate person;

Charge of double benefit will sustain only when assessee claims refund and utilise it for payment of duty

December 23, 2022 459 Views 0 comment Print

CESTAT held that, the refund cannot be denied on the ground of double benefit to Appellant due to non-transfer of unutilized CENVAT credit. Further, interest was allowed under Section 11BB of Central Excise Act, 1944 for delay of refund.

Remuneration including bonus to partners should be within permissible limit u/s 40(b)

December 23, 2022 258 Views 0 comment Print

ITAT Delhi held that total allowance of the remuneration (including bonus) to the partners has to be within the permissible limit of provisions of section 40(b) of the Income Tax Act.

SEBI initiates Study of fees and expenses charged by Mutual Funds

December 23, 2022 483 Views 0 comment Print

As an ongoing exercise to continuously align regulatory provisions to reflect the market dynamics and their impact on investor interest, SEBI conducts various reviews in consultation with the stakeholders.

Circular restricting prosecution after age of 70 years doesn’t permit escape route for wrong dead

December 23, 2022 5424 Views 0 comment Print

Delhi High Court held that circular/ instruction no. 5051 dated 07.02.1991 states that prosecution normally be not initiated against a person who has attained the age of 70 years at the time of commission of offence. However, petitioner cannot be permitted to take benefit of Circular/ Instruction No. 5051 dated 07.02.1991 to find an escape route for the wrong committed by him.

Once assessment of shipping bill has attained finality, classification of goods cannot be subsequently questioned

December 23, 2022 1203 Views 0 comment Print

CESTAT Ahmedabad held that as assessment of shipping bills has attained finality, classification of goods cannot be questioned subsequently by the Customs.

Bail granted as charges failed to be not proved against appellant

December 23, 2022 1707 Views 0 comment Print

Chhattisgarh High Court held that the prosecution has miserably failed to prove that the appellant possessed properties disproportionate to his known source of income. Accordingly, appellant is acquitted of the charge under Sections 13(1)(e) read with 13(2) of the Prevention of Corruption Act and hence bail granted.

Inland Haulage Charges covered under Article 9 of India-France Tax Treaty hence not taxable

December 23, 2022 1380 Views 0 comment Print

ITAT Mumbai held that Inland Haulage Charges forms part of income from operation of ships in international traffic and hence covered under Article-9 of India-France Tax Treaty is not taxable in India.

Interest earned by co-operative society out of investment with co-operative bank is deductible u/s 80P(2)(d)

December 23, 2022 2412 Views 0 comment Print

ITAT Mumbai held that interest income earned by co-operative society on its investment held with the co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Income Tax Act.

Default in filing of Annual Return – MCA impose penalty of Rs. 1744200

December 23, 2022 2409 Views 0 comment Print

MCA impose a penalty of Rs. 10,21,800 on Company, and Rs. 361,200 each on the 2 Directors of the company under section 92(5) of the Act for failure in compliance of section 92(4) of the Companies Act, 2013

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