Insolvency Professional found guilty of misrepresentation and entering into unauthorized agreements by IBBI Disciplinary Committee The Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI) has found Mr. Kairav Anil Trivedi, an Insolvency Professional, guilty of misrepresentation and entering into unauthorized agreements. The committee found that Mr. Trivedi misrepresented the confirmation of his […]
Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee has cleared Mr. Ganga Ram Agarwal, an Insolvency Professional, of allegations made against him. The allegations pertained to his failure to represent the interests of a corporate debtor in ongoing cases before the Debt Recovery Tribunal (DRT). After considering Mr. Agarwal’s submissions and the relevant provisions […]
SEBI Provides Informal Guidance to SpiceJet on Issuance of Preferential Equity Shares for Outstanding Lease Liabilities -The Securities and Exchange Board of India (SEBI) has issued an interpretive letter to SpiceJet Limited, a public limited company, regarding the issuance of preferential equity shares to aircraft lessors in order to restructure outstanding lease liabilities. SEBI clarified […]
CBIC amend Australia FTA notification to make changes in tariff preference given to Coking Coal and Raw Cotton arising out of Finance Act, 2023 vide Notification No. 38/2023-Customs, dated May 23, 2023. Ministry of Finance in India has issued Notification No. 38/2023-Customs, dated May 23, 2023, to amend the existing notification related to the Australia […]
SEBI issued Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023.
ITAT Delhi held that the amount paid by the appellant company to ABOs is payments which is directly related to the business activity and incurred wholly and exclusively for the purpose of business. Accordingly, the same is allowable as business expenditure.
ITAT Delhi held that addition on the basis of estimation of scrap sales unjustified as AO has not brought on record any concrete material to demonstrate that the sale of Scrap recorded by the assessee is understated.
Ganesh Ganpat Alim Vs ITO (ITAT Surat) ITAT Surat held that addition under section 68 of the Income Tax Act should not be made when repayment of loan is made in the assessment year itself. Facts- During the assessment proceedings, AO got information from investigation wing that M/s Delight Diam P Ltd. and M/s Bafna […]
ITAT Delhi held that provisions of section 68 of the Income Tax Act are not attracted as the investment by the investor companies is duly explained. Further, identity, genuineness of transactions and creditworthiness of investor companies duly proved.
ITAT Delhi held that penalty under section 271AAA not imposable as undisclosed income admitted in the statement recorded u/s 132(4) and specifies the manner in which the income was derived.
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