"26 May 2023" Archive

Violation of principles of natural justice – ITAT restores matter back to AO

Bashir Ahmad Sofi Nowhatta Vs ITO (ITAT Amritsar)

Bashir Ahmad Sofi Nowhatta Vs ITO (ITAT Amritsar) Admittedly, the lower authorities have passed orders ex parte qua the assessee in violation of principles of natural justice, as no reasonable opportunity of being heard has been granted to the assesse in absence of service of notices as mentioned in the impugned order. The Ld. AR [&hellip...

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Violation in disclosure of Related Party Transactions- MCA levied penalty

Order No. ROC-Gui/Adi. Order/Sec. 189/2023/915 To 919 16/05/2023

Order against Violation of Section 189 read with Section 188 of the Companies Act, 2013 by M/s. Adani Power Limited- The order states that an inquiry was conducted by the Office of the Registrar of Companies, Ahmedabad, based on a directive from the Ministry of Corporate Affairs. During the inquiry, it was found that the company [&hellip...

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Penalty for delay in Transfer of Unspent CSR Amount – MCA levied penalty

F.NO./U45203TG201OPTC068532/TELANGANA/135 OF 2013/2022 29/04/2022

Violation of Section 135(5) occurs when a company fails to comply with this requirement by not spending the prescribed amount on CSR activities within the stipulated time frame....

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Delay in Company Secretary Appointment – MCA imposes Rs. 8.10 Lakh Penalty

Petition No. Adj. 203/ of 2023 02/03/2023

Company failed to appoint a Whole Time Company Secretary within the required timeframe of six months, as per the provisions of Section 203(1) of the Act. The company eventually appointed a Whole Time Company Secretary with a delay of 140 days. This delay resulted in a violation of Section 203(1) and rendered the company and its officers l...

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Substantive Right Cannot Be Taken Away By A Procedural Lapse: SC

Ramnath Exports Pvt Ltd Vs Vinita Mehta (Supreme Court of India)

Ramnath Exports Pvt Ltd Vs Vinita Mehta (Supreme Court of India) It is a trite law that the procedural defect may fall within the purview of irregularity and capable of being cured, but it should not be allowed to defeat the substantive right accrued to the litigant without affording reasonable opportunity. FULL TEXT OF THE […]...

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MCA Imposes penalty for delayed submission of MGT-14

F.NO. ROCH/U60100TG2015PTC097115/TELANGANA/117 OF 2013/2023/296 To 301 10/05/2023

Penalty for non-filing of Form MGT-14 is imposed under Section 117(2) of the Companies Act, 2013. The section states that if a company fails to file the resolution or agreement specified in sub-section (1) within the specified period, it will be liable to a penalty of ten thousand rupees....

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CIT(A) cannot change section under which AO made addition during assessment

Smt. Sekar Jayalakshmi Vs ITO (ITAT Chennai)

Smt. Sekar Jayalakshmi Vs ITO (ITAT Chennai) In this case, the Assessing Officer made addition of ₹.6,00,000/- as unexplained credit. However, the Assessing Officer has not mentioned the relevant section under which, the addition was made, but “unexplained credit” comes under section 68 of the Act. In the appellate order, in page No...

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Section 54F Deduction allowed despite Non-Construction of New House within Prescribed Time Limit  

Sharada Mohan Shetty Vs ITO (ITAT Bangalore)

Sharada Mohan Shetty Vs ITO (ITAT Bangalore) ITAT noticed that the assessee sold capital assets and claimed exemption u/s 54F of the Act. On perusal of the documents submitted by the assessee, we note that the assessee has furnished Construction plan approval letter, construction bills issued by SKS builders & initial construction pho...

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Comprehensive Guide to Trademark Registration and Protection in India

In today’s competitive world, trademarks play a vital role in distinguishing your property from your competitors. They serve as a valuable form of intellectual property, providing exclusive ownership and protection for registered owners. Understanding the process of trademark registration is crucial for securing your rights and avai...

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Posted Under: Income Tax |

Orissa HC Stayed demand of penalty & interest in absence of GSTAT

Prafulla Kumar Sahoo Vs Commissioner of CT & GST Odisha (Orissa High Court)

HC stayed the demand of penalty and interest raised by the Revenue Department, during the pendency of writ petition, subject to the condition that the assessee deposits the entire amount of tax demanded within a period of 15 days, since the assessee wanted to avail the remedy under the provisions of law by approaching GST Appellate Tribun...

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May 2023