"19 June 2023" Archive - Page 4

IBBI Suspends IP Registration for Handling Excessive Assignments & Failing to File Extension Application

Order No. IBBI/DC/180/2023 19/06/2023

IBBI Disciplinary Committee found that Mr. C. Ramasubramaniam contravened provisions of IBC and related regulations. Firstly, he failed to file an extension application within the prescribed timeframe after the expiry of the liquidation period. This neglect in fulfilling his duty as a Liquidator demonstrates gross negligence and derelicti...

MCA Imposes penalty for non-holding of Board Meetings

Di.No. 344 to 347 19/06/2023

MCA has imposed penalties on Goodluck Petrolium Company Pvt. Ltd. and its directors for not conducting board meetings for multiple financial years. This article provides an analysis of the order and its implications....

IBBI suspends IP for not exercising due diligence in claim verification

Order No. IBBI/DC/179/2023 19/06/2023

Read the details of the IBBI Disciplinary Committee's order suspending Insolvency Professional Mr. Vishal Ghisulal Jain for contraventions under the Insolvency and Bankruptcy Code. ...

No GST is applicable on salary deducted in lieu of notice period

In re Tata Autocomp Systems Ltd (GST AAR Gujarat)

No GST is applicable on salary deducted in lieu of notice period from the full and final settlement of the employees leaving the company without completing or serving the complete notice period as specified in the appointment letter....

CESTAT Orders Re-Adjudication for Service Tax Refund Claim Denial

Fairy Food Products Pvt Ltd Vs Commissioner of Central Excise (CESTAT Bangalore)

In absence of proof of availment of Cenvat Credit while rejecting a service tax refund claim, CESTAT Bangalore has directed re-adjudication of case of Fairy Food Products Pvt Ltd vs Commissioner of Central Excise....

Addition set aside for fresh consideration with one more opportunity of being heard in interest of substantial justice and fair play

Harminder Singh Vs ITO (ITAT Chandigarh)

ITAT Chandigarh held that addition on account of failure to provide necessary explanation in respect of source of cash deposits in bank confirmed without considering explanation set aside with one more opportunity to assessee in the interest of substantial justice and fair play....

Exemption u/s 10AA available to interest received on temporary Fixed Deposits

Allstate India Private Limited Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that the interest income received on temporary Fixed Deposits is eligible for exemption under section 10AA of the Income Tax Act....

Struck off name of company from register of ROC sustained due to zero revenue

Sanmati Agrizone Private Limited Vs Registrar of Companies (NCLAT Delhi)

NCLAT Delhi held that struck off the name of the company from the register of Registrar of Companies sustainable as Audited Financial Statement of two immediately preceding Financial Year reflect ‘zero revenue’ from its operations....

Posted Under: Corporate Law | |

Invocation of section 50C in mere transfer of right in property without transfer of title is unjustified

Fashion Group International Vs ACIT (ITAT Delhi)

ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable property. Invocation of deeming provision of section 50C in case of mere transfer of right in property accrued under agreement without transfer of title is unjustifiable....

CA certificate produced for quantification of tax ignored without cogent reason is bad-in-law

Lakshay International Pvt. Limited Vs Commissioner of Central Excise (CESTAT Chandigarh)

CESTAT Chandigarh held that Chartered Accountant certificate was provided for quantification of tax, however, the said certificate was not discussed. It is settled law that certificates given by Experts in the respective fields cannot be ignored without cogent reasons....

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