"20 November 2023" Archive - Page 4

Default in Transfer of Unspent CSR Fund: RD upholds penalty of Rs. 61.32 Lakh

F. No: 9/7/ADJ/SEC.135 OF 2013/TELANGANA/RD(SER)/2023/5814 13/12/2023

Penalty was imposed for company's failure to comply with provisions of Section 135(5) of Companies Act, 2013, regarding transfer of unspent Corporate Social Responsibility (CSR) funds....

Addition u/s. 2(22)(e) as deemed dividend unsustainable as debit balance was only an inadvertent error

Venkatachalam Mohan Vs JCIT (ITAT Chennai)

ITAT Chennai held that addition u/s. 2(22)(e) towards amount received by shareholder company treating debit balance as deemed dividend unsustainable as debit balance was only because of an inadvertent error and the same was squared off within short period....

Passing of assessment order two years after Dispute Resolution Panel direction is time barred

Vodafone Idea Limited Vs Central Processing Centre (Bombay High Court)

Bombay High Court held that assessment order passed by Faceless Assessing Officer (FAO) two years after the Dispute Resolution Panel (DRP) directions, is time barred and cannot be sustained....

IBBI suspends IP for lackadaisical behavior & for non-cooperation with authorities

Notification No. IBBI/DC/195/2023 20/11/2023

DC notes that the conduct of the IP contravening provisions of the Code and the rules and regulations thereunder is established. Contraventions by Mr. Vineet Aggarwal were recorded and upheld earlier also. He was suspended from taking assignment under IBC for a period of two years starting from 13.04.2023, as IP. The underlying theme is [...

Spent solvent arising during manufacture of Sucralose is not dutiable hence excise demand unsustainable

Alkem Laboratories Ltd Vs C.C.E. & S.T. (CESTAT Ahmedabad)

CESTAT Ahmedabad held that spent solvent (DMF) arising during the course of manufacture of dutiable ‘Sucralose’ is not dutiable and hence demand of excise duty thereof is not sustainable in law....

GST Appeals: Timeframe Under Section 100(2) of CGST ACT, 2017

Demystify GST Appeals: Navigate Section 100(2) of CGST Act, 2017. Learn the crucial timeframe for filing appeals post-Advance Ruling. Delve into detailed analysis, examples, and legal provisions under Section 100(2). Stay informed about GST implementation challenges with insights into Section 172. Unravel nuances, ensure compliance...

Posted Under: Company Law |

Initiation of prosecution proceedings u/s 276CC in absence of any demand is unsustainable-in-law

Gunwant Singh Saluja Vs State of Jharkhand (Jharkhand High Court)

Jharkhand High Court held that initiation of prosecution proceedings under section 276CC of the Income Tax Act in absence of any demand, as demand adjusted against refund, is bad-in-law and liable to be set aside....

Tender awarded based on fake Chartered Accountant certificate is liable to be set aside

Suraj Enterprises Vs Nashik Municipal Corporation (Bombay High Court)

Bombay High Court held that award of tender of work related to daily spraying and fogging activity for control of Vector Borne Disease by Nashik Municipal Corporation on the basis of fake Chartered Accountant Certificate is liable to be set aside....

Wireless Access Points is exempted from whole of customs duty vide notification dated 01.03.2005

Commissioner of Customs Vs Redington (India) Limited (CESTAT Delhi)

CESTAT Delhi held that Wireless Access Points which works on technology and doesn’t support LTE is exempted from whole of customs duty under serial 13(iv) of the notification dated 01.03.2005....

Disallowance of expense owing to suspension of business unsustainable in absence of closure of business

DCIT Vs MDLR Airlines Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held that disallowance of expenditure owing to suspension of business unsustainable as there is nothing on record to show that assessee has completely abandoned or closed the business forever by disposing of its assets and going into liquidation....

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