ITAT Nagpur held that interest income earned by co-operative society from its investments made with other co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. Accordingly, appeal of the assessee allowed.
ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to members. Accordingly, revenue appeal dismissed.
Search was conducted in the case of Sunstar Group on 19.12.2013. Based on the material found, notice u/s. 153C of the Income-tax Act, 1961 was issued on 20.01.2016. He submitted that the deemed search for the purpose of section 153C is AY 2016-17.
ITAT Delhi held that it is well settled principle of law that no addition can be made in unabated years in assessment u/s 153C of the Income Tax Act without any incriminating material. Accordingly, appeal filed by the revenue dismissed.
ITAT Ahmedabad held that delay of 244 days in filing of an appeal caused due to genuine hardship faced by the assessee is condonable. Accordingly, delay condoned due to bona fide reason being demonstrated.
Registrar of Companies penalizes Watai Electronics director ₹1,00,000 for violating Section 184(1) of the Companies Act, 2013. Learn about the order details here.
CESTAT Mumbai held that transfer of mandatory stipulations in regulation17 of Customs Brokers Licensing Regulations, 2018 as directory without demonstrating customs broker fault is unjustifiable.
In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate Debtor if OTS did not materialize.
In a recent ruling Hon’ble Supreme Court observed that the right to maintenance is equivalent to the right to livelihood, being a subset of the right to dignity and a dignified life, which in turn flows from Article 21 of the Constitution of India.
Registrar of Companies imposes ₹10,00,000 penalty on Watai Electronics and directors for non-compliance with Section 188 of the Companies Act, 2013.
