As assessee is following mercantile system of accounting, liability which has arisen during the year under consideration is allowable even though the same may have to be discharged at a future date.
CBDT Circular no. 9/2020 dated 22/04/2020, question no. 19, clearly enables the assessee to avail Vivad Se Vishwas Scheme to avail VSV only for one proceeding , even when two parallel proceedings were pending before appellate forums.
Interest on refund amount, under section 244A of the Act, is receivable up to the date of issue of refund cheque.
Custom brokers are required to conduct all possible enquiries through independent reliable sources/ documents to verify the credentials of the clients. No such effort made by the appellant proves that they have failed to observe due diligence in this regard.
Conduct cannot impliedly waive the rights under Section 12(5) of the A&C Act. The waiver under Section 12(5) of the A&C Act has to be by an express agreement in writing.
The applications u/s. 11(5) and 11(6) of the Arbitration Act for appointment of arbitrators are kept pending for a number of years, it would defeat the object and purpose of the enactment of the Arbitration and Conciliation Act as well as the Commercial Courts Act.
Assessment framed by the AO is on other issues which is not part of the reasons recorded for reopening the assessment. In such a situation, the assessment order is not sustainable in the eye of law.
Summoning of the MD should be undertaken only as a last resort in cases where assesses are not cooperating or the investigations are to be completed expeditiously. The same is not justified in the present case.
Held that in non-payment of the TDS amount by the Corporate Debtor there was no occasion for admitting Section 9 Application by the Adjudicating Authority.
Held that in case of appointment of a sole arbitrator, the law is very clear that it is the Court that is to decide the sole arbitrator. The persons that have been nominated by the respondent cannot be accepted.
