Held that the position that would emerge is that when a company is the payee of the cheque based on which a complaint is filed under Section 138 of N.I. Act, the complainant necessarily should be the Company which would be represented by an employee who is authorized.
Supreme Court in the case of Thanthi Trust has held that the word education occurring in Section 2(15) of the Act has to be given a wider meaning and not to restrict it to mean formal school education.
The Court held that the Bank could not have unilaterally changed the quantified OTS amount to Rs.50,50,000/- after correctly quantifying the OTS amount to be Rs.36,50,000/-. The same would be against the principles of natural justice, and also runs contrary to the doctrine of Legitimate Expectation.
ITAT Held that the assessee is eligible for deduction u/s 80 IB of the Income Tax Act on fertilizer subsidy received by it. Accordingly, we hold that the fertilizer subsidy income received by the assessee is income derived from the business of the industrial undertaking and is eligible for deduction u/s 80 IB of the income tax act.
In the present case, the AO, apart from relying upon some opinion of rent from property broker firms and websites, does not appear to have made any independent inquiry on the adequacy of the rent being charged by the respondent/assessee from Hamdard Dawakhana (Wakf).
Aggarwal Dyeing and Printing Works Vs State of Gujarat (Gujarat High Court) Facts- The writ applicant is a sole proprietary concern and is engaged in the business of manufacturing of dyeing and printing fabrics. The writ applicant was a registered dealer holding GSTIN with effect from 04.08.2017. The copy of such registration certificate in the […]
It could thus be seen, that when a person avails a service for a commercial purpose, to come within the meaning of ‘consumer’ as defined in the said Act, he will have to establish that the services were availed exclusively for the purposes of earning his livelihood by means of self-employment. There cannot be any straitjacket formula and such a question will have to be decided in the facts of each case, depending upon the evidence placed on record.
Shapoorji Pallonji Finance Private Limited Vs Rekha Singh (NCLT Jaipur) Facts- The Company Petition No. (IB)- 27/95/JPR/2021 has been filed by Shapoorji Pallonji Finance Private Limited, the Financial Creditor, under Section 95 of IBC, 2016 to initiate insolvency resolution process in the case of Shri Ajay Singh (Personal Guarantor / Applicant) under Section 60 & […]
The Adjudicating Authority Vs M/s. Anuttam Academic Institutions (Madras High Court) Facts- During the year 2017, a search was conducted in the premises of Marg Group of companies and its related entities, which resulted in seizure of various documents allegedly indicating the prohibited transactions as per clause A of section 2(9) of the Act. Therefore, […]
In Re matter of Reliance Home Finance Limited & Ors. (Securities and Exchange Board of India) Facts- The Securities and Exchange Board of India on Reliance Home Finance Ltd and other individuals from dealing with the securities market directly or indirectly for allegedly siphoning off/diversion of funds from the company. An investigation was undertaken by SEBI […]
