In all these petitions, the constitutional validity of the National Tax Tribunal Act, 2005 (`Act’ for short) is challenged. In TC No.150/2006, additionally there is a challenge to section 46 of the Constitution (Forty- second Amendment) Act, 1976 and Article 323B of Constitution of India. It is contended that section 46 of the Constitution (Forty-second Amendment) Act, is ultra vires the basic structure of the Constitution as it enables proliferation of Tribunal system and makes serious
We have considered the rival contentions in the light of material placed on record vis-à-vis amendment brought in provisions of section 115JAB by the Finance Act, 2009 by insertion of new clause (i). According to the amended provisio
In the present case, the trial court had acquitted the appellant-accused in a case related to the dishonour of a cheque under Section 138 of the Negotiable Instruments Act, 1881. This finding of acquittal had been made by the Addl. JMFC at Ranebennur, Karnataka in Criminal Case No. 993/2001, by way of a judgment dated 30-5-2005. On appeal by the respondent-complainant, the High Court had reversed the trial court’s decision and recorded a finding of conviction
This Statutory First Appeal under Section 10 of the Special Court (Trial of offences relating to Transactions in Securities) Act, 1992 (in short the `Special Court Act’) is directed against the judgment and decree dated 15.4.2004 passed by the Special Court at Bombay in Suit No.4 of 1998.
In view of the decision in Broswel Pharmaceutical Inc vs ITO 83 TTJ 126 (All) it is not mandatory on the part of the assessee to move application before the Revenue Authorities for granting of stay of outstanding demand. Accordingly, there is no merit in the argument of the department that the stay application should be rejected outright since the assessee has not moved any petition before the Revenue Authorities seeking stay of the demand. Seeking stay before the lower authorities is directory and not mandatory.
Complainant, the Manager of a private company at Latur (Maharashtra) alleged that his company had applied on-line for Central Excise Registration with the Nanded Division of Central Excise in May, 2010. The accused officials had inspected the factory
the Institute of Chartered Accountants of India is pleased to announce the setting up of a Branch of Southern India Chartered Accountants Students’ Association at Udupi with effect from October 28, 2010.
Corporate India is likely to switch to the new accounting system as per schedule as all pending issues related to tax implications required for convergence with International Financial Reporting Standards (IFRS) have been addressed by the finance min
Income Tax officials on Tuesday conducted a search-and-seize operation on several premises of real estate company BPTP under alleged cases of tax evasion. The search was carried out in 23 offices of the company across the NCR to ascertain facts about
The levy of a penalty by banks and housing finance companies for foreclosure of home loans does not amount to abuse of dominant position, the Competition Commission of India (CCI) ruled on Tuesday, quashing borrowers’ hopes that the practice could be
