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Custom broker mandatorily needs to verify credentials of importers

June 22, 2022 804 Views 0 comment Print

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.

Agreement in writing is mandatory to allege waiver of right u/s 12(5) of A&C Act

June 22, 2022 2106 Views 0 comment Print

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.

Court directed urgent disposal of pending application u/s 11(5) & 11(6) for appointing arbitrators

June 22, 2022 306 Views 0 comment Print

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 order on issue other than reasons recorded for reopening is unsustainable

June 22, 2022 4596 Views 0 comment Print

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.

Customs Summons u/s 108 directly to Managing Director untenable

June 21, 2022 1542 Views 0 comment Print

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.

Revival of proceedings u/s 9 of IBC Act for non-payment of TDS is unsustainable

June 21, 2022 1977 Views 0 comment Print

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.

Sole arbitrator is to be appointed by the Court

June 21, 2022 2337 Views 0 comment Print

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.

Offence u/s 63 of the Copyright Act is a cognizable offence

June 21, 2022 2322 Views 0 comment Print

Offence u/s 63 of the Copyright Act provides punishment of imprisonment for a term which shall not be less than six months but which may extend to three years and with fine. Accordingly, Part II of the First Schedule of the Cr.P.C., if the offence is punishable with imprisonment for three years and onwards but not more than seven years the offence is a cognizable offence.

No revenue recognition as completion work below 25%

June 21, 2022 3726 Views 1 comment Print

Total estimated construction cost the percentage of the completion works out to 24.89% which is less than the 25%, being the limit prescribed for recognition of Revenue.

Addition untenable as interest-bearing funds not used for advancing interest-free funds

June 21, 2022 795 Views 0 comment Print

Additions under section 36(1)(iii) of the Act, without bringing anything on record to suggest that interest-bearing funds were actually utilised for the purpose of advancing funds on which no interest was charged by the assessee, is unsustainable in law.

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