SEBI has today constituted an ad-hoc committee for reviewing and making recommendations for further strengthening of governance norms at Market Infrastructure Institutions (MIIs). The members of the committee are:
Charanjeet Singh Saini Vs Ispat India (Chhattisgarh High Court) Now referring back to the allegations and averments made in the complaint under Section 138 of Negotiable Instrument Act, though the petitioners have been described somewhere in the petition as Director in some petition for and on behalf of Saini Industries Limited would make it clear […]
Vibracoustic India Pvt. Ltd. Vs Addl. IT (ITAT Delhi) The penalty provisions of section 271(1)(c) of the Act are attracted, where the Assessee has concealed the particulars of income or furnished inaccurate particulars of such income. It is also a well-accepted proposition that the aforesaid two limbs of section 271(1)(c) of the Act carry different […]
N. Srinath Reddy Vs State of Andhra Pradesh (Andhra Pradesh High Court) The petitioner had been granted a quarry lease for Black Granite, for a period of 20 years. The said lease had been determined by an order dated 31.07.2018. Aggrieved by the said order, a Revision was filed under Rule 35-A of the A.P.Minior […]
Commissioner of Customs Vs CRI Limited (Calcutta High Court) First, we take up for consideration the preliminary objection raised by Mr. Ghosh with regard to the maintainability of the appeal before this Court. The facts are not in dispute, namely, that the benefit of the notification no.45 of 2005 has been denied. In such circumstances, […]
DCIT Vs M. R. Shah Logistics Pvt. Ltd. (Supreme Court of India) Income Declaration Scheme (IDS), introduced by Chapter IX of the Finance Act, 2016. The objective of its provisions was to enable an assessee to declare her (or his) suppressed undisclosed income or properties acquired through such income. It is based on voluntary disclosure […]
ITO Vs Hosdurg Service Cooperative Bank Limited (ITAT Cochin) The CIT(A) had held rental income received by the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. The relevant finding of the CIT(A) reads as follows:- “The appellant derived rental income amounting to Rs.24,400/- in A.Y. 2007-08, Rs.21,950/- in A.Y. 2008-09, Rs.16,700/- in […]
TIDC India Ltd. Vs Commissioner of GST & Central Excise (CESTAT Chennai) To claim Cenvat Credit primarily the service should be first covered under the definition of ‘input service’ and once the service is not covered due to exclusion clause irrespective of the fact whether the cost of service has been taken as expenditure in […]
Radhika Chopra Vs ITO (ITAT Delhi) From the record it is seen that the Assessing Officer has not recorded in the assessment order that the reasons for reopening were supplied to the assessee. Since the reasons for reopening goes to the root of the case and the assessee has legal right to make objection against […]
Shweta Kedia Vs ITO (Rajasthan High Court) Issues: Whether after introduction of new provisions for reassessment of income by virtue of the Finance Act, 2021 with effect from 01.04.2021, substituting the then existing provisions, would the substituted provisions survive and could be used for issuing notices for reassessment for the past years and Whether the […]
