HC upheld Sec. 201 proceedings after 10 yrs lapse as AO’s effort to recover tax from NR payee caused delay

Posted on Saturday July 22, 2017

IT : Where time period is not prescribed for exercise of power, a reasonable time would depend upon facts of each case and cannot be quantified or prescribed like a period of limitation. Thus, even though section 201 does not prescribe any limitation period for assessee being declared as an assessee in default yet revenue will have to exercise power in that regard within a reasonable time

Non-fulfilment of export obligation wasn't liable to interest prior to introduction section 28AB levying interest

Posted on Saturday July 22, 2017

CUS & Exc: Where assessee imported Polyurethane Spandex Yarn/Lycra Spandex Yarn under two advanced licences issued to it under DEEC scheme without payment of duty and, since, it subsequently failed to fulfil its export obligation as a result of which order levying interest under section 28AB was passed, in view of fact that said section was not in statute book at time of import of goods and, thus, had no applicability to assessee's case, impugned order levying interest was to be set aside

Corporate debtor couldn't raise objection on maintainability of insolvency petition under Bankruptcy Code: NCLT

Posted on Saturday July 22, 2017

CL: Corporate debtor could not raise objective on maintainability of insolvency petition under Bankruptcy Code


No Sec. 153A addition in respect of completed assessment when no incremental material was found during search

Posted on Saturday July 22, 2017

IT: Where no incriminating material was found in search proceeding and assessee's return of income being accepted prior to date of search and no notice having been issued under section 143(2) within time limit laid down in that section, Assessing Officer in proceedings under section 153A could not make additions under section 69

Appeal before ITAT could be withdrawn if declaration filed under Dispute Resolution Scheme covered disputed issue

Posted on Saturday July 22, 2017

IT : Where declaration of 'specified tax' made by assessee under Direct Taxes Disputes Resolution Scheme, 2016, was accepted by designated authority and, thereupon, assessee paid amount of tax so declared, it was eligible to withdraw its appeal pending before Tribunal as disputes were covered by specified tax

HC remanded case filed under NI Act back to trial court for examination of evidence produced by accused: HC

Posted on Saturday July 22, 2017

Negotiable Instruments Act : Where in a complaint under section 138 heavy sum was covered under dishonoured cheques issued by respondent/accused and accused had issued stop payment for those cheques, evidence of accused was very much necessary and, therefore, matter was to be remanded to trial court for fresh disposal


Losses to be carried forward on basis of paper return even when e-return was filed belatedly:ITAT

Posted on Saturday July 22, 2017

IT : When assessee could not file return electronically within due date due to technical reasons but manual return was filed within due date as specified under section 139(1), benefit of set off and carry forward of losses could not be denied

Self-made exp. vouchers couldn't be basis of disallowance unless AO proved that vouchers were improper

Posted on Friday July 21, 2017

IT : In case of assessee, running coaching institutions across country, various expenses such as traveling, staff welfare and office expenses could not be disallowed on mere ground that said expenses were supported by self made vouchers when what was improper in vouchers, had not been spelt out

Trust not hit by proviso to sec. 2(15) if fee taken for imparting training was linked to preservation of environment

Posted on Friday July 21, 2017

IT : Where assessee institution, established under control of Irrigation Department of State Government, was imparting training to Government officials in field of water and land management, since said activity had direct connection with preservation of environment, it was not a fit case for invoking first proviso to section 2(15), even through assessee was providing guidance to farmers and rendering consultancy services to various other organizations as well by charging certain fee


No professional misconduct by CA if disciplinary committee couldn’t prove manipulation of figures in certificate

Posted on Friday July 21, 2017

Chartered Accountants Act : High Court rightly set aside findings of fact recorded by disciplinary committee as well as Council finding respondent guilty of professional misconduct for issuing certificates for consumption of raw materials showing value of imported raw material as CIF value to units as there was no material on record to establish that units had paid an amount more than what was mentioned in CIF value or purchase vouchers

Receipts on export of services would be included in current export turnover even if it related to pervious year

Posted on Friday July 21, 2017

GST/ST: In case of export of services, inward remittances/FIRCs/payments received either directly or through legal and accepted channels of remittances including by NEFT, received during a particular quarter even though related to invoices issued or export services provided for period prior to that quarter, will definitely required to be included in export turnover of services for that quarter

Inter se transfers among promoters aren’t exempted from obligation to make open offer under Takeover Code

Posted on Friday July 21, 2017

SEBI : Where persons acting in concert on 20-10-2015, made a public announcement under Regulation 15(1) of SEBI Substantial Acquisition of Shares and Takeover Regulations, 2011 when an open offer was made for acquisition of equity shares of Target Company from equity shareholders of Target Company at price of Rs.3.20 per share, exemption provisions contained in Regulation 10 would not apply to 2014 acquisition which were inter se transfers amongst promoters, as a result of which price of Rs.3.20

Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969


Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969


Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969


Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969

Posted on Wednesday December 31, 1969

© 2013 NNMS & Co. - Designed by Aware ConsultantsBack to Top