Adani-Hindenburg Report | Prima Facie ‘No Regulatory Failure,’ Says Supreme Court Expert Committee About SEBI Probe

In a significant development in the Adani-Hindenburg controversy, the Expert Committee constituted by the Supreme Court said it cannot, as of now, arrive at a finding of "regulatory failure" of SEBI in dealing with the alleged contravention of securities law by the Adani Group or any other companies.The Committee was constituted to provide an overall assessment of the situation as well...

District Judiciary Should Not Be Called 'Subordinate Judiciary' : Supreme Court

In today's judgement concerning enhanced pay scale for judicial officers as per the Second National Judicial Pay Commission (SNJPC), the Supreme Court, while highlighting the importance of district judiciary, remarked that the Supreme Court shall no longer refer to the District Judiciary as ‘subordinate judiciary’. The judgement in this case All India Judges Association vs Union of India...

Perception That A Judge Is Independent Only If Judgments Are Passed Against Govt Is Wrong : Justice Ajay Rastogi

Outgoing Supreme Court judge Justice Ajay Rastogi, in his farewell address, said that it is a wrong tendency to describe a judge as "independent" only if the judge passes orders against the government."If someone wants to say I am an independent judge or an unbiased judge, because I decide the matter anti-establishment, gave opinion against the government.. I say NO. We are supposed to...

BREAKING | RBI Will Withdraw ₹2000 Notes From Circulation But They Will Continue As Legal Tender

The Reserve Bank of India today announced that it will withdraw ₹2000 notes from circulation. However, the currency will continue as Legal Tender.As per RBI, this denomination is not commonly used for transactions.People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said."In order to ensure...

'Governor Cannot Stultify A Government Like This': Supreme Court Rebukes Delhi LG For Delaying Appointment Of DERC Chairperson

The Supreme Court on Friday came down heavily on the Lieutenant Governor of Delhi for sitting over the proposal made by the Delhi Government for the appointment of the Chairperson of the Delhi Electricity Regulatory Commission for over five months.Aggrieved by the delay on the part of the LG in approving the proposal to appoint retired MP High Court Judge, Justice Rajeev Kumar Shrivastava as...

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of...

Judicial Officers' Pension : Supreme Court Lays Down Time Line For Disbursal Of Arrears By States/UTs

The Supreme Court, pronouncing its judgement in All India Judges Association v. Union of India matter (concerning pay hike for judicial officers), provided a timeline for the Center and the States to pay retired judicial officers pension as per the enhanced pay scale as recommended by the Second National Judicial Pay Commission. The judgement was pronounced by a bench comprising Chief Justice...

Supreme Court Refuses To Stay Calcutta HC Direction Transferring Ram Navami Violence Cases To NIA

The Supreme Court on Friday refused to stay the order passed by the Calcutta High Court to transfer the investigation in the cases related to Ram Navami violence to the National Investigation Agency. Expressing disinclination to stay the order, the bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha and Justice KV Viswanathan posted the petition filed by the State of...

ITAT Imposes Cost On Assessee For Being Delinquent And Lethargic In Pursuing The case Before The Authorities

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has imposed a fine of Rs. 2000 for being delinquent and lethargic in pursuing the matter before the tax authorities."Since the assessee has not appeared before any of the tax authorities below, in the interest of justice, we are of the view that the assessee may be provided with an opportunity to present his case properly before the...

BREAKING| Supreme Court Puts On Hold Scientific Investigation Of 'Shivalinga' Claimed To Be Found In Gyanvapi Mosque

The Supreme Court on Friday directed to put on hold the scientific investigation of a structure inside the Varanasi Gyanvapi mosque which the Hindu plaintiffs claim to be a 'Shivalinga' and the Mosque committee claims to a fountain. A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and Justice KV Viswanathan passed the order in a special leave petition filed...

Excise Duty To Be Demanded From Job Worker, Not From Principal Manufacturer, When Transaction Is On Principal To Principal Basis: CESTAT

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that there has to be excise duty demanded from the job worker and not from the principal manufacturer when transactions between the two are on a principal-to-principal basis.The bench of Anil Choudhary (Judicial Member) and Hemambika R. Priya, (Technical Member) remanded the matter to the...

Anand Mohan's Premature Release : Supreme Court Directs Bihar Govt To Produce Original Records Relating To Remission

The Supreme Court, on Friday, directed the Bihar Government to produce original records of documents which led to the granting remission to former Bihar MP Anand Mohan, convicted in the case for the mob lynching of Gopalganj District Magistrate G Krishnaiah in 1994.“State Counsel is directed to produce original records which led to the grant of remission to Respondnet No. 4...