CBDT Notifies Extension Of Applicability Of TP Safe Harbour Rules Till AY 2022-23

The Central Board of Direct Taxes (CBDT) has extended the applicability of Rule 10TD (3B) of the Income-tax Rules, 1962, which deals with safe harbour, till Assessment Year 2022-23. Rule 10 TD prescribes a list of eligible international transactions where the transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities. According to Rule...

In-Flight Protest Against Chief Minister: Kerala High Court Grants Bail To 2 Youth Congress Workers

The Kerala High Court on Thursday granted bail to two Youth Congress workers, Furseen Majeed and R.K Naveen, who were arrested and remanded following their protest against Chief Minister Pinarayi Vijayan on a flight at the Thiruvananthapuram airport. Justice Viju Abraham granted bail to the petitioners noting that considering the nature of the allegations, further custodial interrogation of...

Sister Abhaya Murder Case : Kerala High Court Raises Prima Facie Doubts At Witness Statements While Suspending Convicts' Sentence

The Kerala High Court on Thursday granted bail to convicts Sister Sephy and Father Thomas Kottoor as an interim measure, suspending their sentence till the disposal of the appeal in the 1992 Sister Abhaya murder case. They were convicted for murder and sentenced to life imprisonment by a CBI Court at Thiruvananthapuram in December 2020.While allowing their plea to suspend the sentence, a...

Unit Located In The SEZ Shall Be Treated As A Distinct Identity From Its Other Units: CESTAT Ahmedabad

The Ahmedabad Bench of CESTAT has held that if a unit of an enterprise is located in the Special Economic Zone (SEZ), the said SEZ Unit shall be treated as having a distinct identity from the other units of the said enterprise which are located outside the SEZ. Therefore, the Single Bench of Judicial Member Ramesh Nair held that a claim for refund of the service tax paid by a SEZ Unit...

Advance Ruling Can't Be Sought After The Receipt Of The Notice: Madhya Pradesh High Court

The Madhya Pradesh High Court has ruled that the application under section 97 of the CGST Act for obtaining the advance ruling cannot be made before the Authority of Advance Ruling (AAR) during the pendency of the issue before the authority and after the receipt of the notice. The division bench of Justice Vivek Rusia and Justice Amar Nath has observed that the petitioner approached...

[Prayagraj Violence] "Demolition Defies Rule Of Law": Accused Javed's Wife Moves Allahabad HC Against Razing Of Her House

A plea has been moved by the wife of the Prayagraj Violence (June 10) accused Javed Mohammad against the demolition of their house by the district administration and Prayagraj Development Authority (PDA) on June 12.In her plea, Fatima, the wife of accused Javed Mohammad, has averred that the demolished house was in her name and was gifted to her by her father and she had all the valid...

DGFT Changes Watermelon Seeds Import From "Restricted" To "Free" Till 30 September, 2022

The Director General of Foreign Trade (DGFT) has notified an amendment to the Import Policy Condition under the Foreign Trade Policy 2015-2020 (FTP) to allow the import of watermelon seeds from Kandla and Mundra Ports till September 30, 2022. The current policy restricts the import of watermelon seeds. However, according to the amended import rules, watermelon seeds are "free"...

Corporate Debtor Cannot Be Dragged Into CIRP Mala Fide For Any Purpose Other Than Resolution Of Insolvency: NCLT Mumbai

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P. N. Deshmukh (Judicial Member) and Mr. Kapal Kumar Vohra (Technical Member), while adjudicating an application filed in Gateway Offshore Private Limited and Anr. v Runwal Realtors Pvt. Ltd., has held that a written contract cannot be treated as a pre- requisite to prove the existence of a financial debt...

Notice Didn't Contain Categorical Indication Of Furnishing Inaccurate Particulars Or Concealment Of Particular Income: ITAT Quashes Penalty Proceedings

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT)has quashed the penalty proceedings as the notice issued to the assessee did not mentioned a categorical indication of specific violation in respect of furnishing inaccurate particulars or concealment of particular income.The two-member bench headed by G.S. Pannu (President) and Anubhav Sharma (Judicial Member) has observed that...

Signature Of the Person Present Obtained in Panchanama, Madhya Pradesh High Court Refuses Re-measuring of Stock

The Madhya Pradesh High Court has refused to direct the re-measuring of the stock of coal lying in the premises as the search team has obtained the signatures of the persons present while carrying out the Panchanama.The division bench of Justice Sheel Nagu and Justice Maninder S. Bhatti perused the panchanama and observed that on the date of search itself, the amount of tax and a...

Service Recipient Liable To Pay GST On Interest Amount Under Arbitral Award For Delayed Payment: Bombay High Court

The Bombay High Court has held that the service recipient is liable to pay the GST to the government on interest under an arbitrary award and it can not be deducted from the dues payable to the service provider.The single bench of Justice B.P. Colabawalla has observed that service tax is an indirect tax, and it is possible that it may be passed on. Therefore, an assessee can certainly...

Investigation Against Bookmyshow For Alleged Unfair Competition Practices: CCI seeks report from DG Investigation Within 60 days

The Competition Commission of India (CCI) has ordered an investigation against Bookmyshow for alleged unfair competition practices and sought a report from the Director General (DG) of the investigation within 60 days. The three-member bench headed by Ashok Kumar Gupta (Chairperson), Sangeeta Verma (Member) and Bhagwant Singh Bishnoi (Member) has noted that there exists a prima facie...