Violation of RBI Notification Prohibiting Deposit Of Demonetized Notes Does not attract Addition On Account of Unexplained Cash Credits: ITAT

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) consisting of B.R. Baskaran (Accountant Member) held that violation of the RBI notification prohibiting deposit of demonetized notes does not attract addition on account of unexplained cash credits. The appellant/assessee is a primary agricultural credit co-operative society providing credit facilities to its members. The...

Notice Imposing Penalty For Concealment Of Income Can't Be Issued Without Specifying The Limb: ITAT

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the notice imposing a penalty for concealment of income cannot be issued without specifying the relevant limb. The two-member bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member) has observed that the Assessing Officer and the CIT (A) have simply imposed a penalty on concealment...

National Sports Federations To Not Receive Monies From Centre Until Compliance With Sports Code & Judicial Orders: Delhi High Court

The Delhi High Court on Friday directed the Centre to ensure that monies, patronage and other facilities to National Sports Federations will be resumed only when they comply with National Sports Code, 2011 and judicial orders. A division bench comprising of Justice Najmi Waziri and Justice Vikas Mahajan added that the entire exercise of ensuring compliance is expected to be completed by the...

Failure Of Assessee To Give Proper Reasons For Not Appearing Before The Tax Authorities: ITAT Imposes Cost

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) consisting of B.R. Baskaran (Accountant Member) has imposed a cost of Rs.10,000 on the assessee for the failure to give proper reasons for not appearing before the tax authorities.The assessee/appellant is the director of the group company named M/s. Panama Nature Fresh Pvt. Ltd. It was the understanding of the assessee that...

Madhya Pradesh High Court Monthly Digest: May 2022 [Citations 132 - 153]

NOMINAL INDEX Dr. Prakash kumar dubey v. Rani durgawati university 2022 LiveLaw (MP) 132 Basant v. The state of madhya pradesh govt. 2022 LiveLaw (MP) 133 Vishal Pandey and anr. versus Food Corporation of India and Ors. 2022 LiveLaw (MP) 134 M/s Om Sai RK Constructions Pvt. Ltd. versus M/s Forsight Infractech Pvt. Ltd. 2022 LiveLaw (MP) 135 Premshankar Vijayvargiya and anr....

NDPS Accused In Custody Since Over 2 Yrs, Only Three Of Eight Witnesses Examined: Punjab & Haryana High Court Grants Bail

The Punjab and Haryana High Court recently granted bail to an accused, incarcerated since over two years in connection with alleged offences under the Narcotic Drugs and Psychotropic Substances Act, 1985."Keeping in view the fact that the petitioner has been in custody for a period of 02 years, 09 months and 14 days and the trial is likely to take time, no useful purpose would be served...

ITAT Deletes Addition Of Cash Deposited During demonetisation period by Retired Army Officer

The Banglore Bench of the Income Tax Appellate Tribunal (ITAT) consisting of B.R. Baskaran (Accountant Member) deleted the addition of cash deposits during the demonetisation period on the ground that the retired army officer had withdrawn the cash to meet medical emergencies. The assessee is a retired army officer and is drawing a pension. During the demonetisation period, the...

Consideration For Resale Of Computer Software Is Not The Payment Of Royalty For Use Of Copyright In Computer Software: ITAT

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) consisting of Chandra Mohan Garg (Judicial Member) and Shamim Yahya (Accountant Member) has held that consideration for the resale of the computer software through End User Licence Agreement (EULA)/distribution agreements is not the payment of royalty for the use of copyright in the computer software and, therefore, not taxable...

"Serve Cows For 1 Month, Deposit 1 Lakh In Gaushala": Allahabad HC Imposes Bail Condition On 'UP Cow Slaughter Act' Accused

The Allahabad High Court on Thursday granted bail to a man booked under the Uttar Pradesh Prevention Of Cow Slaughter Act, 1955 on the condition that he shall serve the cows for a period of one month in Gaushala after his release from the jail.The bench of Justice Shekhar Yadav issued this order while granting bail to one Saleem Alias Kaliya, who was booked under Sections 3/8 of the Cow...

High Court Seeks Response From "Rajasthan Royals" Over Dues Owed To Police Dept

The Rajasthan High Court has recently asked franchise cricket team Rajasthan Royals to file a reply explaining its failure to pay over 850 police officials who were deployed during 2011 Indian Premier League (IPL) matches. The dues allegedly add up to approximately 6.99 crores.The direction was issued on a suo moto case registered in April 2019, on the basis of a newspaper report published...

Preferential, Fraudulent Or Avoidable Transaction, Material Facts To Be Pleaded : NCLT Kolkata

The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising Mr. Rohit Kapoor (Judicial Member) and Mr. Harish Chander Suri (Technical Member), while adjudicating the matter of Star India Pvt. Ltd. v Advance Multisystem Broadband Communications Ltd., has held that a transaction cannot be alleged to be preferential, fraudulent or avoidable by the Resolution Professional, unless...

Mere Gold Smuggling Without Threatening Economic Security Of India Not "Terrorist Act" Under UAPA: Delhi High Court

The Delhi High Court has held that mere smuggling of gold without any connection whatsoever to threatening economic security or monetary stability of India cannot be a terrorist act under the Unlawful Activities (Prevention) Act. A division bench comprising of Justice Mukta Gupta and Justice Mini Pushkarna granted bail to nine accused persons who had approached the Court by way of filing...