No Requirement Of Disallowing Part Of Director’s Remuneration And Depreciation When The Business Was Stopped Due To Temporary Lull: ITAT

The Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no requirement for disallowing part of the director’s remuneration and depreciation when the business is stopped due to a temporary lull.The bench of Dr. S. Seethalakshmi (Judicial Member) and B. R. Baskaran (Accountant Member) has observed that the only condition for allowability of depreciation is that...

Onus Lies On AO To Provide Reasons To Disbelieve The Bank Statements And Supporting Documents For Reopening Assessment: Bombay High Court

The Bombay High Court has held that the onus lies on the AO to provide reasons to disbelieve the bank statements and supporting documents for reopening the assessment.The bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that the AO has acted in excess of the limit of his jurisdiction to reopen the assessment in the exercise of powers under Section 147 read with...

Punjab And Haryana High Court Quashes Income Tax Demand Notice For Non-Compliance Of Section 144-B Procedure

The Punjab and Haryana High Court has quashed the assessment order and consequent notice of demand and penalty proceedings due to non-compliance of procedure enshrined in clauses (vii) and (viii) of Section 144-B(6) of the Income Tax Act.The bench of Justice Ritu Bahri and Justice Manisha Batra observed that the assessment of the orders and demand notices had been passed in violation...

Department Adjusting The Refund Amount Under Amnesty Scheme Without Notice Violates Principles of Natural Justice: Bombay High Court

The Bombay High Court has held that the action of the department in making the adjustment of a refund due to the petitioner while considering the application under the Amnesty Scheme without notice to the petitioner is in utter disregard of the well-established principles of natural justice and has caused grave prejudice to the petitioner.The bench of Justice Nitin Jamdar and Justice Abhay...

18% GST Payable On The Commission If Commission Is Deducted On The Bonus Amount As An Intermediary: AAR

The Telangana Authority of Advance Ruling (AAR) has ruled that 18% of the commission will be deducted from the bonus amount as an intermediary.The bench of Kasi Visweswara Rao and Sahil Inamdar has observed that 5% GST is payable on the rest of the amount, which is arrived at after excluding the commission from the entire bonus, as it would be included as the value of supply of canteen...

Delhi Riots: Court Acquits Three Men For Lack Of Proof, Says Possibility Can’t Become Evidence

A Delhi Court has acquitted three men in a case concerning the 2020 North-East Delhi riots for lack of proof, while observing that possibility cannot become evidence.Additional Sessions Judge Pulastya Pramachala of Karkardooma Courts acquitted Dinesh Yadav alias Michael, Sandeep alias Mogli and Tinku of the charges of rioting and being members of a riotous mob which vandalized two properties...

Once The Importers/Exporters Are Granted Immunity From Prosecution, Fine, Penalty It Is Unfair To Continue The Proceedings: CESTAT

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that once the importers and exporters have been granted immunity from prosecution, fines, and penalties, and proceedings against them have come to an end, it is discriminatory and unfair to continue the proceedings against the co-notices.The bench of Anil Choudhary (Judicial Member) has observed that...

DGFT Prohibits Import Of Apple If CIF Value Is Below Rs. 50 Per Kg

The Director General of Foreign Trade (DGFT) has amended the import policy condition for apples.The government has prohibited the import of apples if the cost, insurance, and freight (CIF) price is less than Rs. 50 per kilogram.The existing import condition for apples is free. As per the revised policy, it is prohibited. As per the revised policy, imports are "free" if the CIF value is above...

NCLT Delhi Admits Go Airlines Into Insolvency, Directs IRP To Ensure Employees Are Not Retrenched

The National Company Law Tribunal (“NCLT”), New Delhi Bench, comprising of Justice Ramalingam Sudhakar (President) and Shri L.N. Gupta (Technical Member), while adjudicating a petition filed by Go Airlines (India) Limited, has admitted Go Airlines (India) Limited into Corporate Insolvency Resolution Process (“CIRP”) and Mr. Abhilash Lal has been appointed as the Interim...

NCDRC: The Waiting Period For The Possession Of The Flat Must Be Reasonable, Buyer Cannot Be Made To Wait Indefinitely

The National Consumer Dispute Redressal Commission (NCDRC) bench comprising presiding member, Justice R.K. Agrawal, S.M. Kantikar and Binoy Kumar while adjudicating on a matter related to the alleged late delivery of property, held that processing the Fire NOC and termination of the contract with the previous contractor are not valid reasons for the delay in completing of an...

Delhi High Court Upholds Arbitral Award In Favour Of Reliance; Dismisses GOI’s Challenge Alleging Fraud And ‘Unjust Enrichment’ In Relation To Gas Extraction

The Delhi High Court bench comprising Justice Anup Jairam Bhambhani has upheld the 2018 arbitral award passed in favour of Reliance Industries Limited (RIL) in an international commercial arbitration arising from a dispute between the conglomerate and the Ministry of Petroleum & Natural Gas, Government of India, under a ‘Production Sharing Contract’ (PSC) executed in 2000,...

NCDRC: Surveyor Report In An Insurance Claim Is Inconclusive And Not Binding On The Insured Or The Insurer

During a recent adjudication on an insurance claim dispute, the bench of the National Consumer Dispute Redressal Commission (NCDRC) led by presiding member, Justice R.K. Agrawal, made a significant decision and held that an insurance company cannot evade liability as per the insurance policy if the insured was not responsible for the fire incident. The Commission observed that the...