Customary Amongst Married Women To Keep On Changing The Jewellery As And When New Designs Come In The Market: ITAT Deletes Income Tax Addition

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition and held that it is customary amongst married women to keep on changing the jewelleryas and when new designs come on the market.The bench of Anubhav Sharma (Judicial Member) and N. K. Billaiya (Accountant Member) has observed that the assessee has given an item-wise reconciliation of Wealth Tax Return items...

CA, CS And CWAs Covered Under The Ambit Of PMLA If Financial Transactions Executed On Behalf Of Client

The Government has notified that the practicing chartered accountants (CA), Company Secretary (CS) and Cost And Works Accountancy (CWAs) are covered under the Prevention of Money Laundering Act, 2002 (PMLA) if financial transactions are executed on behalf of a client.In accordance with Section 2(1)(sa)(vi) of the PMLA, the Central Government notified a select few activities when they...

Co-Operative Banks Are Also Registered Co-Operative Societies: ITAT Allows Section 80P(2)(d) Deduction

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the income tax deduction under Section 80P(2)(d) of the Income Tax Act on the grounds that cooperative banks are also registered cooperative societies.The bench of Suchitra Kamble (Judicial Member) has observed that the provision of Section 80P(2)(d) does not make any distinction in regard to the source of the...

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers

The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in Yamuna Expressway Industrial Development Authority v Monitoring Committee of Jaypee Infratech Ltd. & Ors., has admitted the appeal filed by the Yamuna Expressway Industrial...

No Excise Duty Payable On Amortization Cost Of The Cylinder: CESTAT

The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no excise duty is payable on the amortization cost of the cylinder.The bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Technical Member) has observed that for the purpose of valuation of the packaging material, the amortization cost of the cylinder needs to be included in a...

‘No Evidence Of Handling Of Arms Or Joining Classes For Radical Teaching On Religious Lines’: Delhi Court Grants Bail To Kashmiri Youth In UAPA Case

A Delhi Court has granted bail to a 22-year-old Kashmiri Youth in a UAPA case, observing that there was no evidence of handling of arms or joining of any classes for radical teaching on religious lines by him. Special NIA judge Shailendar Malik of Patiala House Courts granted bail to Mateen Ahmed Bhatt who was arrested on October 13, 2021.“…I find that accusation against the accused does...

Inspection Charges Received In Connection With The Sale Of Goods Are Not Includible In Assessable Value: CESTAT

The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that inspection charges received in connection with the sale of the goods are not includible in the assessable value in the absence of evidence.The bench of P.K. Chaudhary (Judicial Member) and K. Anpazhakan (Technical Member) observed that pre-delivery inspection charges are included in the...

Applicant Should Have The Qualification On Date, Proof Can Be Produced Later: Punjab & Haryana HC Reiterates

A division bench of the Punjab and Haryana High Court comprising of Justice M.S. Ramachandra Rao and Justice Sukhvinder Kaur while deciding a Letters Patent Appeal (“LPA”) in the case of Narender Kumar vs Dr. Kuldeep Singh and others has held that it is necessary to have the essential qualification by the date of the application and the proof of publication can be produced later which...

Interest Can Be Added To Reach 1 Crore Threshold Only If Provided In The Agreement : NCLT New Delhi Reiterates

The National Company Law Tribunal, New Delhi Bench, comprising Shri Bachu Venkat Balram Das (Judicial Member) and Shri L.N. Gupta (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s Bhotika Trade and Services Pvt. Ltd. vs M/s. Avinash EM Projects Pvt. Ltd. has reiterated that interest can be charged...

Arbitration Clause Extinguishes After Dissolution of Partnership; Gujarat High Court Rejects S.11 Petition

The Gujarat High Court has ruled that once the partnership at will is dissolved, the arbitration clause contained in the partnership deed cannot be invoked to refer the dispute between the partners to arbitration. The bench of Justice Biren Vaishnav was dealing with an arbitration clause which provided for reference of the dispute between the partners with regard to the “dealing of...

Virtual Traffic Court Made Operational In Gujarat For Traffic eChallans

Virtual Traffic Court at Metropolitan Court, Ahmedabad for Traffic eChallans from Gujarat was made operational on May 03."Upon successful integration of One Nation One Challan project with Traffic Police Challans and RTO Challans in the State of Gujarat, the Virtual Traffic Court under the aegis of the eCourts Project has been implemented with guidance from the eCommittee of Hon’ble...

Inter-State Supply Of Ambulances To Tripura Government Attracts 28% IGST: AAR

The Telangana Authority of Advance Ruling (AAR) has held that the supply of ambulances to the Tripura government attracts 28% IGST as it is an interstate supply.The bench of Kasi Visweswara Rao and Sahil Inamdar ruled that the liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of Section 12 of the CGST/TGST Act, 2017, and that...