Mumbai Court Directs Economic Offences Wing To Investigate Former FMC Chairman Ramesh Abhishek's Role In NSEL Crisis

A Special Court in Mumbai recently directed the Economic Offences Wing to investigate the role of former Forward Markets Commission (FMC) chairman Ramesh Abhishek in the 2013 National Spot Exchange Ltd. (NSEL) payment default crisis.Special Judge A.S. Sayyad under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act) opined that NSEL has...

Press Should Not Publish Anything Manifestly Defamatory Against An Individual Or Institution, Can’t Exceed Limit Of Fair Comment: Delhi Court

Observing that the press should not exceed the limit of fair comment, a Delhi Court recently said that the press must not publish anything which is manifestly defamatory against any individual or institution, unless it is duly verified and there is sufficient reasons to believe that it is true and the publication will be for public good. Emphasizing that there is an universal recognition...

AFT Orders Disability Pension To Army Personnel Injured While Procuring Railway Tickets To Return To Posting, Says It Is 'Incidence Of Service'

The Armed Forces Tribunal (AFT) Jammu recently ordered disability pension to an army personnel who got injured while travelling to the railway station to book tickets for returning to a military unit. It was of the view that the accident is connected with the service and can thus be considered an 'incidence of service' when assessing an application for the approval of disability...

CBDT Proposes Changes To Rule 11UA In Respect Of Angel Tax, Notifies Excluded Entities

The Central Board of Direct Taxes (CBDT) has proposed the changes to Rule 11UA in respect of Angel Tax and has also notified the excluded entities.In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for the issue of shares within the ambit of Section 56(2)(viib) of the Income-tax Act, 1961. It provides that if such consideration...

E-Filing Of “Audit Report” Beyond The Date, Violative Of CBDT Circular: ITAT Denies Section 11 Exemption to Trust

The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) refused to grant the exemption under Section 11 of the Income Tax Act on the grounds that the trust e-filed the "audit report" in Form 10B beyond the date.The bench of Ravish Sood (a judicial member) has observed that the assessee trust had e-filed or uploaded the "audit report" in Form 10B as of June 21, 2019, which was much beyond...

Relationship Between Consultant Doctor And The Hospital Can't Be seen As Employer Employee : ITAT Deletes Addition

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition made towards short deduction of TDS and held that the relationship between a Professional Doctor consultant and the Hospital cannot be treated as an Employer-Employee relationship unless there exist specific Rules and Provisions in the contract of appointment between the consultant and Hospital.The bench of...

NLU-Delhi Is Not Engaged In Business: ITAT Quashes Income Tax Penalty

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the penalty under Section 271B of the Income Tax Act on the grounds that the NLU-Delhi is not engaged in "business" and exists solely for educational purposes.The bench of Anubhav Sharma (Judicial Member) and Anil Chaturvedi (Accountant Member) has observed that to justify invoking the mandate of Section 44AB, it...

Burning Of Copy Of Constitution: Court Censures Delhi Police For Failing To Complete Probe In 2018 SC/ST Act Case, Summons ACP

A Delhi Court on Saturday censured Delhi Police for failing to complete investigation in a case related to the alleged burning of a copy of constitution and raising of slogans against SC/ST community during a protest at Parliament Street in 2018."This court has repeatedly requested the investigating officer and senior officers to conclude the investigation which is pending since the year...

Coal Block Scam: CBI Court Frames Charges Against Former IAS Officer, Others

The Special Judge (CBI) for Coal Block Cases at Rouse Avenue District Court has framed charges in the 2007 coal block corruption case against former IAS officer D.G Philip, who was the Managing Director of Maharashtra State Mining Corporation Ltd (MSMCL) and Avinash Manohar Rao Warjukar, who was the Chairman of MSMCL from December 2006 to June 2010.In 2006, the Ministry of Coal had...

‘RSS-21st Century Kauravas’ Remark| Haridwar Court To Examine On June 24 Complainant's Witnesses In Defamation Case Against Rahul Gandhi

In the defamation complaint filed against Congress Leader Rahul Gandhi over his alleged remark made during the Bharat Jodo Yatra in January this year calling the Rashtriya Swayamsevak Sangh (RSS) as the "Kauravas of the 21st century, the Haridwar Court will take evidence/examine the witnesses of the complainant on June 24 under Section 202 (2) CrPC.The defamation complaint under Section 499...

Section 56 (2)(viib) Is Applicable On Government Related Investors, Banks Involved In Insurance Business, Etc.: CBDT

The Central Board of Direct Taxes (CBDT) has notified the class of persons/entities on which Section 56 (2)(viib) of the Income Tax Act.The words "being a resident" have been proposed to be removed from section 56(2)(viib) with effect from 01 April 2024 in the Finance Bill 2023. Therefore, if this section were to become law, it would apply to any non-resident who makes an investment in...

Demand Under Service Tax On RCM, Has To Be Worked Out And Calculated Transaction-Wise And Invoice-Wise: CESTAT

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that demand under service tax on reverse charge mechanisms has to be worked out and calculated transaction-wise and invoice-wise.The bench of Anil Choudhary (a judicial member) has observed that in the absence of any transaction-wise and invoice-wise calculation, the show-cause notices are vague and...