CL : Whereby through an interim order the company-in-liquidation was directed, not to charge encumber or alienate any of its assets except with the leave of court, including the assets listed in the respective undertaking given by the company. Since the injunction was issued only to ensure that the company-in-liquidation does not further encumber or create charges in favour of third parties over the assets of the company in liquidation therefore, neither the interim order nor undertaking given b
Saturday, 26 April 2014
Sum paid to Iraq authorities after RBI's approval under 'Oil for food' programme wasn't illegal and
IT: Payments made by assessee as inland transportation charges for delivery of goods and commission payment to parties who rendered services for procurement of order were fully deductible as said expenditures were incurred by assessee for purpose of its business and did not fall under category of an expenditure incurred for any purpose which is an offence or which is prohibited in law in terms of Explanation to section 37(1)
CHA license not to be revoked on violation of law without men srea; suspension for specific period i
Excise & Customs : Where CHA had granted G Cards, in an unauthorized manner, to certain illegal exporters but CHA had not facilitated illegal exports and same were made without his knowledge, CHA cannot be inflicted with penalty of revocation of license; suspension of license for specific period is a sufficient penalty
RBI allows use of transaction based reporting format for cross border wire transfer
FEMA/ILT : Reporting of Cross Border Wire Transfers - Specified Format/Reports for
Assessee immune to penalty when revenue failed to invoke correct provision in show-cause notice
Excise & Customs : Where assessee has paid entire duty at time of provisional assessment and there is no duty demand in adjudication order, no penalty can be levied under section 114A
ITAT grants sec. 80-IB(10) relief on additional income offered by real estate entity during search
IT : Assessee is eligible for deduction under section 80-IB(10) in relation to additional income offered in a statement under section 132(4) in course of search and subsequently declared in return filed in response to notice under section 153A(1)(a)
Unexplained cash to be added as assessee failed to prove that he acted as transfer agent and didn't
IT : Where assessee failed to bring any material on record to substantiate that he acted as an agent and was given cash for purchasing gold, addition was justified
Failure to pay collected service-tax was a bailable offence until provision was amended by FA 2013
Service Tax: Where assessee had not paid service tax exceeding Rs. 50 lakhs collected during 2008 to 2012, assessee was entitled to bail because amendment vide Finance Act, 2013 is not retrospective and though offence is continuing one, it was bailable when it was originated
Registration denied to trust formed to impart education to children of Christian community only
IT : Where assessee-trust had been formed to impart education primarily to children of Christian Minority Community and main objective of society-trust was to provide quality education in Christian environment, registration under section 12AA should be denied to it
Withdrawal of requirement to take clearance from 'Committee on Disputes' for filing of appeal isn't
Excise & Customs : In case of appeals filed before 17-2-2011, either COD clearance must have been obtained or an application in that behalf must be pending on 17-2-2011, failing which appeals are liable to be dismissed as not maintainable
HC upheld transfer order as it was issued to facilitate coordinated investigation of related entitie
IT: Where purpose of section 127 order was to ensure that an orderly and coordinated investigation took place while conducting assessment of related entities involved and show-cause notice was issued granting an opportunity of being heard, no prejudice would be caused by mere section 127 order
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