Home Highlights February 2014 Year 2014 This

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1. CIRP - Fraudulent transactions - Transaction Auditor has admitted inability to comment on the transactions falling under Sections 43, 45 and 50 of IBC and in respect of...

2. Validity of Survey proceedings u/s 133A conducted in absence of assessee - Manner of conducting survey u/s 133A - There was a time gap of more than 3 ½ years between the...

3. Fraudulent/wrongful trading - It is clear from the language of section 66(1) that unlike application provided under section 43, section 45, section 50 and section 47 or...

4. Undervalued/preferential/fraudulent transactions - Failure to adjudicate about the ingredients of Section 43, 45, 49 and 66, specifically - need for separate...

5. Initiation of CIRP - financial creditor or not - Validity of cash transactions - ‘if a statute provides for a thing to be done in a particular manner, then it has to he...

6. Guidelines for conduct of personal hearings in virtual mode under Customs Act, 1962 - Trade Notice

7. CIRP - Preferential Transactions or not - related transaction or not - Transaction within look bak period - such transactions are carried with intent to defraud...

8. Bogus invoices issued to take cenvat credit – Revenue has been able to make out a very good case for fraudulent conduct and issue of paper transactions to avail...

9. Jurisdiction to conduct audit - the petitioner's registration is cancelled, now he is an unregistered concern - On perusing Section 65, it is stated that the audit can...

10. CIRP - Seeking directions to be issued to the Directors of the Corporate Debtor/the Appellants herein to make good the losses caused on account of the fraudulent...

11. Validity of reopening of assessment - Enquiry to be conducted before issuance of a notice by the AO u/s 148A(a) - The High court found that conducting an inquiry before...

12. Recovery of MODVAT Credit - capital goods - claim of depreciation on the invoice value - When the rules clearly provide that amount claimed as modvat credit should not...

13. Fraudulent transactions - once credit is Prima facie taken on finished goods in the guise of scrap, fraudulent activity clearly surfaces, Prima facie case is in the...

14. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

15. Fraudulent Trading/Wrongful Trading - The stand taken by the respective parties, comes to a Resultant Conclusion that the Transfer of Assets among the Group Companies...