Highlights / Annotations:
Service Tax: Reimbursement of expenses - reimbursable expenses received by the assessee need not be added to the taxable value relating to clearing and forwarding agency - Tri
Service Tax: In the wake of the fact that even the Government acknowledged the existence of confusion/ambiguity with regard to the coverage of management, maintenance and repair of software under the Management, Maintenance or Repair Service to such a degree as to warrant addition of an explanation to clarify the issue and also in view of the aforesaid judicial precedents, it is amply clear that the extended period cannot be invoked - Tri
Central Excise: Classification of car air-conditioning kit - if a kit and compressor are sold in a singular invoice or in one pricing, it will go out of item no.8 and duty will be paid separately, but if there are two invoices for separate pricing, the air-conditioning kit would come under serial no.8 and the automotive gas compressor with or without magnetic clutch will be liable to duty separately. - SC
Customs: Appeal before Commissioner (Appeals) - period of limitation - Post Master's report came favorable to the appellant. - However, the acknowledgement card would show the correct reference No and date - we cannot say that the letter issued by the Post Master is helpful to the appellant - appeal has been filed beyond the time limit - Tri
Customs: Extension of installation period - import of capital goods for appellant's pollution control treatment plant - the fact that this is a huge plant can be considered as one of the reasons resulting in delay in installation - extension granted - Tri
Companies Law: Allegedly transfer of shares - Right to transfer the shares - Non compliance with section 108 of the Companies Act, 1956 - company cannot be faulted for non transfer/non registering of shares in the petitioner's name as the petitioner himself has to be blamed for his failure to comply with the relevant provision - CLB
Income Tax: Taxability of Amounts paid by the ONGC to the non-resident assessees /foreign companies for providing various services in connection with prospecting, extraction or production of mineral oil - assessable under the provisions of Section 44BB and not Section 44D - SC
Income Tax: The repository of the power i.e. Central Government, had consciously chosen to grant exemption in one particular field i.e. foreign companies covered by sub-section 2(a) of Section 24-AA, the scope of the grant cannot be enhanced or expanded by a judicial pronouncement - SC
IT - Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 prepared by CBDT with the approval of the Central Government.
Cus (NT) - Rate of exchange of conversion of the foreign currency with effect from 03rd July, 2015
IT - CG notified 30-09-2015 & 31-12-2015 as the dates for make a declaration in respect of an undisclosed asset located outside India and to pay the tax and penalty in respect of the undisclosed asset located outside India so declared, respectively.
IT - Black Money(Undisclosed Foreign Income and Assets) and Imposition of Tax Act (Removal of Difficulties) Order, 2015 - Now it shall come into force from the 1st day of July, 2015.
DVAT - Modification in Notification No.F.5(54)/Policy/VAT/ 2013/PF/ 1123-1135 dated 26/12/2013, regarding condition in case of Embassy of Portugal (Registration No./TIN 07229892120) w.e.f. 01-6-2015.
FTP - Prohibition on Trade with the Islamic State in Iraq and the Levant [ISIL], Al Nusrah Front [ANF] and other individuals, groups, undertakings and entities associated with Al Qaida.
Cus (NT) - Amendment in Tariff Notification 36/2001, dated 03-8-2001 in respect of fixation of Tariff Value of Edible oils, Brass scrap, Poppy seeds, Areca nuts, Gold and Silver.
Recent Circulars, Trade / Public Notices:
2015 (7) TMI 107 - ITAT CHENNAI
The Assistant Commissioner of Income Tax, Circle II, Trichy Versus M/s. Atlas Export Enterprises
Income Tax: Entitlement for claiming higher depreciation - Held that:- Consedering the decision in the case of CIT v. Hi Tech Arai Ltd. [2009 (9) TMI 60 - MADRAS HIGH COURT] directed the Assessing Officer to allow additional depreciation as claimed by the assessee.
The ld. CIT(Appeals), by following the decision of the Hon’ble Jurisdictional High Court supra, directed the Assessing Officer to allow higher depreciation. No material has been brought on record to show that the above decision of the Hon’ble .....
2015 (7) TMI 106 - ITAT CHANDIGARH
M/s Kudu Industries, Versus The J.C.I.T. (OSD) , Circle - 1,
Income Tax: Disallowance of interest under the provisions of section 36(1)(iii) - Held that:- We find support from the ratio laid down by the Mumbai Bench of Tribunal in DCIT Vs MTZ Polyfilms Ltd. (2013 (3) TMI 459 - ITAT MUMBAI ) wherein it has been proposed that for disallowing interest under section 36 (1)(iii), the total funds i.e. owned funds and borrowed funds, should have been considered for working out the disallowance of interest. Following the abovesaid proposition, we direct the Assessing Officer.....
2015 (7) TMI 105 - ITAT AHMEDABAD
Shree Chargam Dasha Porwad Versus Director of Income Tax
Income Tax: Registration u/s.12AA and 80G(5) refused - There is no dissolution clause in the trust-deed and trust does not have any clause that the trust will not be dissolved and it is a perpetual trust - Held that:- This issue of refusing registration in the absence of dissolution clause in the trust-deed is covered in favour of the assessee with the decision of Co-ordinate Bench of Delhi Tribunal in the case of Shri Sai Samarpan Trust Co.(2007 (6) TMI 507 - ITAT DELHI), wherein held that when the assesse.....
2015 (7) TMI 104 - ITAT NAGPUR
Sanjay Nagorao Paidlewar, Nitish Rameshchandra Chordia Versus. ACIT Central Circle 2 (2) ,
Income Tax: Sale of agricultural land - distance of the agricultural land from the municipal limits of city - whether agricultural land in question is not a capital asset as per Section 2(14)(iii)(a) and (b) and surplus arising on sale of the same is not liable to tax - CIT(A) objected to assess the surplus amount on sale of agricultural land as business income - Held that:- Distance of 8 kms. has to be measured through approach road and not by straight line distance on horizontal plane or crow’s flight. He.....
2015 (7) TMI 103 - ITAT MUMBAI
M/s Asgard Properties Pvt. Ltd Versus. ITO 9 (1) (1)
Income Tax: Computation of Long Term capital loss - indexation from 24-02-1994 or from 14-02-1999 - Assessing Officer computed loss at ₹ 37,21,902/- by restricting indexation from 1999 i.e. the date of possession 14-2-1999 - Held that:- There is no dispute that the request of the assessee for allotting the flat No.401 at fourth floor in proposed residential complex, was accepted by the builder and a consent letter was given, subject to making the payments in installments. The assessee had paid full am.....
2015 (7) TMI 102 - ITAT MUMBAI
Shri Manish D. Innani Versus. ACIT, Range 4 (1) ,
Income Tax: Disallowance under Section 14A r.w.r. 8D - Held that:- While dealing with the issue AO has not considered various factors and has not given any finding about them. Assessee had claimed that borrowed fund of ₹ 3.5 Crores were not used for investing in shares, that loans advanced to various persons were not connected with acquisition of shares. We find that these are crucial issues for deciding disallowance u/s. 14 A of the Act. Assesee himself has made an alternate plea that even if disallo.....
2015 (7) TMI 91 - SUPREME COURT
OIL & NATURAL GAS CORPORATION LIMITED Versus COMMISSIONER OF INCOME TAX & ANOTHER.
Income Tax: Taxability of Amounts paid by the ONGC to the non-resident assessees /foreign companies for providing various services in connection with prospecting, extraction or production of mineral oil - Fees for technical services under Section 44D read with Explanation 2 to Section 9(1)(vii) OR payments be taxable on a presumptive basis under Section 44BB - Held that:- Pith and substance of each of the contracts/agreements is inextricably connected with prospecting, extraction or production of mineral oi.....
2015 (7) TMI 90 - SUPREME COURT
Oil & Natural Gas Corporation Limited Versus Commissioner Of Income Tax & Another
Income Tax: Purport and effect of exemption notification bearing No.GSR 307(E) dated 31.03.1983 issued under Section 24AA of the Surtax Act - Held that:- Section 24-AA of the Surtax Act was brought into the statute book by Act 16 of 1981 i.e. Finance Act, 1981 with effect from 1.4.1981. The explanatory notes on the provisions of Finance Act [Paragraph 11(4) and 26(1)] clearly goes to show that the legislative intent behind inclusion of Section 24-AA is to encourage foreign companies to enter into participat.....
2015 (7) TMI 89 - HIGH COURT OF MADHYA PRADESH
Commissioner of Income-tax Versus. Shabbir Hussain Pithawala
Income Tax: Measurement of distance of the agricultural land - Held that:- Distance of the agricultural land belonging to the assessee within the meaning of s. 2(14)(iii)(b) has to be measured in terms of the approach by road and not by the straight line distance on horizontal plane or as per crow's flight. See case of Satinder Pal Singh [2010 (1) TMI 752 - Punjab and Haryana High Court ]. - Decided against revenue......
2015 (7) TMI 88 - Bombay High Court
The Commissioner of Income Tax Versus Vidhi Builders.
Income Tax: Appeal is ADMITTED on the following substantial questions of law-
I) Whether on the facts and in the circumstances of the case and in law, the ITAT failed to consider the fact that the area of the plot for Vidhi Complex is below 1 acre and as such the primary condition for claim of deduction under Section 801B(10) of the Income Tax Act, 1961 has not been fulfilled?
(II) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in coming to a conclusion th.....
More Income Tax Cases
2015 (6) TMI 770 - MADRAS HIGH COURT
The Commissioner of Income Tax, Chennai Versus M/s. MIL Industries Ltd.
Wealth tax: Whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act - Held that:- as the issue involved herein being pure question of fact and as both the Appellate Authorities, after verifying the records, arrived at such conclusion, we find no question of law much less any substantial question of law arises for consideration in these appeals. - Decided against Revenue......
2015 (6) TMI 728 - ITAT AHMEDABAD
ACIT (OSD) , Circle-5, Ahmedabad Versus M/s. Prasad Machinery Pvt. Ltd.
Wealth tax: Valuation - Addition in net wealth - Held that:- Revenue seeks to restore the Assessing Officer’s findings treating assessee’s industrial sheds in question as taxable under the provisions of wealth tax law. It has come on record that the assessee is utilizing the same in its business of plastic processing machineries and generates revenue therefrom. The lower appellate authority has exempted these sheds from being assessed by quoting section 2(ea)(5) of the Act. It also quotes case law of the tr.....
2015 (6) TMI 256 - ITAT KOLKATA
D.C.W.T. Central Circle-VI, Kolkata Versus Shri Vivek Kr. Kathotia
Wealth tax: Penalty u/s 18(1)(c) of W.T.Act, 1957 - Held that:- The penalty is leviable on the date on which the concealment of wealth is committed i.e. the date of offering the return of wealth. Therefore in the present case it will not be justified to refer to the returned wealth u/s 14(1) of the Act for the initiation of penalty u/s 18(1)(c) of the Act. Therefore when there is no concealment there is no question of penalty u/s 18(1)(c) of the Act. - The concealment of income is to be determined with rega.....
2015 (6) TMI 147 - ITAT CHENNAI
Shri L. Mohanarangam (HUF) Versus Wealth Tax Officer, Ward-I (1) , Namakkal
Wealth tax: Wealth Tax assessment - Incomplete construction of commercial complex building - Held that:- Assessee has furnished bills and vouchers for the materials purchased such as steel, cement, sand, iron, labour expenses, lorry freight etc. for completing construction of the building. The only reason for bringing to wealth tax of the property is that assessee has applied for construction to the municipal corporation on 4.4.2005 and got approval only on 18.4.2005. In our view, this alone cannot be a gr.....
2015 (5) TMI 874 - ITAT HYDERABAD
Hyderabad Bottling Co. Limited Versus Asst. Commissioner of Income Tax, Circle-2 (2) , Hyderabad
Wealth tax: Exemption claim - Urban land - assessee submitted that since the property in question is not a vacant land but there was a building under construction over the said land, it cannot be treated as urban land u/s. 2(ea)(v) - Failure to furnish documentary evidence - whether the property subjected to Wealth Tax is an 'urban land' as per Section 2(ea)(v)- Held that:- Any area comprised within the jurisdiction of a municipality or Cantonment Board which has a population not less than 10,000 according.....
More Wealth tax Cases
2015 (7) TMI 100 - CESTAT MUMBAI
Amar International Versus Commissioner of Service Tax, Mumbai,
Service Tax: Refund of service tax - port service - Customs House Agent service - Held that:- Customs House Agent in addition to handling the documentation and customs formalities, they also handle the goods in the port area and uses the services of various service providers operating in the port area. It is not in dispute the goods were exported, were handled in the port area, terminal handling operation were carried out and service tax on such port services was paid which would have been carried out at the.....
2015 (7) TMI 99 - CESTAT MUMBAI
Crystalline Exports Ltd. Versus Commissioner of Service Tax, Mumbai
Service Tax: Denial of refund claim - Non compliance with the condition of the Notification No. 41 /2007-S.T., dated 6-10-2007 - Terminal Handling Charges - Held that:- Refund to the services availed by the appellant on Terminal Handling Charges have been denied on the premise that same does not qualify as Port Charges but as per the C.B.E. & C. Circular No. 112/6/2009-S.T., dated 12-3-2009 where it has been clarified that if it is not in dispute that the service availed by the assessee is in the course of t.....
2015 (7) TMI 98 - CESTAT BENGLALORE
Meta-i Technologies Pvt. Ltd Versus Commissioner of Service Tax Bangalore-Service Tax, Karnataka
Service Tax: Reimbursement of expenses - whether the appellant is liable to pay service tax on the amount reimbursed to them - Held that:- During the audit of the accounts of the appellant that appellant had been reimbursed expenditure incurred during the period from April 2005 to March 2009. - reimbursable expenses received by the assessee need not be added to the taxable value relating to clearing and forwarding agency - Decision in the case of Sangamitra Services Agency: [2013 (7) TMI 862 - MADRAS HIGH CO.....
2015 (7) TMI 97 - CESTAT NEW DELHI
RUCHI INFOTECH LTD. Versus COMMISSIONER OF CENTRAL EXCISE, INDORE
Service Tax: Services of maintenance of Computer Software - Held that:- Without going into the aspect whether the said explanation expands the trajectory of the existing legislation and hence is inapplicable retrospectively, in the wake of the fact that even the Government acknowledged the existence of confusion/ambiguity with regard to the coverage of management, maintenance and repair of software under the Management, Maintenance or Repair Service to such a degree as to warrant addition of an explanation t.....
2015 (7) TMI 68 - CESTAT BANGALORE
Sew Infrastructure Ltd Versus Commissioner of Central Excise, Customs And Service Tax, Hyderabad-II
Service Tax: Interest of delayed refund claim - Held that:- Appellant had filed the refund claim on 25.03.2008 and he draws my attention to the copy of the refund claim filed by them with the appeal memorandum. In fact there is no dispute on this fact also since this was what started more than one round of litigation in this case. Therefore in my opinion this was the date that should have been considered for the purpose of claim for interest by the appellant by the learned Commissioner (Appeals). - liability.....
More Service Tax Cases
2015 (7) TMI 96 - SUPREME COURT
Commnr. Central Excise, Delhi-IV Versus M/s. Sandan Vikas (I) Ltd.
Central Excise: Classification of car air-conditioning kit - Legal substantiality of the judgment and order of tribunal based on Apex court judgment in past - Matter refer to three judge bench for hearing - Whether the car air-conditioning kit is classifiable under item No. 3 or under Item No. 8 of the table to the said Notification No. 166/86-C.E., dated March 1, 1986? - Held that:- The Division Bench has quite categorically stated that if the air-conditioning kit does not contain automotive gas compressor wi.....
2015 (7) TMI 66 - CESTAT KOLKATA
M/s. Bharat Lithographing Co. Pvt Ltd, M/s Renaissance Versus Commissioner of Central Excise, Kolkata-I
Central Excise: Waiver of predeposit - Penalty u/s 11AC - SSI Exemption Notification No.08/2003-CE dated 01.03.2003 - Clubbing of clearances - Held that:- On the issue of clubbing of clearances of both these Units, prima facie, we do not find that sufficient reasons had been recorded by the ld. Commissioner in the impugned Order, except following the earlier decision pertaining to the period prior to the present demand notice. Thus, the allegation of clubbing of clearances needs to be examined in detail in the .....
2015 (7) TMI 64 - CESTAT BANGALORE
Smart Technology Systems Versus Commissioner of Central Excise And Service Tax, Bangalore-III
Central Excise: Denial of SSI Exemption - Valuation u/s 4A - Held that:- Goods which would be falling under Section 4A would be parts, components and assemblies of automobiles. The meaning of the said extraction as understood by an ordinary human being would be relatable to such goods without which an automobile or taxi cannot run. Admittedly an automobile or a taxi can operate without even fixing the fair meters. In such a scenario, they cannot be termed as parts, components or assembly of taxies. Accordingly .....
2015 (7) TMI 63 - CESTAT NEW DELHI
Commissioner of Central Excise And Service Tax, Raipur Versus M/s. Chetan Industries Ltd
Central Excise: Denial of CENVAT Credit - Capital goods - Held that:- Cenvat Credit is available to the assessee if the item is used in manufacturing of capital goods or used in manufacturing of their final product. - Commissioner (A) in the impugned order that these items have been used by the respondent in manufacturing of capital goods. - No infirmity in impugned order - Decided against Revenue......
2015 (7) TMI 62 - CESTAT BANGALORE
BEML Limited Versus Commissioner of Central Excise, Customs And Service Tax, Bangalore-I
Central Excise: Waiver of pre dpeosit - Cenvat credit - failure to maintain separate accounts - appellant should have paid 10%/5% of the value of the exempted goods - Held that:- There is no dispute that the appellants are reversed the entire cenvat credit attributable to the exempted goods. The only omission is non-exercise of option before doing so after the introduction of Rule 6(3A) and non-maintenance of separate accounts earlier to that. Since the appellants have reversed the entire amount of credit attri.....
More Central Excise Cases
2015 (7) TMI 95 - CESTAT BANGALORE
Laxmi Electronic Moulds & Precision Engineering Pvt Ltd Versus Commissioner of Central Excise, Customs And Service Tax, Bangalore-I
Customs: Appeal before Commissioner (Appeals) - period of limitation - Proof of delivery or order in original - Held that:- In the acknowledgement card produced by the department, reference No. is given as 56/13/2001 and on top of the acknowledgement card it is also written 'EPCG' in capitals, the date of the letter is indicated as 14/09. This would show that the reference No. and the date on order-in-original and also the fact that it relates to EPCG are available in the acknowledgement card. We also co.....
2015 (7) TMI 94 - CESTAT BANGALORE
M/s Travancore Titanium Products Ltd Versus Commissioner of Customs, Cochin
Customs: Extension of installation period - import of capital goods for appellant's pollution control treatment plant - Notification No. 97/2004 dated 17.9.2004 - Held that:- Notification in question does not restrict itself to the period for which extension can be granted for installation of the imported capital goods. The genuineness and bona fide of delay on the part of the assessee is required to be assessed from various circumstances available in a particular case. As already observed, the appellan.....
2015 (7) TMI 61 - CESTAT BANGALORE
Bharat Tissues Pvt Ltd Versus Commissioner of Central Excise Customs And Service Tax, Bangalore-I
Customs: Extension of warehousing period - Clandestine removal of goods - Held that:- According to Section 72 of Customs Act, 1962, if any warehoused goods are not removed from a warehouse on the expiration of period during which such goods are permitted under Section 61 to remain in the warehouse. The proper officer may demand duty and the owner of such goods shall forthwith pay, the full amount of duty chargeable on account of such goods together with all penalties, rent, interest and other charges pay.....
2015 (7) TMI 60 - CESTAT KOLKATA
Commissioner of Customs (Port) , Kolkata Versus M/s Sesa Goa Ltd
Customs: Determination of assessable value of export goods - Method of calculation of duty - determination of assessable value adopting the transaction value or on the basis of Bench-Marked Price - Held that:- Decision in the assessee's own previous case [2014 (8) TMI 213 - CESTAT KOLKATA] followed - Appeal disposed of......
2015 (7) TMI 59 - CESTAT MUMBAI
M/s. Sun Clearing And Forwarding Services Pvt Ltd Versus Commissioner of Customs (General) , Mumbai
Customs: Revocation of CHA License - Held that:- Revenue is not diligently pursuing their appeal as it is apparently seen that the appeal has not been numbered and probably lying in the defects. Such casual attitude of the respondent-Commissioner is not appreciated. The learned Commissioner has also relied on the order of the Hon'ble Bombay High Court in Customs Appeal No. 19/2014 dated 5.1.2015 in the case of ‘The West End Shipping Agency', where in the case of Revenue's appeal, the Hon'ble High Court h.....
More Customs Cases
2015 (6) TMI 738 - UTTARAKHAND HIGH COURT
Commissioner, Commercial Tax, Uttarakhand, Dehradun Versus M/s. Ballarpur Industries Ltd.
VAT and Sales Tax: Violation of Section 4-B(5) - Whether the learned Tribunal was legally justified in holding, as per facts and circumstances of the case, that there is no violation of Section 4-B(5) of Trade Tax Act - Held that:- A perusal of Section 4-B(2) of the Act would show that it contemplates grant of recognition certificate when a dealer requires any goods referred to in sub-section (1) for the purpose of either manufacturing goods or processing goods by him which are notified goods or in the packing of .....
2015 (6) TMI 664 - GUJARAT HIGH COURT
STATE OF GUJARAT Versus ESDEE PAINTS LTD.
VAT and Sales Tax: Levy of turnover tax - Section 10A - turnover tax was leviable only on turnover of sales and purchase above ₹ 50 lakhas. - total turnover including branch transfer outside Gujarat was ₹ 2,38,70,378. The assessing authority has allowed branch transfer of ₹ 2,06,45,800 and ₹ 20,80,022 as interstate sales - Held that:- Tribunal has not committed any error in passing the impugned judgment and order. The learned Tribunal has dealt with all the issues with respect to turnover.....
2015 (6) TMI 629 - PUNJAB & HARYANA HIGH COURT
Chhattar Singh and others Versus The State of Haryana and others
VAT and Sales Tax: Clandestine removal of goods - Duty demand - Held that:- No material is available on record to show that any enquiry was made through the vehicle owners or any material was confronted to the assessee-dealer. Further, in the absence of the same, we find that fastening of liability on the petitioners in the facts and cirumstances was uncalled for. - Revenue had failed to prima facie demonstrate with reference to any material on record that there existed some nexus of the petitioners to remove the .....
2015 (6) TMI 624 - GUJARAT HIGH COURT
SHREE BHAIRAV METAL CORPORATION Versus STATE OF GUJARAT
VAT and Sales Tax: Denial of input tax credit - Purchases made from the petitioner whose registration certificate has been cancelled ab initio on the ground that the seller had involved into the billing activities only and all the transactions are held to be bogus - Held that:- petitioner was not served with the copy of the order in the case of M/s Lucky Enterprises. Now, the copy of the order passed in the case of M/s Lucky Enterprises is available with the petitioner. Therefore, after giving an opportunity to th.....
2015 (6) TMI 623 - GAUHATI HIGH COURT
Assam Trading Company Versus State of Assam And Others
VAT and Sales Tax: Validity of reassessment proceedings - escape assessment - submission of false return - Held that:- quantity of goods shown in form 65A was found to be higher than the one shown in the return, which was assessed in the year 2007 - Subsequent material, a declaration furnished by the petitioner itself under the statutory form 65A, disclose that the quantity and value of the goods were more than what were furnished in the return. Therefore there does not appear to be any reason to hold that the rea.....
More VAT and Sales Tax Cases
2015 (7) TMI 101 - SECURITIES APPELLATE TRIBUNAL MUMBAI
Shri Dave Harihar Kiritbhai and Others Versus Securities and Exchange Board of India, Mumbai and anothers
Corporate Laws: Application for review of Tribunal order - Held that:- It was argued by the respondent that none of two tests, viz. error manifest on face of judgment or discovery of new facts, exist in present case and hence there is no case for review. This Tribunal has considered the arguments of both Counsel and after thoughtful consideration is of the view that none of the tests of review is present in R.A. under consideration and accordingly R.A. is not allowed and request of Ld. Counsel for Appellant for.....
2015 (7) TMI 93 - COMPANY LAW BOARD CHENNAI
Mr. Mohan Paul Versus M/s City Hospital Pvt Ltd and Others
Corporate Laws: Allegedly transfer of shares - Right to transfer the shares - Non compliance with section 108 of the Companies Act, 1956 - Held that:- The Hon'ble High Court categorically held that issuance of such succession certificate cannot ipso facto put Smt Thankam Paul directly in the place of the original holder and she cannot be a Member unless the shares are got registered in her name on submitting necessary application to the Board with requisite proof.
The company has made it clear that they hav.....
2015 (7) TMI 92 - SECURITIES APPELLATE TRIBUNAL MUMBAI
Mr. Praveen Mohnot and Others Versus Securities and Exchange Board of India, Mumbai
Corporate Laws: Restrained from accessing the securities market - Prohibition from buying, selling or otherwise dealing in securities directly or indirectly for a period of 10 years - Violation of the principles of natural justice - Held that:- We find merit in the contention of the appellants that in the personal hearing granted on August 13, 2013 appellants had argued only on the preliminary issue and that they were under the impression that fresh hearing would be given to them in case the preliminary issue i.....
2015 (7) TMI 58 - SECURITIES APPELLATE TRIBUNAL MUMBAI
Shri Dave Harihar Kiritbhai and Others Versus Securities and Exchange Board of India, Mumbai
Corporate Laws: Penalty under Section 15HA and 15HB of SEBI Act, 1992 - Wide fluctuations in price of script on and around listing day - Notice served for violation of Section 12(A)(a), (b) and (c) of SEBI Act read with Regulations 3(a), (b), (c), (d), 4(1), 4(2)(a), (d) and (e) of PFUTP Regulations - Held that:- Tribunal cannot consider the submissions of Appellant nor look at the documents produced before this Tribunal, since these were not made available or produced before Ld. A.O., despite being provided am.....
2015 (7) TMI 57 - DELHI HIGH COURT
M/s. Arcadia Management Services Private Limited with M/s. HRC Advisory Services Private Limited
Corporate Laws: Proposed scheme of amalgamation - Dispensation of meetings - Sections 391 to 394 of the Companies Act, 1956 - Share exchange ratio not mentioned in scheme - Improper Board resolution - Held that:- It is pertinent to mention here that in the affidavits filed by the transferor and transferee companies in support of summons, there is no mention of share exchange ratio. The only reference in para 14 of the affidavit is that the transferee company shall issue and allot shares to the shareholders of t.....
More Corporate Laws Cases
2015 (5) TMI 939 - DELHI HIGH COURT
BATOOL DAWOOD AND OTHERS Versus ADDITIONAL DIRECTOR, DIRECTORATE OF ENFORCEMENT, GOVT. OF INDIA
FEMA: Maintainability of appeal - whether the appeals were dealt with by the Appellate Tribunal (which is the new avatar of the Appellate Board) under FERA or FEMA - Held that:- Language of Section 49(5)(b) of FEMA is suggestive of the fact that it is only an appeal, which was pending before the Appellate Board, and which could not be disposed of before the commencement of the Act (i.e., FEMA), would stand transferred to the Appellate Tribunal. Therefore, to suggest that the subject appeals, were disp.....
2015 (5) TMI 907 - DELHI HIGH COURT
MOHAN ALWANI Versus DIRECTOR, ENFORCEMENT DIRECTORATE AND ANR.
FEMA: Violation of the provisions of Section 9 (1)(b) and 9(1)(d) of FERA - Receipt and distribution of money - Receipt of commission - Validity of assessment proceedings - inordinate delay in conclusion of the proceedings - Held that:- Frivolous proceedings or proceedings taken out to merely delay the day of reckoning cannot be treated as proceedings taken in good faith, and that, mere fact on an application or petition, a stay is granted by a superior court is no ground to construe that the proceedi.....
2015 (5) TMI 875 - DELHI HIGH COURT
Gautam Khaitan & Another Versus Union of India And Another
FEMA: Attachment of property - Money laundering Act - whether provisional attachment of the properties in issue, could have been passed without a charge sheet having been filed under Section 173 of the Cr.PC qua the scheduled offences. - breach of principles of natural justice - Held that:- Scheme of Act, as it now operates, is directed not only against persons and juridical entities which are prosecuted for scheduled offences by various agencies, such as the CBI, Customs, SEBI etc., but also operates.....
2015 (5) TMI 368 - MADRAS HIGH COURT
Union of India Versus Lal Chand
FEMA: Recovery of large amount of cash - contravention of the provision of Section 9(1)(b) and 9(1)(d) of FERA Act, 1973 - Offence under Section 56(1)(i) of FERA Act and Sections 49(3) and (4) of FEMA Act, 1999 - Reliability on co-accused's statement - Held that:- confession of co-accused is admissible only if the case of other co-accused has been tried jointly as per Section 30 of Indian Evidence Act. In such circumstances, no reliance can be placed on Exs.P5 and P7/statements of Haja Mohideen - .....
2015 (4) TMI 985 - BOMBAY HIGH COURT
Abduppa Vengadan Son of Muhammed Vengadan And Others Versus Union of India And Others
FEMA: Detention of petitioner - Prevention of smuggling of goods - Held that:- Detaining authority, after passing the detention order dated 27th February, 1989 was indifferent in securing the detenu by not taking proper action with great caution. It further appears that the police authorities of the Respondent No.4 were also not prompt in their action in executing the said detention order and the execution of the said detention order was unduly delayed, which allowed the detenu to remain at large for .....
More FEMA Cases
2015 (7) TMI 21 - SUPREME COURT
Brijesh Kumar & Ors. Versus State of Haryana & Ors
Allied Laws: Condonation of delay in appeal by more than 10 years - Appeal under Section 54 of the Land Acquisition Act, 1894 - Some other persons filed appeal in time and also got a higher compensation - Held that:- In State of Karnataka & Ors. v. S.M. Kotrayya & Ors. [1996 (9) TMI 603 - SUPREME COURT] , this Court rejected the contention that a petition should be considered ignoring the delay and laches on the ground that he filed the petition just after coming to know of the relief granted by the Court in.....
2015 (6) TMI 592 - SUPREME COURT
AJAY KUMAR CHOUDHARY Versus UNION OF INDIA THROUGH ITS SECRETARY & ANR.
Allied Laws: Extensions of Suspension of appellant from service - disciplinary proceedings - issuance of incorrect NOCs - Held that:- prior to 1973 an accused could be detained for continuous and consecutive periods of 15 days, albeit, after judicial scrutiny and supervision. The Cr.P.C. of 1973 contains a new proviso which has the effect of circumscribing the power of the Magistrate to authorise detention of an accused person beyond period of 90 days where the investigation relates to an offence punishable .....
2015 (6) TMI 476 - CALCUTTA HIGH COURT
S.V.S. Marwari Hospital Versus State of West Bengal & Ors.
Allied Laws: Dismissal of employee after a domestic enquiry was held by the management - Validity of domestic enquiry - Held that:- The object of holding an enquiry proceeding is to give the delinquent employee a reasonable opportunity to prove his answers and to defend himself against the charges levelled against him. A domestic enquiry must be in conformity with the rules of natural justice. The rules of natural justice which are at present confined to the procedural side of law are a body of uncodified mo.....
2015 (6) TMI 464 - DELHI HIGH COURT
COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Versus SHRI GYAN PRAKASH AGARWAL & ANR.
Allied Laws: Charges of inflated expenses claimed during the course of audit - disciplinary action CA - Held that:- It is clear that two of the three charges against the respondent No.1 were indeed baseless, exaggerated. The same lends credence to the plea of the respondent No.1, of the complaint against him being revengeful. Similarly, there is no finding of the Disciplinary Committee on the plea of the respondent No.1 of his having infact incurred expenditure on travel more than even the first AC fare. The.....
2015 (6) TMI 368 - BOMBAY HIGH COURT
Dream Yachts Pvt Ltd & Others Versus Union of India & Others
Allied Laws: Validity of order passed by settlement commissioner - Violation of principle of natural justice - Held that:- Impugned order has been passed by the Respondent No.3 - the learned Settlement Commissioner by taking into consideration the material, a copy of which was neither supplied to the petitioner nor the petitioner was given an opportunity to meet the said material. - impugned order is in utter violation of the principles of natural justice. - Decided in favour of appellant......
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Jiva Seva is Shiva Seva :
Service to humanity is Service to God
May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.
- Swami Vivekananda, CW, 5:137