Highlights / Annotations:
Income Tax: Addition under S.69 - unexplained investment - Merely on the ground that confirmation letter was filed by another person, the genuineness of the transaction cannot be doubted, since there can be no doubt with regard to either identity of the creditor and his credit-worthiness, or the genuineness of the transaction - Tri
Income Tax: TDS u/s 194J - the payment made by the assessee to the non-resident translators would not fall within the scope of "fees for technical, managerial or consultancy service" - No TDS liability - Tri
Income Tax: Penalty u/s.271B - Failure to get accounts audited - reasonable cause - assessee was under a bona fide belief that the commission income for the year under consideration was less than ₹ 40 lacs; hence under that impression he has not obtained the audited accounts - penalty waived - Tri
Income Tax: In view of the specific stipulation in the circular that 'for returns filed during the current financial year 2004-05, the selection of cases for scrutiny will have to be completed within three months of the date of filing the returns' - Case was selected for scrutiny late - assessment u/s 143(3) is not valid - Tri
Central Excise: Denial of refund claim - Accumulated CENVAT Credit - The failure to debit on the date of filing the refund claim is not such a lapse that it would debar the appellants from the refund. - Tri
Central Excise: Duty demand - Insurance claim received against damaged gear boxes - gear box still lying in the factory - demand set aside - Tri
Service Tax: Valuation - Job work - manufacture of Alcoholic Beverages (i.e., Beer) - The amount “surplus/profit retained by Brand owners (BO)” as claimed by the appellant, had been returned to BO and therefore such amount cannot be included in the taxable value. - Tri
Service Tax: Clinical Trial/Research Service – from 01.07.2003 to 31.03.2006 - amendment in the nature of retrospective or not - the amendment in reality expounded the scope of the definition and therefore, it cannot be clarificatory in nature. - Demand set aside - Tri
Service Tax: Admission fee, remitted prior to the date of introduction of the taxable service cannot therefore be considered as receipt of a consideration for rendition of Commercial Coaching or Training - Tri
Central Excise: Imposition of penalty u/s 11AC - Whether conditions u/s 11AC are mandatory or automatic - Held No - preconditions mentioned therein have to be fulfilled. - HC
Central Excise: CENVAT Credit - Capital goods - For the temporary use for few months in manufacture of only exempted goods will not disable the assessee in availing the CENVAT Credit and utilizing the same for manufacture of dutiable goods - Tri
Central Excise: Levy of SAD - 100% EOU - DTA Clearances - in case of inter-unit stock transfers of the final product, the demand of SAD cannot be held sustainable even though no VAT or Sales Tax was paid on such transactions. - Tri
Central Excise: Denial of refund claim - Unjust enrichment - it is unfortunate that for a small amount of ₹ 92,111/-, the appellant has been fighting the case for about last 20 years. - Tri
Central Excise: Packing activity - first time packing - chemicals brought in tankers can never be termed as brought in bulk packs. - the activity undertaken by the assessee in filling the smaller container from bulk container namely tankers can never fall within the fiction of manufacture - Tri
Customs: DTA sale by 100% EOU - wastage in production from Imported Blocks - Challenge the limit of disposal of reject/scraps - Revenue allowed only 2% - Development Commissioner had initially fixed ad hoc norms for wastage in production from Imported Blocks to the extent of 8.92% and wastage to the extent of 27.56% from indigenous blocks - order of revenue is illegal - HC
Recent Circulars, Trade / Public Notices:
2015 (10) TMI 934 - ITAT AHMEDABAD
ACIT, Cent. Cir. 1 (2) , Ahmedabad Versus M/s. LR. Construction C/o. LG. Thakkar
Income Tax: Assessment of commission income of providing accommodation bills by the assessee - Held that:- Issue is covered with the decision of the ITAT, Ahmedabad Bench in assessee’s group case of M/s.Devi Durga Construction Vs. ACIT for Asstt.Years 2004-05 to 2007-08 in [2015 (10) TMI 791 - ITAT AHMEDABAD] wherein the Tribunal in identical facts has partly allowed the appeal of the assessee, and has directed the AO to assess the assessee by estimating the commission income of the assessee at 2.5% of the .....
2015 (10) TMI 933 - ITAT HYDERABAD
Income Tax Officer Versus Shri Syed Adeeluddin, Hyderabad
Income Tax: Addition under S.69 - unexplained investment - CIT(A) deleted part addition - Held that:- The Assessing Officer made the addition of ₹ 21,50,000 under S.69 of the Act, as the assessee could not explain the sources for the capital introduced by the assessee to his satisfaction. As for the amount of ₹ 6,50,000 claimed by the assessee to have invested from out of own funds, it comprises of (a) accumulated savings out of income from property and agriculture; and (b) contract receipts. T.....
2015 (10) TMI 932 - ITAT AGRA
Mahor Vaish (Mahajan) Sewa Sansthan Versus Commissioner of Income-tax-II
Income Tax: Grant of approval for the purposes of Section 80G - CIT(A) denied the claim - Held that:- So far as possibility of doing any commercial activity is concerned, which is substance of learned Commissioner's rejection of application, there is nothing in Section 80 G (5) which can justify rejection of application on that basis. All that Section 80G(5)(i) states is that "where the institution or fund derives any income, such income would not be liable to inclusion in its total income under the provisi.....
2015 (10) TMI 931 - ITAT MUMBAI
ACIT-9 (3) , Mumbai Versus M/s. Stationery Point India Ltd.
Income Tax: Disallowance of expenses - CIT(A) deleted the said disallowance made by the AO on the ground that there was not even single instance pointed out by the AO to show that any expenditure claimed by the assessee was either personal in nature or had no nexus with the business of the assessee - Held that:- As pointed by the AO in the assessment order, certain expenditure claimed by the assessee was incurred in cash and the same was not supported by the relevant documentary evidence. Also there was sub.....
2015 (10) TMI 930 - ITAT CHENNAI
M/s COSMIC GLOBAL LTD Versus ASSTT COMMISSIONER OF INCOME TAX
Income Tax: TDS u/s 194J - Addition under Section 40(a)(i) - fees for translation services paid to non-resident translators without deduction of tax at source - contention of the assessee is that the payment for translation services to non-residents does not fall within the ambit of "fees for technical, managerial or consultancy services" - Held that:- In the present case, the assessee is getting the translation of the text from one language to another. The only requirement for translation from one language.....
2015 (10) TMI 929 - ITAT JAIPUR
The ACIT Circle- 6, Jaipur Versus M/s. State Bank of Bikaner & Jaipur
Income Tax: Addition on account of valuation of closing stock of securities - CIT(A) deleted the addition - Held that:- It has not been disputed by the Department that change in method of valuation of securities was in accordance with RBI directions and non-adherence thereto by Scheduled Banks will have attracted adversity with RBI guidelines. The Scheduled Banks cannot refuse to implement such directions. Therefore, the change in pattern of valuation in respect of impugned securities is bona fide. The Hon'.....
2015 (10) TMI 928 - ITAT MUMBAI
Citizen Credit Co-operative Bank Limited Versus ACIT –Range 1 (2) Mumbai.
Income Tax: Deduction u/sec. 36 (l)(viia) denied - CIT(A) not accepting the fact that the Branch at 'Naigaon-Juhchandra' which is a rural place has a population of only 4,679 - assessee has made a claim for deduction under section 36(1)(viia) treating the Naigaon Branch as a rural branch in the past for assessment year 2007-08 as also in subsequent assessment year; and in the assessment for assessment year 2007-08 such a claim has been allowed - assessee is a co-operative bank and in the banking business
2015 (10) TMI 927 - ITAT MUMBAI
Income tax Officer-23 (3) (1) Versus Pravin Damji Shah M/s. Harshil Textiles
Income Tax: Unexplained investment/unexplained cash - CIT(A) deleted the addition - Held that:- Though the assessee could not produce the delivery challan, transport details and details of octroi payment in respect of returning the goods to these 9 parties however, there is no dispute on the fact that these transactions of purchase of goods and subsequently return to the parties does not involve any payment or refund of amount. We further note that the CIT(A) has given a categorical finding that the purchas.....
2015 (10) TMI 926 - ITAT CHENNAI
S. Chockalingam and Others Versus Deputy Commissioner of Income-tax, Business Circle-III, and Others Chennai
Income Tax: Entitlement to exemption u/s.54F - Whether the CIT(Appeals) has erred in accepting the entire claim of the assessees with regard to sale of standing trees as agriculture income? - Held that:- A perusal of the assessment order shows that the Assessing Officer has partly disallowed the claim of the assessee in respect of agriculture income arising from sale of standing trees. The Assessing Officer has made partial dis-allowance merely on estimation basis. No detailed survey was conducted by the As.....
2015 (10) TMI 925 - ITAT MUMBAI
DCIT-9 (2) , Mumbai Versus M/s India Infoline Insurance Services Pvt. Ltd.
Income Tax: Validity of reopening of the assessment - expenditure incurred by the assessee under the head software charges was of enduring in nature - Held that:- Issuing a notice under section 148 of the Act was not justified. Expenditure incurred on software cannot be held tangible material especially when it was an annual expenditure and said fact was disclosed by the assessee.
We find that the assessee had made payment under the head software charges in subsequent years also and the Assessing Officer.....
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2015 (10) TMI 799 - ITAT DELHI
DCWT, Circle 9 (1) , New Delhi Versus Krishan Kumar
Wealth tax: Addition on account of Flat at Goa to the net wealth of the assessee - CIT(A) deleted the addition - Held that:- It is undisputed that the assessee owned only one flat at Goa which was a residential property. Section 5(1)(vi) of Wealth Tax Act provides an exemption to one house or a part of a house or a plot of land under the section for an individual or HUF. In the given facts and circumstances the assessee deserves for this exemption. The Revenue has failed to bring any contrary facts on the g.....
2015 (10) TMI 263 - ITAT HYDERABAD
Mr. M. Ravinder Versus DCWT, Circle 1 (3) , Hyderabad
Wealth tax: Reopening of wealth tax assessment - non declaration of property - ownership dispute - Held that:- though the assessee has disputed his ownership right over the property but he has failed to bring any evidence on record to show that there is any legal dispute with regard to the ownership of the property pending before any Court of law. On the other hand, the documents available on record clearly establish assessee’s ownership over the property. - Additions confirmed. - Decided against the asses.....
2015 (10) TMI 26 - ITAT KOLKATA
Linc Pen & Plastics Ltd. Versus DCWT, CC VII, Kolkata
Wealth tax: Levy of penalty u/s 18(1)(c) of the Wealth Tax Act 1957 - assessee had shown motor car in the depreciation schedule but did not file the wealth tax - Held that:- Assessee has filed returns prior to notices issued u/s. 17 of the Act. We noted that the return in each of the A.Ys has been filed by the assessee subsequent to due date and return filed by the assessee cannot even regarded to be belated return as per the provision of Wealth Tax Act. In view of these facts, we do not find any infirmity .....
2015 (9) TMI 1249 - ITAT AMRITSAR
The Wealth Tax Officer, Ward-2 (1) , Jammu Versus Sh. Joginder Singh Rajput and Vica-Versa
Wealth tax: Valuation of the land for Wealth Tax purposes - revenue contended that, there was no restriction concerning construction or development over the land of the assessee, by any Act or Law for the time being in force and the assesssee could have made such construction with permisssion from the appropriate authority. - CWT(A) deleted the addition as land was agricultural land and agricultural operations were being carried out thereat and that so, the land was covered by the exemption in the definitio.....
2015 (9) TMI 1188 - ITAT AMRITSAR
The Assistant Commissioner of Wealth Tax, Circle-2, Jammu Versus Sh. Vikramaditya Singh and Vica-Versa
Wealth tax: Valuation of the land for Wealth Tax purposes - urban land or agricultural land - revenue contended that the documents submitted by the assessee do not specifically indicate that construction is not allowed over the land of the assessee. - CWT(A) deleted the consequent addition made by the WTO.
Held that:- Therefore, though the amendment to Section 2(ea) of the Wealth Tax Act was brought in post the passing of the WTO’s orders dated 16.12.2011 and the entitlment of the assessee to seek refu.....
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2015 (10) TMI 863 - PUNJAB AND HARYANA HIGH COURT
M/s Kaushal Construction Co. Versus Commissioner of Central Excise
Service Tax: Condonation of delay - Dismissal of the appeal before the tribunal on the ground of delay of 262 days – Appellant submitted the reason of negligence of the consultants to file the appeal in time and the prolonged illness of his brother as reasons of delay – Held That:- We do not see how these two facts taken together cannot constitute sufficient cause for the delay in filing the appeal.The appellant ought not to be visited with the drastic consequence of dismissal of the appeal without the same .....
2015 (10) TMI 862 - KERALA HIGH COURT
M/s. Muthoot Finance Limited. Versus Union of India and others
Service Tax: Confirmation of demand by the Commissioner ignoring the decision of Larger Bench as cited by the Appellant - Applicability of Decision in the case of Paul Merchants Ltd. v. Commissioner of C.EX., Chandigarh [2012 (12) TMI 424 - CESTAT, DELHI (LB)] - Export of services - services of money transfer.
Held That:- when an assessee cites a decision of the Larger Bench of the Appellate Tribunal, before the adjudicating authority under the Finance Act, 1994, as amended, it will be incumbent upon the .....
2015 (10) TMI 861 - PUNJAB AND HARYANA HIGH COURT
M/s Delta Information Service Ltd., Chandigarh Versus The Commissioner of Central Excise, Chandigarh
Service Tax: Delay in pre-deposit – Appeal dismissed by Tribunal for failure to deposit the amount in time – Appellant contends that copy of order was received on the last date for pre-deposit – Appellant deposited the amount within two weeks and his conduct is neither culpable nor negligent – Revenue holds that adequate time was granted and Appellant should have deposited the amount – Held That:- Appellant cannot be deprived of his right to seek adjudication on merits as he has deposited the amount of pre-.....
2015 (10) TMI 860 - KARNATAKA HIGH COURT
Commissioner of Central Excise Service Tax Commissionerate, Bangalore Versus Navakaranataka Steels Ltd.
Service Tax: Jurisdiction of High Court - Demand of service tax - clearing and forwarding service - Held that:- question squarely falls within the Explanation carved out under section 35G of the Act and there fore, the High Court would not have any jurisdiction to adjudicate the said issue as held by the judgment passed by the honourable Division Bench of this court in the case of Commissioner of Central Excise v. Mangalore Refineries and Petro chemicals Ltd. [2010 (9) TMI 756 - KARNATAKA HIGH COURT]. In ter.....
2015 (10) TMI 859 - CESTAT AHMEDABAD
M/s Blossom Industries Limited Versus Commissioners of Central Excise, Customs and Service Tax-Daman
Service Tax: Valuation - Job work - manufacture of Alcoholic Beverages (i.e., Beer) - inclusion of surplus/profit retained by the Brand owners (BO, M/s UBL) - Held that:- the amount returned to BO is in so far as “surplus/profit” of BO, cannot be included in the taxable value. The amount “surplus/profit retained by BO” as claimed by the appellant, had been returned to BO and therefore such amount cannot be included in the taxable value.
Valuation - inclusion of reimbursement of expenses - Job work - Hel.....
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2015 (10) TMI 916 - CESTAT AHMEDABAD
Commissioner of Central Excise-Rajkot Versus M/s Reliance Industries Ltd
Central Excise: Denial of exemption claim - Whether the respondent a100% EOU at the material time, are required to pay NCCD @ ₹ 50/- per MT under Section 134 of Finance Act 2003, at the time of importation of the Crude Oil on the ground that the said NCCD has not been exempted by Notification No. 52/2003 dtd 31.3.2003 - Held that:- Case is squarely covered by the decision of the Tribunal in the respondent’s own case [2011 (3) TMI 833 - CESTAT, AHMEDABAD]. In view of that, we do find any reason to interfer.....
2015 (10) TMI 915 - CESTAT NEW DELHI
DUGGAR FIBER PVT. LTD. Versus COMMR. OF C. EX. & S.T., DELHI
Central Excise: Imposition of penalty u/r 26 - Issue of bogus invoices - Held that:- On plain reading of the provisions it is clear that any person who is dealing with the excisable goods in any manner is liable to be penalized under Rule 26 of the Central Excise Rules, 2002. As per the allegation alleged against the appellants it is clear that appellants were not dealing with excisable goods and only issuing the invoices. - To impose penalty the person who is issuing the invoices without delivering the goods t.....
2015 (10) TMI 914 - CESTAT NEW DELHI
PERFECT THREAD MILLS LTD. Versus COMMISSIONER OF C. EX., JAIPUR-II
Central Excise: Restoration of appeal - whether making thread amounts to manufacture and is chargeable to duty - held that:- The question of application for advance ruling arises only when an eligible person wants the authority’s decision on some question relating to rate/levy of duty, valuation, etc., and the absence of assessment order against him, he cannot approach the Tribunal or any High Court. But when there is an adverse order of commissioner against an assessee, the only course left before him is to fi.....
2015 (10) TMI 913 - CESTAT NEW DELHI
COMMR. OF C. EX. & S.T., DELHI-II Versus SOM PAN PRODUCTS ALLOYS PVT. LTD.
Central Excise: Demand of interest - Invocation of extended period of limitation - whether the respondent is entitled to adjust the abated amount in their duty liability for the month of February, 2011 or not - Held that:- The adjustment of abated amount against the duty liability for the month of February, 2011 was intimated by the respondent to the department well within time and department has not taken any action thereon. Further, the liability of duty against the respondent is as per Section 3A(3) of Centr.....
2015 (10) TMI 912 - CESTAT CHENNAI
M/s. WIPRO Ltd. Versus CCE, Chennai IV
Central Excise: Debonding of EOU - The precise contention of the appellant is that the finished goods and inputs lying in stock at the time of de-bonding have suffered CVD for which the finished goods shall not be dutiable further - Adjustment of CVD - extended period of limitation - Held that:- When the goods were finished goods and that suffered duty on debonding and when the appellant discharged excise duty liability on clearance of those finished goods claim of set off of additional duty of customs paid up.....
More Central Excise Cases
2015 (10) TMI 833 - RAJASTHAN HIGH COURT
Jain Grani Marmo Versus The Union of India Private Limited & ors.
Customs: DTA sale by 100% EOU - wastage in production from Imported Blocks - Challenge the limit of disposal of reject/scraps - Revenue allowed only 2% - Development Commissioner had initially fixed ad hoc norms for wastage in production from Imported Blocks to the extent of 8.92% and wastage to the extent of 27.56% from indigenous blocks.
Held That:- By allowing only 2% of reject /waste disposal the Respondent is going against its own policy as enumerated in Clause 6.8( e) and 6.8 (d) of Foreign Trad.....
2015 (10) TMI 832 - KERALA HIGH COURT
BANGANTAVIDA NAZIR Versus INSPECTOR OF CUSTOMS
Customs: Necessity for Detention of Passport – Petitioner alleged for smuggling – Suspected the presence of Gold in Home Appliances bought – Held That:- Authority vested with Customs to detain passport under S. 110(3) no longer remains res integra and act of respondents is not without any authority.
Even according to the respondents, detention of the passport of the petitioner, incorporated as one of the conditions in Ext. P3 order granting bail, is only to ensure availability of the petitioner till t.....
2015 (10) TMI 831 - KERALA HIGH COURT
M/s. Chalissery Kirana Merchant and others Versus Union of India and others
Customs: Waiver of pre-deposit - Dispute regarding deposit of Bank guarantee – Judgment held earlier directs petitioner to give a Bank Guarantee for 20% of the differential duty – Petitioner contends that all necessary documents with full information as per the statutory provisions certified by the Sri Lankan authorities have been produced and there cannot be any doubt regarding the origin of goods –Further held that condition for providing Bank Guarantee is unreasonable and arbitrary – Revenue supported.....
2015 (10) TMI 830 - CESTAT MUMBAI
Commissioner of Customs (Import) Mumbai Versus M/s. Eagle Poonawala Industry Ltd.
Customs: Valuation of goods - Inclusion of royalty - Held that:- Ground of appeal is very weak. It states that the importer had imported parts from their collaborator to manufacture goods of foreign collaborator's brand name. Interestingly, we find that in the present case there is no import of goods on the value of which the amount of royalty is sought to be added. There is no evidence of actual import in the appeal papers. In any case we note that in terms of Rule 10(1)(c) of the Customs Valuation Rule.....
2015 (10) TMI 829 - CESTAT CHENNAI
M/s. Sango India Automotive Parts P. Ltd. Versus Commissioner of Customs, Chennai
Customs: Principle of natural justice - order beyond the scope of SCN - it was contended that they have preferred appeal only against addition of royalty amount ordered by the adjudicating authority whereas the Commissioner (Appeals) has gone beyond the grounds of appeal and suo moto set aside the order of the lower authority relating to acceptance of the transaction value.
Held that:- appellant has accepted adjudication order insofar as it related to acceptance of transaction value and related party.....
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2015 (10) TMI 854 - MADRAS HIGH COURT
HDFC Bank Limited Versus The State of Tamilnadu
VAT and Sales Tax: Levy of sales tax on banks - Dealer or not - whether a bank, which holds hypothecation of vehicles in their favour, would be a dealer within the definition of the expression under Section 2(15) of the Act, merely because the bank seizes and repossesses the hypothecated vehicle and brings it to sale through public auction - Held that:- Explanation III under Section 2(15) includes even the disposal of goods that are unclaimed. In respect of unclaimed goods, the seller does not claim ownership. But.....
2015 (10) TMI 853 - KERALA HIGH COURT
State of Kerala Versus Hotel Samudra
VAT and Sales Tax: Demand of turnover tax - Compounded rate of tax - assessee sought withdrawal of permission to pay tax at compounded rate - Tribunal held that the assessee is not liable to pay tax at compounded rate in view of the fact that there was no purchase or sales during the months in question and granted relief - Held that:- legislative intention is that if the compounding is allowed, the tax will be paid on the basis of the amount arrived at in clause (a) or (b) of Section 7 whichever is higher. As far .....
2015 (10) TMI 778 - PUNJAB & HARYANA HIGH COURT
Orchid Infrastructure Developers Pvt Ltd Versus The State of Haryana And Others
VAT and Sales Tax: Levy of tax on expenses and elements of total sale price of flat/unit which have no relationship with value of goods transferred in execution of works contract on developers - violation of Article 246 of the Constitution of India - Held that:- Writ petitions are disposed of by directing the petitioners to produce the relevant record and to file a detailed and comprehensive representation(s) whereupon the assessing authority shall take a decision in accordance with law by passing a speaking order.....
2015 (10) TMI 777 - PUNJAB AND HARYANA HIGH COURT
M/s ESS EMM Metal Works Versus State of Punjab and others
VAT and Sales Tax: Denial of input tax credit - Imposition of penalty - Held that:- Assessment order has been passed ex parte by the Assessing Authority, Jalandhar- II, holding total tax liability of the petitioner-firm to the tune of ₹ 1,41,29,588/-. The stand of the petitioner-firm is that no notice was ever served to it, before passing the impugned order. Mr. Roshan Lal Sharma, its alleged Accountant was never employed by it and, therefore, it does not lie in the mouth of the respondent-department that th.....
2015 (10) TMI 776 - PUNJAB AND HARYANA HIGH COURT
State of Punjab and others Versus Fazilka Cooperative Sugar Mills Limited
VAT and Sales Tax: Whether in view of amendment of section 11 of the Punjab General Sales Tax Act, 1948 by Ordinance of 1998 effective from March 3, 1998 which was replaced by Punjab Act 12 of 1998 published on April 20, 1998, whereby limitation of three years for completion of the assessment has been prescribed, any assessment order for assessment years up to 1997-98 can be validly passed after April 30, 2001 - Held that:- Court while deciding identical issue against the appellant vide order [2015 (9) TMI 1327 - .....
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2015 (10) TMI 827 - PUNJAB AND HARYANA HIGH COURT
M/s Majestic Hotels Limited Versus IFCI Ltd. & others
Corporate Laws: Challenge to Notice inviting bids for sale of Secured assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act – Secured creditor - Petitioner claims the amount outstanding to be ₹ 267.76 lacs which differs from the amount claimed by the Respondent of ₹ 105.65 crores – Petitioner contends that notice under Section 13(4) for assignment of debts is not permissible as the same is mentioned in Section 5 and the Respondent could have.....
2015 (10) TMI 758 - BOMBAY HIGH COURT
Eleganza Furnishings Private Limited, The Bank of New York Mellon, London Branch Versus The OL of Zenith Infotech Limited
Corporate Laws: Payment of License Fees post Winding Up – Appellant demands from Official Liquidator to vacate and/or shift goods and materials of the Respondent – Payment of arrears of License fees is also sought till the possession of the premises – OL of the Respondent contends that he may either dispose of the movables by public auction or shift the furniture, fixtures and records lying within the premises to another property of the Company – Respondent opposes the Applicant’s prayer for payment of arrears .....
2015 (10) TMI 601 - DELHI HIGH COURT
In Re : Kohinoor Club Private Limited, T.S. Kisan and Company Private Limited
Corporate Laws: Approval of the Scheme of Amalgamation under Section 391 to 394 – Petitioner appeals for the sanction of the Scheme of Amalgamation – No objection has been received to the Scheme of Amalgamation from any party apart from the Regional Director who held that the Companies have not filed the due Balance Sheets – Petitioner undertakes to submit consolidated balance sheet – Held That:- Sanction was granted to the Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956 - Petitione.....
2015 (10) TMI 543 - BOMBAY HIGH COURT
Tata Capital Financial Services Ltd. and others Versus M/s Elder Pharmaceuticals Ltd.
Corporate Laws: Approval for Petition of Winding Up under Section 433 & 434 – Petitioner contends that Respondent committed a default in payment of its instalment and other debenture holders – Further contended that notice of Petitioner was cryptically replied by a bare denial of liability and as such Petitioner finds no concrete plan for payment of liabilities – Respondent contested that winding up petition against a company, which is in temporary financial difficulties, ought not to be admitted – Further hel.....
2015 (10) TMI 492 - SUPREME COURT
Bagri Synthetics Private Ltd. Versus Hanuman Prasad Bagri
Corporate Laws: Valuation of Shares as per the Valuation report made under Section 433, 434 and 439 of the Companies Act - Appellant raised objections to the report to which reply was filed by the respondent - Court ordered that shares of the company be valued by an approved auditor – Order of the Court modified directing the Appellant to purchase the shares of the Respondent – Respondent was allowed to make publications in case of default and time for payment of dues was fixed - Held That:- Court found variati.....
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2015 (10) TMI 264 - MADRAS HIGH COURT
Shri A.N. Dyaneswaran, Shri C. Sampath Kumar Versus The Special Director of Enforcement, The Appellate Tribunal For Foreign Exchange
FEMA: Otherwise acquired foreign currencies - Proceedings under FERA, 1973 - holding the currency as owner thereof and handing a part of for safe custody with the appellant's mother and wife - ownership of foreign currencies - validity of statement before income tax authorities - Held that:- FERA and the Income Tax Act are two separate and independent Acts operating in two different fields. Therefore, we do not think that the appellants can take advantage of the decision rendered in the tax case app.....
2015 (9) TMI 1252 - MADRAS HIGH COURT
N. Devaraj Versus The Joint Director Directorate of Enforcement (The Prevention of Money Laundering Act, 2002) And Others
FEMA: Provisional Attachment - Complaint under Section 5(5) of the Prevention of Money-Laundering Act, 2002 - Held that:- the fact remains, challenging the confirmation of Provisional Order of Attachment, the statutory appeal has been preferred by the petitioner and other persons. The impugned notice has been served only on the petitioner and not on any other resident residing and even the name of any other resident has not been given in the said notice.
Chapter VI of the Money-Laundering Act de.....
2015 (9) TMI 1192 - DELHI HIGH COURT
Harpal Singh Versus Union of India And Others
FEMA: Petitioner challenges at pre-detention stage his detention - Conservation of Foreign Exchange and Prevention of Smuggling Act, 1974 (COFEPOSA) - smuggling of gold. - absence of "live link" due to time gap between the detention order dated 31st March, 2015 and the occurrence on 7th July, 2014 - Held that:- While deciding the issue whether the proposed deteun has absconded, the courts would have to examine the factual matrix. - in the facts of the present case we would not like to dismiss the pr.....
2015 (9) TMI 338 - DELHI HIGH COURT
DIRECTORATE OF ENFORCEMENT Versus HARMIT SINGH and ANR
FEMA: Application filed beyond period of limitation – Condonation of Delay – Appeal was preferred against final order of Tribunal which was allowed and order of adjudication was quashed – Aggrieved by said order of tribunal, appeal was filed before High court which is objected on ground that it has been preferred beyond period of limitation – Held that:- Apparently, appeal has been filed after inordinate delay of 832 days.
Section 35 of FEMA permits appeal to be filed within 60 days from date of co.....
2015 (8) TMI 1112 - PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI
LALIT KUMAR AGRAWAL (M.D.) Versus DY. DIR., DIRECTORATE OF ENFORCEMENT, GOA
FEMA: Money laundering - res judicata in the criminal complaint - Attachment of property - appellant admitted that property is not owned by her but by the company - Held that:- The action of attachment is not in relation to a person as such but essentially to freeze the proceeds of the crime. The fact that the respondents could have acted only if there was reason to believe that a person is in possession of proceeds of crime does not mean that the authorities at this stage are obliged to prove the fa.....
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2015 (10) TMI 412 - SUPREME COURT
U.O.I & Another Versus M.P. Trading & Investment Rac. Corp. Ltd.
Allied Laws: Payment of Interest under Section 34 of Arbitration & Conciliation Act – Respondents deposited the principal amount before the High Court and requested the same to be made as Fixed Deposit which was ultimately dismissed - Contended by the Appellant that once the amount is deposited in Court, there is no liberty to pay interest in terms of the award - Held That:- Appellants shall be entitled to interest as per award from the date of award till the principal amount was deposited in the High Court .....
2015 (10) TMI 376 - SUPREME COURT
K.K. Dixit & Ors. etc. Versus Rajasthan Housing Board & Anr. etc.
Allied Laws: Promotion criteria - Diploma Holder Project Engineers (Junior) upon acquiring degree / qualification of ‘AMIE’ - whether would be entitled to count their experience of service prior to acquisition of such qualification for the purpose of eligibility of 3 years total experience of service for promotion to the post of Project Engineer (Sr.) in the quota fixed for Degree Holders? - Held that:- The relevant regulation does not contemplate any reduced total experience for promotion for a diploma hold.....
2015 (10) TMI 27 - MADRAS HIGH COURT
R.K.M. Powergen Pvt Ltd. Versus The Joint Director Directorate of Enforcement, The Assistant Director Directorate of Enforcement
Allied Laws: Jurisdiction of authority - Freezing of bank accounts - violation of Articles 3 and 19(1)(g) of the Constitution of India - Held that:- There is no apparent connection between the issues before the Apex Court qua allotment of Coal Block and the one involved before this Court. The petitioner has not even started the mining and the same has been cancelled already. Neither the respondents are parties before the Apex Court nor the issues similar. Thus, the objection raised by the respondents is reje.....
2015 (9) TMI 1339 - SUPREME COURT OF INDIA
SUNIL BHARTI MITTAL Versus CENTRAL BUREAU OF INVESTIGATION
Allied Laws: Powers to summon a person who is no accused but summon as an accused person - Power of Magistrate - the 2G Spectrum Scam Case - Irregularities in connection with the grant of Unified Access Services Licenses (UASL) - huge losses to the public exchequer - Apprehension of the petitioner was that without such a monitoring by the Court, there may not be a fair and impartial investigation. Delhi High Court dismissed the petition. - Held that:- even if the CBI did not implicate the appellants, if the.....
2015 (9) TMI 1338 - SUPREME COURT
Sh Jogendrasinhji Vijaysinghji Versus State of Gujarat & Ors.
Allied Laws: Scope of extraordinary writ jurisdiction of a High Court under Articles 226/227 of the Constitution of India. - Held that:- It is to be borne in mind how the jurisdiction under the letters patent appeal is to be exercised cannot exhaustively be stated. It will depend upon the Bench adjudicating the lis how it understands and appreciates the order passed by the learned Single Judge.
There cannot be a straight-jacket formula for the same. Needless to say, the High Court while exercising jurisd.....
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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