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- 2020 (2) TMI 1420 - SECURITIES APPELLATE TRIBUNAL, MUMBAI
Violation of SEBI PFUTP Regulations, 2003 - appellants created a misleading appearance of trading and was manipulating the price of the scrip to help offload the shares they were holding - penalty imposed under Section 15 HA of the SEBI Act, 1992 - HELD THAT:- Looking at the pattern of trading done by the appellants and the fact that the appellants have derived considerable financial benefit through that particular scheme or nature of trading we are of the view that the trading pattern adopted by the appellants is of a manipulative and unfair nature and would squarely fall within the ambit of the PFUTP Regulations. The pattern of trade clearly establishes this as it is on 49 occasions that the appellants sold 1 to 5 shares, mostly one share, when in fact the buy orders available in the system was much higher. This behavior cannot be justi....... + More
- 2020 (2) TMI 1419 - SECURITIES APPELLATE TRIBUNAL, MUMBAI
Abnormal price rise in the scrip - off-market transfer - appellants, among others, have been restrained from dealing in the securities market, directly or indirectly, for a period of 4 years - HELD THAT:- The impugned transactions, in the facts and circumstances of the matter, would fall in the realm of violations of PFUTP Regulations. Individual argument that each entity’s trade is miniscule and only on a few days alone etc. is not sufficient to rebut the findings in the impugned order. The appellants have not given the details of their off-market transactions with an entity which is also found to be part of the group which manipulated the scrip of RMCL. The unwillingness of the appellants in giving the details of those off-market transactions and in turn placing buy orders above LTP in the market subsequently cannot be viewed in i....... + More
- 2020 (2) TMI 1417 - SECURITIES APPELLATE TRIBUNAL, MUMBAI BENCH
Misfeasance committed by the company - Liability of directors - Collective Investment Scheme - part of the mobilization of the fund was collected during the period when the appellant was appointed as a director and therefore have been held liable - WTM directed the company and its directors including the appellant to abstain from collecting any money from the investors or to carry out any Collective Investment Scheme including the nd further restrained the appellant and others from accessing the securities market and prohibited them from buying, selling or otherwise dealing in securities market for a period of 4 years - THAT:- Misfeasance committed by the company -HELD THAT:- An independent director shall be held liable only in respect of such acts of omission or commission by a Company which had occurred with his knowledge, attributable ....... + More
- 2020 (2) TMI 1415 - NATIONAL COMPANY LAW TRIBUNAL
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt an dispute or not - HELD THAT:- It manifests that the corporate debtor has tried to create and establish a pre- existing dispute by asserting that the liability had been transferred to the C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Pvt. Ltd. third party who the corporate debtor averred as Principal Employer, but the corporate debtor has failed to establish that the applicant had accepted or was in any manner involved in the said understanding between the parties. The corporate debtor has not placed on record any document which exhibits the plausible dispute between the parties. It can be thus inferred that there is no merit in the so-called dispute raised by the corpor....... + More
- 2020 (2) TMI 1413 - ITAT BANGALORE
Deduction u/s 35(1) - denial of deduction on the ground that the approval of the recipient organization was withdrawn by the CBDT vide Notification dt. 6.9.2016 - HELD THAT:- As decided in assessee's own case [2019 (11) TMI 1560 - ITAT BANGALORE] disallowance cannot be made merely on this basis that subsequent to the payment of sum in question by the assessee, the approval granted to the association, university, college or other institution referred to in clause (ii) or clause (iii) of section 35(1) has been withdrawn. There is no other basis given by the AO for making disallowance. The Tribunal order cited by ld. AR of assessee having been rendered in the case of DCIT Vs. Maco Corporation (India) Pvt. Ltd [2018 (3) TMI 811 - ITAT KOLKATA] is also applicable in the facts of present case and hence, respectfully following this Tribunal order, we delete the disallowance made by the AO u/s. 35(1)(ii) of the IT Act. Appeal filed by the assessee is allowed.
- 2020 (2) TMI 1412 - CESTAT ALLAHABAD
Release of the seized betel nuts - appellant seeks to receive the sale proceed of impugned goods along with interest up to date in accordance with provisions of Section 129E of Customs Act, 1962 - matter is pending for concurrence of acceptance by Chief Commissioner, Patna - HELD THAT:- Commissioner of Customs (Preventive), Lucknow is directed to handover the sale proceed of impugned goods to the appellant by 7th March, 2020 along with interest applicable as per the provision of law. In case the amount is not received by 07 March, 2020 by the appellant, appellant is free to bring the fact to the notice of this Tribunal by moving a proper application. Application allowed.
- 2020 (2) TMI 1409 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Initiation of Corporate Insolvency Resolution Process for resolution - approval of any plan of a third party (Resolution Applicant) is not required - HELD THAT:- In terms of the ‘I&B Code’ and the decisions of the Hon’ble Supreme Court, the ‘Resolution Plan’ must maximise the assets of the Corporate Debtor and balance the stakeholders (secured and unsecured creditors- Financial Creditors/ Operational Creditors) - The Infrastructure which is constructed for the allottees by Corporate Debtor (Infrastructure Company) is an asset of the Corporate Debtor. The assets of the Corporate Debtor as per the Code cannot be distributed, which are secured for ‘Secured Creditors’. On the contrary, allottees (Homebuyers) who are ‘Unsecured Creditors’, the assets of the Corporate Debtor which is the....... + More
- 2020 (2) TMI 1408 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH
Reduction in Share Capital - Selective Reduction of shares - HELD THAT:- In view of the fact that all the shareholders have approved the reduction including shareholders whose shares are being cancelled and as per the law as laid down and as stated hereinabove, Petition for reduction of share capital is allowed - Since the requisite statutory procedure has been fulfilled, the company petition is made absolute in terms of the prayer clause of the Petition. The petitioner company undertakes to file certified copy of the order duly certified by the Assistant Registrar/Deputy Registrar, National Company Law Tribunal, Mumbai Bench with the Registrar of Companies within 30 days of receipt of this order - All concerned regulatory authorities to act on production of certified copy of this order to be issued on demand by the Assistant Registrar/Deputy Registrar, National Company Law Tribunal, Mumbai Bench - The minutes set forth hereto be and is hereby approved.
- 2020 (2) TMI 1407 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
Liquidation Order - transfer of possession of two properties mortgaged by the corporate debtor - only aspect that remains is that possession has not been handed over in favour of R3 prior to the date of declaration of moratorium in order to complete the transfer - Section 33(1)(a) of IBC, 2016 - HELD THAT:- The sale certificate has not so far been engrossed in a stamp paper. In such circumstances, R 3 cannot claim legal title or ownership over the Bankura property. In the said circumstances, we have no hesitation to hold that the Bankura property is the property of the Corporate Debtor as on the date of declaration of moratorium i.e as on 20.08.2019 and R3 has no right to retain possession of the said property. In respect of Howrah property, since the R1 was obliged not to conclude the sale as per the undertaking dated 16.08.2019 before t....... + More
- 2020 (2) TMI 1406 - ITAT BANGALORE
Capital gain computation - addition was made by the AO on the basis of future projection of income submitted by the company to its bankers for availing loan - HELD THAT:- As per section 48 of the Income Tax Act, 1961, what is relevant is full value of the consideration received or accrued as a result of transfer of capital asset. As per section 50C of the IT Act, 1961, it has been provided that in case of transfer of land / building or both, values adopted or assessed by the stamp valuation authority of the State Government for the purpose of stamp duty may be considered as full value of consideration but in the case of transfer of shares, there is no such provision which authorizes the AO to adopt any other value be it market value. The computation made by the AO was not as per section 48 of the Act. Only as per section 50C the full valu....... + More
- 2020 (2) TMI 1405 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH
Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Existence of debt and dispute or not - HELD THAT:- Before initiating CIRP, it is paramount responsibility of Adjudicating Authority to examine various aspects of Corporate Debtor by keeping in view the elements of debt and default in question and object of code etc. As stated supra, basic facts with regard to debt and default are not by the Respondent. Section 2 of the Code says that provisions of Code to any Company incorporated under the provisions of Companies Acts, LLPs,; partnership firms etc., in relation to their insolvency, liquidation, voluntary liquidation, bankruptcy as the case may be. And by examining Annexure-23 (Independent Auditor's Report) that as per the Balance Sheet placed at page 1105....... + More
- 2020 (2) TMI 1402 - ITAT CHANDIGARH
TDS u/s 194J - amount paid to Inspectors and Supervisors of the Mid Day Meal programme - HELD THAT:- As decided in own case [2017 (11) TMI 1931 - ITAT CHANDIGARH] payments made to Mid Day Meals Scheme Workers which do not attract Section 194J precisely. On perusal of the above Section 194J the payments made to Mid Day Meal Workers at no stretch of imagination can be treated as fees paid for profession or technical services. Hence the interest levied under section 201(1A) is unwarranted. TDS on the payments made under Mid Day Meal programme - HELD THAT:- As decided in own case assessee submitted that the payments were made to institutions which were registered under section 12A. The Ld. CIT(A) has remanded the latter back to the file of Assessing Officer for verification. Hence we decline to interfere with the order of the Ld. CIT(A) as it's a matter of verification only at the Assessing Officer's end.
- 2020 (2) TMI 1401 - ITAT RAJKOT
Higher rate of depreciation on dumpers - appellant, engaged in the business of heavy earth moving equipments and vehicles for excavation of over burden (earth) and minerals and transporting the same to the specified place and also transportation of minerals from mines to power plants, transportation of ash from power plant to outside the plant - HELD THAT:- We have carefully considered the judgment passed by the Co-ordinate Bench in the case of DCIT vs. M/s. National Construction Co. [2015 (8) TMI 571 - GUJARAT HIGH COURT] wherein the identical set of facts particularly where the assessee is having identical mode of business depreciation @30% has been allowed by the Ld. CIT(A) have been upheld. Lumpsum disallowance of non-verifiable expenses - HELD THAT:- As it appears from the records that no specific defects in those vouchers of payment....... + More
- 2020 (2) TMI 1400 - ITAT MUMBAI
Income accrued in India - income earned by the appellant's branch offices located in the United Arab Emirates (UAE) and Qatar - taxability of income earned by appellant's branch offices located in UAE and Qatar - Double Taxation Avoidance Agreements between India and UAE/Qatar - HELD THAT:- There was no question of tax credits being granted in India in view of the fact that any income taxed by source jurisdiction abroad was held to be exempted from taxation in India, and if these tax credits were to be granted it would have resulted in plain and simple refund of the taxes paid abroad since the incomes relating thereto were held to be not at all taxable in India. A double dip of losses abroad, howsoever inappropriate on the first principles, was actually possible, and was approved by the coordinate benches of this Tribunal, as in t....... + More
- 2020 (2) TMI 1398 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCH
Seeking withdrawal of Petition even after admission of the Petition by the Tribunal - HELD THAT:- Taking into consideration the averments as contained in the Application as well as the joint memo of compromise filed by the parties, we are inclined to allow this Application. In the circumstances, the CIRP passed by this Tribunal of the Corporate Debtor vide order dated 21.02.2020 stands withdrawn. However the Corporate Debtor is directed to ascertain the expenditure, if any incurred, by the IRP being privy to the order and duly reimburse the same to The IRP with the cost, if any, incurred upon the necessary voucher in support of the expenditure being provided to the Corporate Debtor acting upon as directed by this Tribunal vide order dated 21.02.2020. Application disposed off.
- 2020 (2) TMI 1397 - ITAT MUMBAI
Disallowance u/s.40(a)(ia) - TDS u/s 194C OR 194J - expenses towards channel placement fees - HELD THAT:- When there is a short fall in deduction of TDS there cannot be any disallowance u/s.40(a)(ia) of the Act. Undoubtedly in the case on hand the assessee deducted TDS @2% u/s 194C of the Act on the channel placement fees paid. However, the Assessing Officer was of the view that provisions of section 194J would apply and therefore the TDS would have been deducted @10% as against 2%. Therefore as relying on UBJ BROADCASTING PRIVATE LTD. [2019 (9) TMI 541 - ITAT MUMBAI] and M/S. HINDUSTAN THOMPSON ASSOCIATES PVT. LTD. [2016 (7) TMI 1394 - ITAT MUMBAI] this is a case of short deduction of TDS. We uphold the order of the Ld.CIT(A) and reject the ground raised by the revenue.
- 2020 (2) TMI 1396 - CESTAT BANGALORE
Commercial or Industrial Construction Service - composite contract wherein construction has been made by the appellant for Government organizations - period prior to 01.06.2007 - Construction for Indian Navy, being flats construction for their personnel (MAP) - Demand as regards construction to Seawood apartments - Penalties. Commercial or Industrial Construction Service - composite contract wherein construction has been made by the appellant for Government organizations - period prior to 01.06.2007 - HELD THAT:- This issue is settled in favour of the appellant as the Hon’ble Supreme Court in COMMISSIONER, CENTRAL EXCISE & CUSTOMS VERSUS M/S LARSEN & TOUBRO LTD. AND OTHERS [2015 (8) TMI 749 - SUPREME COURT] has held that a composite contract is works contract service w.e.f. 01/06/2007 - also, there is no proposal by the Reve....... + More
- 2020 (2) TMI 1395 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCH
Seeking ad-interim injunction against the Respondents - case of applicant is that 7 acres of land purchased, if sold will cause huge loss to the Company and its shareholders, which could not be compensated in terms of money - HELD THAT:- It is an admitted factual position that 7 acres of land was registered in the name of the first Respondent Company vide Sale Deed No. 3543 dated 12.05.2006, with regard to which a Resolution has been passed by the Board of Directors of first respondent on 13.04.2019 giving authority to Vipul Limited and Karamchand Realtech Private Limited to deal with the land in any manner. The Board resolution is under challenge and the transaction is pertaining to the related party, which prima-facie is in violation of the provisions of Section 188 of the Companies Act, 2013 and in case 7 acres of land is sold by the R....... + More
- 2020 (2) TMI 1394 - CESTAT MUMBAI
Non-payment pf service tax - Outdoor Caterer Service - appellant did not collect the service tax from the client and also did not deposit the same into the government exchequer - October 2013 to March 2016 - exemption vide Entry No. 19A in the Notification No. 25/2002 - ST dated 20.06.2012 - HELD THAT:- The taxable service in relation to provision of ‘Outdoor Caterer’ is defined under Section 65 (76a) read with Section 65 (105) (zzt) of the Finance Act, 1994 and was attracting payment of service tax on the provision of such service. However, in exercise of the powers conferred by sub-section (1) of the Section 93 ibid, the Central Government vide Entry No. 19 in the Notification No. 25/2002 - ST dated 20.06.2012 has exempted the “Services provided in relation to serving of food or beverages by a restaurant, eating joint ....... + More
- 2020 (2) TMI 1392 - CESTAT BANGALORE
Non-payment of Service Tax - Maintenance & Repair Service - Business Support Service - Management Consultancy Services - Business Auxiliary Services - it appeared to Revenue that appellant had not discharged their service tax properly. Maintenance and Repair Service relating to software - HELD THAT:- The issue is no longer res integra and the said issue was decided in appellant’s own case by coordinate Bench of this Tribunal, reported as M/S SAP INDIA PRIVATE LIMITED VERSUS CCE, BANGALORE-III [2010 (9) TMI 289 - CESTAT, BANGALORE] wherein the issue was whether the software maintenance was taxable under the head Management, Maintenance and Repair Service under Service Tax Provisions, as information technology support services was introduced w.e.f. 16/05/2008. Further there was amendment in the maintenance or repair services w.e.f....... + More