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2020 (2) TMI 1714
Rejection of the claim made before the Resolution Professional - rejection solely on the ground of delay - Sufficient reason given for delay or not - HELD THAT:- This adjudicating Authority is of the view that it is a settled law that the claim cannot be rejected by RP solely on the ground of delay by the applicants in filing their claim Moreover, sufficient reason has been shown for delay occurred in filing claim by the applicants before RP and the RP can be directed to accept the claim of the applicants to be considered by it on its merits a....... + More
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2020 (2) TMI 1713
Stay on Impugned order - HELD THAT:- It is accepted that now the Impugned Order has been passed. However, as the Impugned Order we are staying till next date and as we are yet to take a decision on the Appeal, in fairness, the Interim Order dated 22nd August, 2019 should be allowed to continue till the next date. The Respondents, who are not present, may be served and will file Reply by next date. The Respondents 1 and 7 to 9 present also should file Reply by next date. List the Appeal for admission (after Notice) on 20th March, 2020 at 2.00 P.M.
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2020 (2) TMI 1712
Ingenuine Loss in client code modification in F O account - whether there is no indication in the lower authorities orders as to whether that the assessee s demat account in any way involved such a client code modification or not? - HELD THAT:- As decided in Kundan Investment Ltd. [ 2003 (3) TMI 62 - CALCUTTA HIGH COURT] all the shares related to the reputed companies and were quoted shares in the stock exchanges and were purchased and sold at the prevalent quoted market rates, which was verified from the statement of the slack exchanges. On t....... + More
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2020 (2) TMI 1711
Taxability - various payment of Foreign Currency made to related parties in abroad - HELD THAT:- The appellants claim is that all the payment made to the foreign related parties are not towards the service, therefore, the same is not taxable, however in support of this claim the appellant have not submitted any documents before the adjudicating authority. Now the appellant is in position to submit all the documents in support of their defense. The impugned order is set aside and appeal is allowed by way of remand to the adjudicating authority for passing afresh order.
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2020 (2) TMI 1710
Seeking grant of Bail - recovery of prohibited arms from the house of this petitioner - HELD THAT:- Considering the nature of allegations levelled, the materials available on record and the submissions advanced on behalf of the parties, this Court does not find it to be a fit case for grant of bail to the petitioner. The same is, therefore, rejected. Petition dismissed.
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2020 (2) TMI 1709
Seeking direction to the respondents to forthwith release the amount in respect of the tax paid by the petitioner under the GST law along with interest @ 18 percent - contention of the petitioner is that he has been repeatedly approaching the authorities concerned by raising his claim but till date his claim has not been responded to by the respondents - HELD THAT:- Considering the facts and circumstances of the case, particularly taking into consideration two circulars referred to by the petitioner to support his claim i.e. circular dated 10........ + More
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2020 (2) TMI 1708
TP Adjustment towards Stand by Letter of credit - adjustments towards commission for utilization of non-fund based limits of the assessee by Associated Enterprises (AEs) and the Bank has issued SBLC and charged commission - AR contented that there is no requirement of ALP adjustment as the AE is permitted to utilize its non-fund based limits, which is in the nature of shareholders operations and on commercial expediency - HELD THAT:- As vehemently submitted that, there is no necessity of Transfer Pricing adjustment on SLBC because of commercia....... + More
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2020 (2) TMI 1707
Maintainability of petition - Operational Creditors - termination of MoU before service of notice u/s 8 of IBC - existence of dispute or not - HELD THAT:- It is not possible for the Adjudicating Authority to go into the questions whether the Respondent could or could not have unilaterally withdraw from the MoU and Indemnity Bond given; whether when the understanding has been reduced into writing, evidence other than what is stated in the document could or could not be admissible. There was a pre-existing contested dispute and the Adjudicating ....... + More
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2020 (2) TMI 1706
Dishonour of Cheque - main reason for dismissal of the complaint was that the complainant is a money lender and the alleged advance stated to have been made by him to the accused could not be considered to be out of the purview of the money lending business of the complainant - HELD THAT:- In SAMARENDRA NATH DAS VERSUS SUPRIYO MAITRA [ 2005 (12) TMI 607 - CALCUTTA HIGH COURT] , a Single Bench of Calcutta High Court had observed that when in a complaint under Sections 138 and 139 of the Negotiable Instruments Act, 1881, an application for disch....... + More
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2020 (2) TMI 1705
Interpretation of statute - provisions inserted by way of carving out Section 18A of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989. As per Arun Mishra, J. HELD THAT:- The Section 18A(i) was inserted owing to the decision of this Court in Dr. Subhash Kashinath [ 2018 (3) TMI 2005 - SUPREME COURT] , which made it necessary to obtain the approval of the appointing authority concerning a public servant and the SSP in the case of arrest of Accused persons. This Court has also recalled that direction on Review Petiti....... + More
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2020 (2) TMI 1704
Determination of payment of trademark royalty of Cadbury Schweppes Overseas Limited [CSOL] - TP adjustment on account of payment of trademark royalty to CSOL - HELD THAT:- It is clear from the above decision of the Tribunal [ 2018 (11) TMI 1762 - ITAT MUMBAI ] that the royalty payment of trademark used held within arm s length and does not call for any adjustment. There being no difference in the factual position in the impugned assessment year, therefore, respectfully following the order of the Tribunal on identical facts in assessee s own ca....... + More
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2020 (2) TMI 1703
Disallowance u/s 14A - assessee has suo motu disallowed amount - HELD THAT:- As disallowance of expenditure in terms of Section 14A r.w. Rule 8D cannot exceed the exempt income itself. No additional disallowance is called for under sec. 14A of the Act in excess of exempt income. The disallowance is thus required to be restricted to the extent of exempt income. See CORRTECH ENERGY PVT. LTD. [ 2014 (3) TMI 856 - GUJARAT HIGH COURT] , M/S CHETTINAD LOGISTICS PVT. LTD. [ 2018 (7) TMI 567 - SC ORDER]
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2020 (2) TMI 1702
Dishonour of cheque - Legally unenforceable debt - Insufficiently Stamped Instrument - Recovery of the sums advanced by the plaintiff to the defendants on the basis of written contracts, negotiable instrument and documents evidencing acknowledgment of liability - HELD THAT:- In the backdrop of the material on record, including the SFIO Report, the extent to which the plaintiff would be entitled in law to enforce the liabilities, especially as regards the quantum of interest, when the creditworthiness of the debtor was in a serious doubt, warra....... + More
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2020 (2) TMI 1701
Arbitration proceedings - initiation of arbitration proceedings against the Corporate Debtor, which was hit by moratorium when CIRP started - Corporate Debtor undergoing liquidation proceedings - Section 35(k) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The duty cast on the Liquidator is to institute or defend any Suit, prosecution or other legal proceedings. The same would include conscious decision which a Liquidator may take whether or not in the given set of facts, he needs to defend the proceeding. If the Liquidator has take....... + More
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2020 (2) TMI 1700
Preferential transaction or not - scope of Sub-section (2) of Section 43 IBC - related party and look-back period - transactions in question are hit by Section 43 IBC or not - lenders of JAL could be treated as financial creditors of JIL or not - Financial debt-ratio of Pioneer Urban. Whether the transactions in question are hit by Section 43 IBC? - HELD THAT:- The transactions in question are hit by Section 43 of the Code and the Adjudicating Authority, having rightly held so, had been justified in issuing necessary directions in terms of Sec....... + More
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2020 (2) TMI 1699
Maintainability of appeal against ITAT - low tax effect - Addition u/s 2(22)(e) and 14A deleted - AO treated the loan received from Member(s)/Share-holder(s)/Director(s) holding more than 10% of shares therein, as deemed dividends and made additions under the head income from other sources and also disallowance u/s 14A - HELD THAT:- From the perusal of the order of the Tribunal, it is not forth coming that any notification, order, instruction or circular was dealt with/ relied upon by the Tribunal what to talk about the same being held illegal....... + More
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2020 (2) TMI 1698
Dishonour of Cheque - prayer of the petitioner to produce on record the income tax returns of the complainant/respondent was declined - HELD THAT:- The finding recorded by the trial Court in the impugned order dated 27.10.2016 that the ITRs Mark D3 to D6 are pertaining to relevant period is factually incorrect as these are the ITRs for the years 2012-2013 and 2013-14, whereas, as per the case of the complainant, the loan was advanced in the year 2008 and the cheque was presented in 2012 and, therefore, as per the averments made in the complain....... + More
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2020 (2) TMI 1697
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 - duty under the scheme already paid - appellant has not received Form-4 (the discharge certificate) - whether discharge certificate has been deemed issued to the appellant or not? - HELD THAT:- As per the scheme, the SVLDRS Form-3 if not issued to the appellant within a period of thirty days of filing of the declaration discharge certificate is required to be issued. As per the records, the appellant has paid the amount in dispute. In that circumstances, SVLDRS-3 form has not been issued ....... + More
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2020 (2) TMI 1696
Stay Application - recovery proceedings - disposing a stay application filed by the petitioner in respect of a disputed demand in respect of assessment year (AY) 2017-18 - HELD THAT:- A perusal of the order reveal that there has been no application of mind by the Assessing Officer in considering the trifolds aspects of (i) prima facie case (ii) financial stringency and (iii) balance of convenience, prior to disposal of the application. See MRS. KANNAMMAL VERSUS INCOME TAX OFFICER WARD 1 (1) TIRUPUR [ 2019 (3) TMI 1 - MADRAS HIGH COURT] The imp....... + More
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2020 (2) TMI 1695
Disallowance u/s 14A r.w.r 8D(2)(i) and (2) - Calculation of levy of interest u/s 234A and 234B of the Act in respect of self assessment tax paid u/s 140A - HELD THAT:- We direct the Assessing Officer to comply with the directions of Tribunal in group cases of assessee [ 2019 (4) TMI 214 - ITAT PUNE] and decide the same. AO shall give reasonable opportunity of hearing to the assessee while deciding the issues. Thus, the grounds raised by the assessee are partly allowed as above.
