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2021 (5) TMI 1081
Reduction of the tariff payable by Appellant No. 1 from Rs. 6.10/kWh to Rs. 4.36/kWh and imposition of damages of Rs. 20,00,000/- for delay in commissioning the plant - Whether the Project of the Appellants was delayed by one day in terms of Power Purchase Agreement and whether the Commission was justified in imposing liquidated damages on the Appellant for such delay in commissioning the Project? - HELD THAT:- Reduction of applicable tariff is permissible Under Article 12.2 of the PPA only when there is delay in commissioning of the Project b....... + More
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2021 (5) TMI 1080
Refusal to discharge the Appellant u/s 504 and 506 of Indian Penal Code, 1860 - It is alleged that the Appellant had threatened Respondent No. 2 to pump numerous bullets in his face so that he may not even be recognized - HELD THAT:- As a caveat it may be stated that the High Court, while exercising its afore-stated jurisdiction ought to be circumspect. The discretion vested in the High Court is to be invoked carefully and judiciously for effective and timely administration of criminal justice system. This Court, nonetheless, does not recommen....... + More
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2021 (5) TMI 1079
Validity of the jurisdiction of the AO - New Delhi v/s Kolkata - objection to the jurisdiction of ITO, Ward-10(2), Kolkata - PAN data base shows that the PAN jurisdiction was with Ward10(2), Kolkata - as submitted that the assessee was registered at New Delhi and has a registered office at New Delhi and it neither had any business nor any business connection in Kolkata, therefore, jurisdiction under the Income Tax Act lies with the Assessing Officer at New Delhi not at Kolkata - AO intimated that jurisdiction on assessee would lie to him on ac....... + More
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2021 (5) TMI 1078
Classification of goods intended to be imported - preparation/product of betel nut (API supari, Chikni supari, unflavoured supari and boiled supari) commonly known as Supari, which does not contain lime or katha (catechu) or tobacco but may or may not contain any other ingredients such as food starch, cardamom, copra, mulethi, menthol (flavours), perfume etc. - classifiable under the CTH 2106 90 30 as food preparation or not? - HELD THAT:- In these cases, one set of processes are found to be intended for cleaning; the second set for enhancing ....... + More
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2021 (5) TMI 1077
Non-granting of the transport subsidy - claiming benefit of transport subsidy at prescribed rates with interest. Case of the petitioner is that its unit fulfilled all the requirements of grant of transport subsidy and for which all the documents were supplied to the department despite which such subsidy was not granted and on account of which the petitioner was unable to repay its dues to the secured creditors and faced bankruptcy. HELD THAT:- A new industrial unit is defined as to mean an industrial unit which has set up its manufacturing cap....... + More
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2021 (5) TMI 1076
Remission of Labour Cess computed at 1% of the contract value, under Sections 3 sub-section (1) and (2) of the Building and Other Construction Workers Welfare Cess Act, 1996 - High Court accepted the submission of the Respondent No. 1 that in the absence of levy and assessment under the Cess Act 1996 and the Rules made thereunder, the letters of the UPPTCL were not sustainable in law. HELD THAT:- It is nobody s case that Respondent No. 1 has committed any breach or default in performance of the First Contract, that is, the Supply Contract, ren....... + More
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2021 (5) TMI 1075
Suit for partition or separation of shares of Respondent No. 1 - Recovery of amount - rendition of accounts and permanent injunction against the Appellants herein and Respondent No. 2 - HELD THAT:- As is evident from a reading of the recommendations of the Law Commission, a distinction was carved out between 'beneficiary nominee' and 'collector nominee' and Section 39 of the Insurance Act, 1938 was amended accordingly, adding sub-Section (7). Beneficiary nominee means a nominee who was entitled to receive the entire proceeds un....... + More
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2021 (5) TMI 1074
Income taxable in India - dependent agency permanent establishment (DAPE) in India - profits of the DAPE on account of advertisement sale revenues - distribution revenues earned by the assessee are taxable under article 12 of the Indo-US tax treaty - whether profits on account of advertisement sale revenues can be brought to tax in the hands of such a DAPE? HELD THAT:- We find that it is not even revenue s case that the dependent agent has not been paid an arm s length remuneration. As a matter of fact, the assessee has filed the evidences in ....... + More
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2021 (5) TMI 1073
Allowability of the sales promotion expenses incurred by assessee/pharmaceutical company - freebies given to doctors in light of the CBDT Circular No. 5/2012 read a/w the Medical Council of India (MCI) Regulations, 2012 - HELD THAT:- Expenses wholly and exclusively incurred by a pharmaceutical company in the normal course of its business towards, viz. gifts, travel facility, conference expenses or similar freebies to medical practitioners or their professional associations would not be hit by the Explanation 1 to Sec. 37 of the Act. Tribunal h....... + More
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2021 (5) TMI 1072
Infringement, by the defendants, of certain Standard Essential Patents (SEPs), held by the plaintiff and registered in their name - whether the Wuhan Court was justified in granting anti-suit injunction, vide its order dated 23rd September, 2020, and, secondly, whether this Court would be justified in injuncting the respondent from enforcing that order against the plaintiffs? - HELD THAT:- The surviving considerations, in the order of the Wuhan Court, are (i) that the acts of the plaintiffs indicated disrespect to the procedure of the Wuhan Co....... + More
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2021 (5) TMI 1071
Violation of Clause 36 of the Listing Agreement read with Section 21 of the SCRA - corporate announcement of the cancellation / truncation of the orders was not made known to the stock exchange - Penalty for failure to furnish information, return, etc - HELD THAT:- As the words material / materiality means anything which is likely to impact an investor s investment decision and depends on the facts of each case. In the instant case, we find that when the appellants received the contract the said information was disclosed on the stock exchange ....... + More
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2021 (5) TMI 1070
Constitutional Validity - whether Sub-section (4) of Section 8 of the Prevention of Money Laundering Act, 2002 (PMLA) is intravires the Constitution of India for the purpose of initiating proceedings under Section 3 of the PMLA, or not? HELD THAT:- The Co-ordinate Bench of this Court in SRI M.B. VIKRAM VERSUS DEPUTY DIRECTOR, DIRECTORATE OF ENFORCEMENT, BANGALORE [ 2021 (2) TMI 1355 - KARNATAKA HIGH COURT] having already refused to interfere in the matter and having permitted the appellants therein to agitate all their contentions before the A....... + More
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2021 (5) TMI 1069
Professional misconduct - Overstatement in reporting of Sales and Purchase figures - evaluation of the accounting policy for revenue recognition has improper audit planning - failing to understand the nature of the entity - non-verification of account balances of debtors and creditors - non-communication with the Those Charged with Governance (TCWG) - Non-appointment of Engagement Quality Control Review partner - Imposition of a monetary penalty off Rs.Five Lakhs upon CA Rakesh Puri - CA Rakesh Puri is debarred for Five years from being appoin....... + More
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2021 (5) TMI 1068
Seeking to transfer the case to the Court of the Chief Judicial Magistrate, Patiala House Court, New Delhi - Use of the trade mark SACHAMOTI in respect of sago or sabudana by Rajkumar Sabu (the petitioner) - Respondents claim proprietary right over the said trade mark - alleged offences under Sections 420 of the Indian Penal Code and 103 of the Trade Marks Act, 1999 - HELD THAT:- The suits being heard by the Delhi High Court would have points which could overlap with those involved in the criminal case pending in the Salem Court. But that very....... + More
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2021 (5) TMI 1067
Income Taxable in India - Income deemed to accrue or arise in India - salary/allowances received in lieu of services performed outside India - assessee is employee of M/s IBM India Pvt. Ltd. as worked outside India and received the impugned sum as salary/allowances in lieu thereof - Whether assessee non-resident s salary/allowances for services performed outside India is taxable in India? - HELD THAT:- We find that the instant issue is no more res integra as per DIT (International Taxation) vs. Prahlad Vijendra Rao[ 2010 (11) TMI 803 - KARNATA....... + More
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2021 (5) TMI 1066
Classification of goods proposed to be imported - API supari - Chikni supari - unflavoured supari - Boiled supari - to be classifiable under chapter 8 or chapter 21? - HELD THAT:- In the instant case, betel nuts after being boiled are dried; and this fact per se would not exclude the end-products from the scope of dried nuts . Further, it is equally obvious to me that boiling or mere addition of certain additives for the limited purpose of enhancing preservation or appearance or ease of consumption per se does not result in obtaining a prepara....... + More
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2021 (5) TMI 1065
Money Laundering - Seeking grant of bail - the case is that the E.D. has chased several Bank Accounts which have been used by the petitioner to divert property under PMLA 2002 - habitual offenders or not - HELD THAT:- If the special provisions of the PMLA, including Section 45 thereof, are seen as having been diluted or struck down as being unconstitutional by the Supreme Court, this Court must take recourse to Section 439 of the Cr. P.C. for the purposes of the present application. The contention of the Enforcement Directorate that the petiti....... + More
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2021 (5) TMI 1064
Seeking grant of Regular bail - putting the company in poor financial condition by disbursing loans to entities having no financial standings - default in repayment o loans - shell companies/entities were controlled by petitioner or not - HELD THAT:- Admittedly, the petitioner is not a beneficiary to even a single penny and whatever was done appears to be at the instance of beneficiaries Shivinder Mohan Singh and Malvinder Mohan Singh, who have since been granted bail. Though it is alleged the orders of grant of their bails have been stayed bu....... + More
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2021 (5) TMI 1063
Recovery of duty drawback - rejection of appeal of the Applicant on the ground that the Applicant had not realized the export proceeds in the stipulated time period or such extended period - Rule 16A of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 - HELD THAT:- Government observes that, in terms of Rule 16A(1) ibid, the drawback is recoverable if the export proceeds are not realized within the period allowed under the Foreign Exchange Management Act, 1999, including any extension of such period. Admittedly, in the in....... + More
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2021 (5) TMI 1062
Assessment order u/s 144C - title of the order reads as Draft Assessment Order u/s 143(3) r.w.s. 144C - As submitted the impugned assessment order will be treated as a draft assessment order and that the consequential notice of demand and notice for initiation of penalty proceedings shall stand withdrawn - HELD THAT:- Writ petition is disposed of with the following directions: (i) The assessment order dated 26.03.2021 shall be treated as a draft assessment order. (ii) The petitioner will have 30 days time to file its objections with the DRP. T....... + More
