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2020 (4) TMI 913
TP Adjustment - comparable selection - functional dissimilarity - HELD THAT:- CG Vak Software Exports Ltd. company excluded as it is consistent loss making company - We noted that before the DRP the assessee stated that this comparable is having profit in the current year at 7.14% and can be considered as a comparable. It was also stated that merely because a company is incurring losses, it would not lose its status as a comparable and that losses and incidental of business which is at par with the profit. However, the contention of assessee w....... + More
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2020 (4) TMI 912
Conviction for offences punishable Under Sections 120-B, 364A, 302, 201 read with Section 34 Indian Penal Code - death sentence - death in the company of the Accused - kidnapping - demand of ransom. Whether A-1 was arrested on 1st September 2014 - HELD THAT:- The judgment in Abdul Subhan is not applicable to the facts of the present case for the reason that A-1 was not proved to be arrested on 1st September, 2014. In the reported judgment, the person who was said to have arrested the Accused prior to the actual date of arrest, was examined bef....... + More
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2020 (4) TMI 911
Deduction of Capital Expenditure on R D u/s 35(2AB) - whether the deduction is allowable only from 09.03.2009, the date on which the assessee received letter from DSIR or not? - HELD THAT:- A going concern basis basically means that an entity will remain in business in the near future. We find that the above provisions cannot be applied to the facts of the instant case as the approval u/s 35(2AB) in respect of the R D unit has been granted by the DSIR w.e.f. 01.07.2008 as consequence to the approval granted to EML. In conclusion, having gone t....... + More
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2020 (4) TMI 910
Investigation of an IAS by an CBI - principal ground canvassed by the Appellant before the High Court was that he being an officer of the Indian Administrative Service (IAS) employed in connection with the affairs of the Government of Bihar as District Magistrate at Aurangabad District (State of Bihar) could not be subjected to investigation by the CBI without the prior consent of the State. Whether the proviso in the stated notification dated 19.2.1996 would come in the way of the officials of DSPE to register FIR and carry on investigation o....... + More
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2020 (4) TMI 909
TP Adjustment - Comparable selection - decision of TPO DRP in adopting the threshold limit of 25% for Related Party Transaction filter as against the limit of 10% adopted by the assessee - HELD THAT:- We notice that the Ld DRP has given its decision of adoption of RPT filter, which is not the objection of the assessee. With regard to the claim for Capacity Utilisation Adjustment, the Ld DRP, has expressed that the assessee has not raised this objection before the TPO and accordingly declined to adjudicate this ground. With regard to the substi....... + More
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2020 (4) TMI 908
Seeking that the national lock-down period ought to be taken into consideration while giving effect to the termination of the Toll Tax Collection Agreement dated 28th September, 2017 - HELD THAT:- A perusal of the letter dated 4th April, 2020 clearly shows that the SDMC had extended the effective date of termination in view of the 21 day national lock down - A perusal of the letter dated 4th April, 2020 shows that despite the defaults of the Petitioner, the effective date of the termination was postponed by the SDMC itself, due to the national....... + More
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2020 (4) TMI 907
Bequeathing of properties by the deceased Sangappa under the will or not - genuineness of the Will - Whether the trial Court was justified in holding the will dated 20.5.1991 executed by Sangappa as genuine or not? - HELD THAT:- The Will being a rather solemn document that comes into operation after the death of the testator, special provisions are made in the statutes for making of a Will and for its proof in a Court of law. Section 59 of the Succession Act provides that every person of sound mind, not being a minor, may dispose of his proper....... + More
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2020 (4) TMI 906
Difference in receipts as per the bank account of the assessee and receipts as per its books of account - Addition on account of amount credited in bank account of the assessee in excess of receipts as per' books of account and also allowing the assessee appeal against the rejection of the books of accounts of the assessee -- As per CIT-A addition is not sustainable in view of documentary evidences already available on record to substantiate the said difference and AO has failed to make any sincere effort regarding the same and made additi....... + More
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2020 (4) TMI 905
Profiteering - construction service - it is alleged that the Respondent had not passed on the benefit of Input Tax Credit (ITC) to him by way of commensurate reduction in price of the shop - contravention of provisions of section 171 of CGST Act - HELD THAT:- It is revealed that the Respondent is in the Real Estate business and the DGAP's Report is with regard to his project U Faria situated at C-04A, Sector-16B, Greater Noida, Uttar Pradesh under which he has constructed 190 commercial shops out of which he has sold 178 shops. It is also ....... + More
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2020 (4) TMI 904
Violation of Fundamental Rights - rights of minority section students - Procedure for selection to MBBS course - Validity of notifications dated 21.12.2010 issued by Medical Council of India (MCI) and other two notifications dated 31.5.2012, issued by Dental Council of India (DCI) - single eligibility-cum-entrance examination, namely, National Eligibility-cum-Entrance Test for admission to MBBS course in each academic year - whether by providing centralised examination system - NEET for admission to MBBS, PG, BDS and MDS by virtue of the provi....... + More
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2020 (4) TMI 903
Profiteering - supply of Stayfree Sanitary Napkins - it is alleged that the Respondent had not passed on the benefit of tax reduction from 12% to Nil, by way of commensurate reduction in price - contravention of provisions of section 171 of CGST Act - HELD THAT:- It is clear from the Report dated 17.12.2019 filed by the DGAP that the above three issues mentioned in the Paras supra are required to be further investigated by the DGAP and only then this Authority can determine the profiteered amount as per the provisions of Section 171 of the CGS....... + More
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2020 (4) TMI 902
Limitation of Liability - liability to third parties - Whether Dr. Alpesh Gandhi could have been said to have been in the employ of the Respondent No. 3 on the date of the accident, as a result of which the limitation of liability provision in favour of the Respondent No. 1 as set out would kick in? - HELD THAT:- The High Court held in the impugned judgment that as additional premium had been paid so as to attract the applicability of IMT-5, in any case the Insurance Company would be liable under the policy to pay compensation in the case of d....... + More
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2020 (4) TMI 901
Revision u/s 263 by CIT - assessee company has not included the financials of Bhilai in the audited financial statements prepared for the AY 2013-14 - As submitted that the Bhilai unit of the assessee company was under control of Sh. Sunil Aggarwal, younger brother of Sh. Anil Aggarwal. Since, Sh. Sunil Aggarwal had obtained restrain order from CLB, the assessee company managed by Sh. Anil Aggrawal was not allowed to interfere with functioning of the Bhilai Unit. Therefore, the assessee company was not having financial details of the said unit....... + More
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2020 (4) TMI 900
Addition u/s 69C - telescoping of the said addition out of the available of funds with assessee - assessee is developing a township known as Ensara Metropark at Nagpur. The project was in progress during the year and the entire cost incurred was shown as work in progress - HELD THAT:- In this case the cash generated during the year out of over invoicing was ₹ 5,46,20,000/- and it has been admitted by Shri Sanjay Kothari during the course of recording of statement under section 132(4) of the Act that the source of these expenses were out ....... + More
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2020 (4) TMI 899
Money Laundering - Grant of Interim Bail - Present applications seeking interim bail are based primarily on two grounds i.e. keeping in view the present Covid-19 pandemic and the overcrowding in jail, thereby social distancing not being maintained and secondly, the petitioner claims parity with the co-accused on the ground that they have been released, however, the second issue would be relevant while hearing the regular bail applications. HELD THAT:- There are no ground to interfere under Article 136 of the Constitution - SLP dismissed.
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2020 (4) TMI 898
Approval of Resolution Plan - Validity of decision of the RP for not short listing its Resolution Plan despite its plan is in compliance with Section 30(2) of the Insolvency and Bankruptcy Code, 2016 - validity of decision of RP for short listing and approving the CarVal s Resolution Plan as successful Resolution Plan - whether the economic interest of this Applicant is getting prejudiced because his plan has not been admitted? - HELD THAT:- The issue decided in the case of STATE BANK OF INDIA VERSUS UTTAM GALAV METALLICS LIMITED, INVESTMENT O....... + More
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2020 (4) TMI 897
Seeking a direction to the respondent/non-applicant i.e. Indian Overseas Bank to release all the funds of the corporate debtor which were retained by the respondent/non-applicant - HELD THAT:- The Hon ble Supreme Court of India in State Bank of India Versus V. Ramakrishnan and Another [2018 (8) TMI 837 - SUPREME COURT] while holding that Section 14(3) of the Code has no application to the personal guarantors, discussed the background to the introduction of the amendment to Section 14(3) of the Code - A careful examination of Section 14(3)(b) o....... + More
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2020 (4) TMI 896
Seeking permission to withdraw this special leave petition - HELD THAT:- This Special Leave Petition need not be interfered - Permission to withdraw the SLP is granted.
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2020 (4) TMI 895
Enforceability of the foreign award - Compliance with the contractual obligation to export groundnut due to the Government's refusal or not on the part of NAFED - whether NAFED could have been held liable in breach of contract to pay damages particularly in view of Clause 14 of the Agreement? - whether enforcement of the award is against the public policy of India? HELD THAT:- In the present case, parties have agreed, and in Clause 14 of the Agreement, it was contemplated that during the contract if there is any prohibition of the export o....... + More
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2020 (4) TMI 894
Unexplained cash credit - bogus LTCG - addition u/s 68 - Penny stock purchases - as argued assessee was not provided the cross examination of those parties who gave statements against the assessee and also that materials used against the assessee in framing the assessment order were not provided to the assessee - HELD THAT:- Assessee held these shares for more than 12 months and all these transactions were routed through the banking channels. Thereafter, the investigation wing of the department conducted the investigation and searches on vario....... + More