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2022 (2) TMI 1434
Rejection of petition filed by the appellant under the Insolvency and Bankruptcy Code 2016 - it is latently and patently clear that once the Debt is converted into Capital it cannot be termed as Financial Debt and the Appellant cannot be described as Financial Creditor - HELD THAT:- A substantive appeal is provided against the decision of the NCLT under the provisions of Section 61(1) of the IBC. A further appeal to this Court under Section 62(1) is envisaged on a question of law. Hence, it is necessary for the NCLAT when an appeal is filed un....... + More
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2022 (2) TMI 1433
Cheating - obtaining blank stamp papers from the Respondents and creation of Agreements for Sale by misusing the said blank stamp papers - offences punishable Under Sections 420, 464, 465, 468 and 120-B of the Indian Penal Code - HELD THAT:- Though this Court has cautioned that, power to quash criminal proceedings should be exercised very sparingly and with circumspection and that too in the rarest of rare cases, it has specified certain category of cases wherein such power can be exercised for quashing proceedings - in the present case, thoug....... + More
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2022 (2) TMI 1432
Declining to interfere in the criminal proceedings initiated against the Appellant at the instance of Respondent No. 2/complainant (bother-in-law of the Appellant) - forged marriage or not - HELD THAT:- The exposition of law on the subject relating to the exercise of the extra-ordinary power Under Article 226 of the Constitution or the inherent power Under Section 482 Code of Criminal Procedure are well settled and to the possible extent, this Court has defined sufficiently channelized guidelines, to give an exhaustive list of myriad kinds of ....... + More
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2022 (2) TMI 1431
Restraining the Corporate Debtor, its directors, employees, agents, assignees etc. from disposing of their immoveable (Plant machinery and other fixed assets) and immoveable property - threshold limit involved in Section 9 Application - HELD THAT:- By Notification dated 24.03.2020, the threshold for entertaining an Application under Section 9 has been raised from Rs. 1 Lakh to Rs. 1 Crore. The Notification and the provisions for increasing threshold, shall operate Comp. App. (AT) (Ins.) No. 129 of 2022 prospectively i.e. after 24.03.2020 - In ....... + More
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2022 (2) TMI 1430
Requirement of pre-deposit for quashing of assessment under section 27(1) of the TNVAT Act, 2006 - mismatch between the value of works contract furnished in Form S and the monthly returns filed in Form 1 - main grievance of the appellant is that when the assessment order is unsustainable and quashed for want of reconsideration, the learned Judge ought not to have directed the appellant to deposit 30% of the disputed tax due as a condition precedent for the same. HELD THAT:- This court is of the view that the issue involved herein is no longer ....... + More
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2022 (2) TMI 1429
Penalty u/s 271(1)(c) - assessee has not filed the original return of income though he had taxable income(interest income) - bonafide belief - As per assessee return of income had not been filed by him since he was under the bona-fide belief that since tax has been deducted at source, there was no need for him to file the return of income - HELD THAT:- If on facts, the assessee is able to demonstrate that he has a reasonable cause for not filing return of income, then the assessee cannot be subject matter of penalty u/s 271(1)(c) of the Act. I....... + More
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2022 (2) TMI 1428
TP adjustment - Addition of corporate guarantee at the rate of 1% made by TPO as against 0.20% charged by the assessee - HELD THAT:- We find that identical issue arose in the case of the assessee for assessment year 2006 07 in [ 2014 (5) TMI 880 - ITAT MUMBAI] deleted the addition of 0.80 percentage made by the learned transfer pricing officer. We also find that the order of the coordinate bench for assessment year 2006-07 has been confirmed by the honourable Bombay High Court [ 2016 (11) TMI 258 - BOMBAY HIGH COURT] . Furthermore, identical a....... + More
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2022 (2) TMI 1427
Validity of reopening of assessment - non issue of notice to the assessee u/s 143 (2) - Tribunal quashed the reassessment order on the ground that it was completed without issuing notice to the assessee u/s 143 (2) - HELD THAT:- AO did not issue notice u/s 143 (2) he had issued a letter to the Assessee beyond the time within which the notice should have been issued. This Court is not able to accept that the sending of such letter belatedly constitutes compliance with the mandatory requirement of a notice under Section 143 (2) of the Act. Conse....... + More
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2022 (2) TMI 1426
Attachment order - HELD THAT:- These observations of Division Bench will have no bearing on the question to be decided in the proceedings resorted to by the petitioners against the final attachment order. That be decided on its own merits and in accordance with law. SLP disposed off.
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2022 (2) TMI 1425
Clearance of equipment without production of certificates prescribed in N/N. 33/2005-CE dated 8th September 2005 and in the absence of evidence of power purchase agreement - benefit of notification denied - demand alongwith interest and penalty - HELD THAT:- The contents of the said certificate is not ambiguous about the goods that are entitled to exemption. The goods have been certified to be of necessary for initial setting up of the project which is eligible for exemption. Neither of the lower authorities has established a contrary position....... + More
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2022 (2) TMI 1424
Seeking grant of anticipatory bail - seeking ex-parte ad-interim bail/interim protection during the pendency of the main application - HELD THAT:- It is compelled to disapprove the course adopted by the High Court as a matter of procedure. When an application for anticipatory bail was listed before the learned Single Judge, which was also accompanied by an application for ad-interim relief, the learned Judge should have decided the same one way or the other, so far as the ad-interim prayer or should have taken up for consideration after giving....... + More
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2022 (2) TMI 1423
Computation of profits under the presumptive provisions of section 44BB - Receipts on account of VAT Service tax - AO held that the receipts on account of service tax and VAT are in the nature of royalty/FTS u/s 9(1)(vi)/9(1)(vii) - HELD THAT:- As examined the issue of inclusion of service tax and VAT with reference to the provisions of Section 44BB in the light of the judgment of Mitchell Drilling International Pvt. Ltd [ 2015 (10) TMI 259 - DELHI HIGH COURT] as held that the purposes of computing the presumptive income of the assessee for th....... + More
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2022 (2) TMI 1422
Nature of expenditure - expenses has been incurred on advertisement - HELD THAT:- In our opinion, having regard to the concurrent findings recorded by the Tribunal and the High Court, with respect to the purpose for which the expenditure was incurred in the present cases, the impugned judgments are not in error and do not call for any interference. Special Leave Petitions and the Civil Appeals are, accordingly, dismissed.
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2022 (2) TMI 1421
Dishonour of cheque - insufficient funds - legally enforceable debt or not - rebuttal of presumption under Section 139 NIA - mention about a friendly loan in his Income Tax Returns or not? - Section 165 of the Indian Evidence Act, 1872 - HELD THAT:- There is a legal presumption of consideration under section 118(a) of NIA. The court shall presume that every negotiable instrument was made or drawn for consideration and that every such instrument, when it has been accepted, indorsed, negotiated, or transferred, was accepted, indorsed, negotiated....... + More
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2022 (2) TMI 1420
Validity of Rule 35 of the Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Rules 2018 - ultra vires to Articles 13, 19(1)(a), 19(1)(g) or not - language of the Name Board - HELD THAT:- There is a definite public purpose that is sought to be achieved by Rule 35 if read correctly. What the Petition wholly fails to recognise is that this requirement is not meant to benefit retail traders but is meant for the convenience and benefit of workers and the public who approaches these retail outlets. These are p....... + More
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2022 (2) TMI 1419
Validity of assessment u/s 144C not following the directions of the DRP by the Assessing Officer follow the directions of the DRP by the Assessing Officer - Existence of Permanent Establishment [PE] - Attribution of profit - HELD THAT:- This Tribunal [ 2021 (12) TMI 545 - ITAT DELHI] has held the impugned assessment orders as non-est it is mandatory to follow the directions of the DRP by the Assessing Officer failing which the assessment order would become non-est. In our considered view, the Assessing Officer passed the impugned final assessm....... + More
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2022 (2) TMI 1418
Money Laundering - Property acquired from proceeds of crime or not - involvement in an international syndicate of laundering the money generated out of drug trafficking in Australia and other countries - continuation of proceeding under PMLA. HELD THAT:- The offence of money laundering under the PMLA is therefore, layered and multi-fold and includes the stages preceding and succeeding the offence of laundering money as well. The language of Section 3 clearly implies that the money involved in the offence of money laundering is necessarily the ....... + More
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2022 (2) TMI 1417
Suspension order - alleged negligence on the part of the respondent delinquent in handling the keys in inappropriate manner resulted into theft/loss of cash from the cash safe - HELD THAT:- The power of judicial review in the matters of disciplinary inquiries, exercised by the departmental/appellate authorities discharged by constitutional courts under Article 226 or Article 136 of the Constitution of India is well circumscribed by limits of correcting errors of law or procedural errors leading to manifest injustice or violation of principles ....... + More
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2022 (2) TMI 1416
Enhancement of penalty - delayed submission of documents deliberately or with any mala fide intention - HELD THAT:- This is a case of delay in furnishing of certain documents. There is no revenue implication. The department has not been able to establish any deliberate delay or any mala fide intention on the part of the appellant. As and when the appellant could gather the requisite documents they were presented before the assessing officers for finalising the provisional assessments. In fact, out of the 35 Bills of Entry involved, 31 could be....... + More
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2022 (2) TMI 1415
Rival claims of the parties to the petition for having control over the management of NRI Academy of Sciences (NRIAS), which run 1000 bedded Hospital and Colleges including Medical and Nursing Homes. HELD THAT:- Having given anxious consideration to the subject matter of the writ petition and the nature of the dispute arising between the parties and in view of the consent given by the learned counsel for the parties, it is deemed appropriate to refer the dispute for arbitration. Accordingly, with the consent of the parties, Sri Justice Devinde....... + More