Power Of Recall Limited To Procedural Errors, Not Rehearing For Judgment Review: NCLAT Principal Bench

The National Company Law Appellate Tribunal Principal Bench, New Delhi of Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member) has held that the power of recall does not grant the NCLAT the authority to rehear a case in order to identify any apparent error in the judgment, as that falls within the scope of a review. The bench held that the power of recall...

AO Was Not Intimated About Removal Of Company's Name From ROC, Draft Assessment Can't Be Said To Have Passed In Name Of Non-existent Entity: Delhi ITAT

While finding that the AO/DRP was not informed about striking off the name of non-resident assessee from the ROC, the Delhi ITAT held that assessee cannot take a plea that draft assessment order was against the non-existing entity or the company whose name is struck off. Further, pointing that the objections of non-existence of company were filed only on the day on which the...

Provision For Leave Encashment Not Debited To P&L A/c, Can't Be Added As Employer's Income: Ahmedabad ITAT

The Ahmedabad ITAT held that provision for leave encashment which was inherited by the assessee on account of restructuring exercise of the GEB, by virtue of which, huge number of employees had been onboarded by the assessee-company, cannot be added to assessee's income. The Division Bench of Annapurna Gupta (Accountant Member) and T.R. Senthil Kumar (Judicial Member) observed that...

Agriculturalist Is Not Supposed To Maintain Books Of Account U/s 44AA For Claiming Exemption U/s 10(1): Delhi ITAT

While granting exemption on agricultural income u/s 10(1), the Delhi ITAT held that assessee being an agriculturalist, is not supposed to maintain books of account as per Sec 44AA. Section 44AA of Income tax Act deals with the maintenance of books of accounts by certain persons carrying on business or profession. Finding regularity and consistency of declared agricultural income...

External Development Charges Collected In Advance By Builder From Prospective Flat Owners, Can't Be Brought To Tax: Delhi ITAT

The Delhi ITAT held that when the project under consideration is not yet completed, the advance collected by infrastructure companies from the buyers cannot be charged to profit and loss account. The Division Bench of S. Rifaur Rahman (Accountant Member) and Anubhav Sharma (Judicial Member) observed that “the assessee has collected the same for providing the common services...

Telangana High Court Directs Speaker To Decide In Four Weeks Disqualification Pleas Against BRS MLAs Who Defected To Congress

The Telangana High Court today directed the Speaker of the State Legislative Assembly to fix a schedule of hearing within four weeks to decide upon the disqualification pleas preferred by the BRS and BJP MLAs against the defection of three BRS MLAs to the Congress Party.The bench comprising Justice B. Vijaysen Reddy stated that since there's no information as to the status of the...

Jharkhand Cabinet Approves Rs 5 Lakh Medical Insurance For 30K Lawyers, 5K Monthly Stipend For New Lawyers, 14K Pension For Senior Lawyers

The Jharkhand government, in a Cabinet meeting chaired by Chief Minister Hemant Soren on September 6, 2024, approved a Rs 5 lakh medical insurance cover for over 30,000 lawyers across the state. Additionally, the Cabinet approved two more key schemes aimed at supporting lawyers. Advocates aged 65 years and above will now receive a monthly pension of Rs 14,000, while newly enrolled advocates...

Extended Period Of Limitation Can't Be Invoked If Officials Are Negligent: CESTAT

The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that no further investigation was conducted by the Revenue for more than two years after the search, hence the extended period of limitation can't be invoked. The Bench of R. Muralidhar (Judicial Member) and Rajeev Tandon (Technical Member) has observed that “the officials did not take up...

Assessee Failed To Explain Huge Variation In Stock And Admitted To Shortage: CESTAT Upholds Penalty Under Section 11 AC(1)(A) Of The Central Excise Act, 1944

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the assessee has failed to explain the huge variation in stock and has admitted to the shortage, making them liable under Section 11AC(1)(A) of the Central Excise Act, 1944. Section 11 AC(1)(A) Of the Central Excise Act, 1944 provides that if any excise duty has not been levied,...

Kerala Court Grants Pre-Arrest Bail To Actor-MLA Mukesh And Actor Edavela Babu In Rape Case

A Kerala Court granted anticipatory bail to film actor and MLA Mukesh and Actor and former AMMA General Secretary Edavela Babu in the rape cases alleged against them. The bail application was allowed by Ernakulam Sessions Judge Honey M Varghese. The actors have approached the Court by filing separate anticipatory bail applications over allegations of rape made against them after the...

No Service Tax Can Be Determined Without Clarifying The Category Of Service Under Which The Said Amount Can Be Attributed: CESTAT

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that no service tax can be determined without clarifying the category of service under which the said amount can be attributed. Under Section 78 of the Finance Act, 1994, if service tax has not been levied, paid, short-levied, short-paid, or erroneously refunded due to fraud,...

No Evidence Of Over-Valuation Of Goods; Transaction Value Wrongly Rejected Under Rule 8 of Customs Valuation Rules: CESTAT

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that there is no evidence of over-valuation of Goods and the transaction value has been wrongly rejected under Rule 8 of Customs Valuation Rules. Section 113 of the Customs Act, 1952 provides the list of goods that are liable to be confiscation if they are attempted to...