ITAT Restricts Addition To Estimated Profit Of 30% Of Cash Deposits Made During Demonetisation Period

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has directed the AO to estimate a 30% net profit on total cash deposits made during the demonetization period and deleted the balance additions made under Section 69A of the Income Tax Act.The two-member bench of V. Durga Rao (Judicial Member) and G. Manjunatha (Accountant Member) observed that neither the assessee proved its...

OVI R17 CPC | P&H High Court Sets Aside Trial Court Order Allowing Amendment To Pleadings After Dismissal Of Suit

Punjab and Haryana High Court recently allowed a revision petition and set aside the order of the lower appellate Court vide which it allowed respondent/plaintiff's application under Order VI Rule 17 CPC for amendment of the plaint, after dismissal of suit.It held that Order VI Rule 17 of CPC specifically provides that amendment to pleadings cannot be allowed after the commencement of...

14 Days Inordinate & Unexplained Delay In Considering Detainee's Representation Sufficient To Quash Preventive Detention Order: Madras HC

The Madras High Court recently set aside a preventive detention order after observing that there was an inordinate and unexplained delay of 14 days in considering the representation made on behalf of the detenu.In the subject case, admittedly, there is an inordinate and unexplained delay of 14 days in considering the representation by the Hon'ble Minister for Home, Prohibition and...

42nd Constitutional Amendment Poisonous, State Better Equipped To Deal With Matters Of Education: Argument In Madras HC To Move Edu To State List

Education should essentially be a State subject as State is better equipped than Centre to determine the needs of the people, Senior Advocate NR Elango argued before the Madras High Court on Monday in favour of a petition challenging Section 57 of the 42nd Constitutional Amendment.The provision transferred the subject of 'Education' from Entry 11 of List II (State List) to Entry 25 of List...

83 UAPA Cases Investigated Since 2005; Chargesheet Filed Within 90 Days In 40, Trial Pending In 29: Delhi Police To High Court

The Delhi Police has informed the Delhi High Court that out of the 83 Unlawful Activities (Prevention) Act cases investigated by it since 2005, the chargesheets were filed within 90 days in at least 40 cases.Though the police registered 98 UAPA cases from 2005 till August 7, 2022, 15 of the FIRs were transferred to National Investigation Agency.Submitting data regarding the remaining 83...

Assessment Made To Best Of Judgment Of Authority Would Not Be Sufficient For Imposition Of Penalty: Madras High Court

The Madras High Court has held that the assessment made to the best of the authority's judgement would not be sufficient for the imposition of penalty, as the degree of proof required for the imposition of penalty is much higher than that required for the purpose of framing a best judgement assessment.The single bench of Justice Anita Sumanth has observed that the petitioner has...

ITAT Is Last Fact Finding Authority And Bound To Follow Directions Issued By High Court in Pith and Substance: Rajasthan High Court

The Rajasthan High Court has held that the Income Tax Appellate Tribunal (ITAT) is the last fact-finding authority and is bound to follow the directions issued by the High Court in pith and substance.The division bench headed by Chief Justice Pankaj Mithal and Justice Anoop Kumar Dhand has held that the direction of the High Court in remanding the matter to the Tribunal was to verify the...

GST Not Payable On Notice Pay Recovery From Outgoing Employee: Punjab AAR

The Punjab Authority of Advance Ruling (AAR) has held that the GST is not payable on notice pay recovered from outgoing employees.The member bench of Sunder Lal and Kumud Singh has observed that the amount received as notice pay recovery by the applicant from the employees who leave the applicant company without serving the mandatory notice period mentioned in the employment contract is not...

Arbitrator Cannot Apply 'Trade Usages' Against The Express Understanding Of The Parties: Calcutta High Court

The Calcutta High Court has held that the arbitrator cannot, while adjudicating the dispute between the parties, apply trade usages against the express intention of the terms of the agreement between the parties. It held that by virtue of Section 28(3) of the A&C Act, an arbitrator can apply trade usages to determine the dispute between the parties, however, the same cannot...

Circumstances Mentioned Under Schedules V Do Not Per Se Render The Arbitrator Ineligible: Delhi High Court

The High Court of Delhi has held that unlike Schedule VII, the circumstances mentioned under the Vth Schedule do not per se render an arbitrator ineligible to be appointed as arbitrator unless it is established that the arbitrator's neutrality was indeed compromised. The bench of Justice Manoj Kumar Ohri held that merely because an Arbitrator has been appointed in more than two...

Default During Section 10A Period Cannot Be Clubbed To Meet Threshold Requirement Under Insolvency And Bankruptcy Code, 2016: NCLAT New Delhi

The National Company Law Appellate Tribunal (NCLAT) recently while deciding an appeal filed by the Operational Creditor against the order dated 17.08.2022 passed by NCLT, New Delhi held that amount of default occurred during the Section 10A period (24.03.2020-23.03.2021) of the Insolvency & Bankruptcy Code, 2016 (IBC/Code) cannot be clubbed by the Operational Creditor to meet...

When Financial Institution Is A 'Borrower' It Can't Invoke Arbitration Under Section 11 Of SARFAESI Act: Delhi High Court

The High Court of Delhi has held that a borrower which also happens to be a financial institution cannot resort to arbitration provided under Section 11 of SARFAESI Act. The bench of Justice Anup Jairam Bhambhani held that Section 11 of SARFAESI Act provides for remedy by way of arbitration only in cases of inter se dispute between the financial institution but does not cover a...