20 January 2020


News

ITAT Delhi: Exemption to Agricultural Lands Bought not for Business Purposes Allowed - 17.01.2020

Income Tax Appellate Tribunal, Delhi has allowed exemption on agricultural lands bought without an intention to purchase the land for any business purposes.

Tags : Income Tax Appellate Tribunal Exemption on Agricultural Lands

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Karnataka High Court Imposes Cost on Police Officers for Registering FIR Under Section 66A of IT Act - 17.01.2020

Karnataka High Court has directed two police officers to pay a cost of Rs. 10,000 each for registering a First Information Report under Section 66 (A) of the Information Technology Act, 2000 which has been struck down by the Supreme Court.

Tags : Karnataka High Court First Information Report Information Technology Act

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Securities and Exchange Board of India Allows Trading in Options on Commodities - 17.01.2020

Securities and Exchange Board of India has allowed exchanges to start trading in options on goods. The Board further has said that the contract specifications for options on goods have to be the same as commodity futures.

Tags : Securities and Exchange Board of India Trading in Options on Commodities

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Supreme Court Rejects Review Petitions of Telecom Companies - 17.01.2020

Supreme Court has dismissed the Review Petitions of Telecom companies on Adjusted Gross Revenue (AGR) payment order. The Companies would have to pay Rs 1.47 Trillion in AGR dues including penalties and interests by January 23.

Tags : Supreme Court Telecom Companies Review Petition

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Madras High Court: ‘Bitumen Emulsion’ Is 5% Taxable Under TNVAT Act, 2006 - 16.01.2020

Madras High Court has held that the “Bitumen Emulsion” is to be classified as “Bitumen” and is liable to be taxed at the rate of 5% as prescribed therein for “Bitumen” under the Tamil Nadu Value Added Tax Act, 2006.

Tags : Madras High Court Bitumen Emulsion

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Calcutta High Court: Inconvenience of Wife Treated as Prime Consideration in Matrimonial Suit - 16.01.2020

Calcutta High Court has ruled that if a Transfer Petition under Section 24 of the Code of Civil Procedure, 1908 is sought by a wife during matrimonial proceedings, the Court while deciding the petition should take into consideration the inconvenience caused to her.

Tags : Calcutta High Court Transfer Petition Matrimonial Suit

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Bombay HC: Nothing in RTI Act Empowers CIC to Constitute Any Committee or Conduct Any Enquiry - 16.01.2020

Bombay High Court has ruled that nothing in the Right to Information Act, 2005 empowers the State or Central Information Commission to constitute any committee or conduct any enquiry on its behalf. The Court further has stayed the implementation of an Order passed by an Information Commissioner directing the Department of Economic Affairs to conduct an enquiry.

Tags : Bombay High Court Central Information Commission Power to Constitute Committee

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CESTAT: No Vivisection in Service and Material Components of Contract is Composite Works Contract - 16.01.2020

Customs, Excise, and Service Tax Appellate Tribunal Hyderabad has held that where a contract cannot be vivisection between service component and material component, the contract in question is a composite works contract.

Tags : Customs Excise and Service Tax Appellate Tribunal Composite Works Contract

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Jharkhand High Court: No Denial of Input Tax Credit if Seller Defaults in Depositing Tax - 16.01.2020

Jharkhand High Court has held that Input Tax Credit cannot be denied for the Petitioner who had discharged all the tax liabilities and where it was not Petitioner’s fault that the selling dealer had made defaults in depositing tax in treasury.

Tags : Jharkhand High Court Input Tax Credt

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Securities Appellate Tribunal Grants Interim Relief to Axis Bank - 16.01.2020

Securities Appellate Tribunal has granted interim relief to Axis Bank in the Appeal seeking status quo on the Order passed by the Securities and Exchange Board of India in the Karvy Case which stated that the pledging of shares by Karvy Stock Broking in cases where clients were “fully-paid” was legally invalid.

Tags : Securities Appellate Tribunal Axis Bank Karvy Stock Broking Case

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Competition Commission of India Orders Probe Against Asian Paints - 16.01.2020

Competition Commission of India has ordered a probe against Asian Paints for allegedly using its domination of the market to hinder the entry of JSW Paints.

Tags : Competition Commission of India Asian Paints

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Supreme Court: Violation of Law by Itself Cannot Lead to Finding of Contributory Negligence - 15.01.2020

Supreme Court has held that a violation of law by itself, without anything more, cannot lead to a finding of contributory negligence while considering claim petitions filed in Motor Accident Cases.

Tags : Supreme Court Contributory Negligence Motor Accident Cases

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Supreme Court: Conviction Cannot be Solely Based on Evidence of Hand-Writing Expert - 15.01.2020

Supreme Court has reiterated that without an independent and reliable corroboration, the opinion of the handwriting experts cannot be relied upon to base a conviction. The Court stated that the evidence of hand-writing experts is only a corroborative piece of evidence to corroborate the evidence of other prosecution witnesses.

Tags : Supreme Court Evidence Hand- Writing

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Madhya Pradesh High Court Denies Bail Application to Goods and Service Tax Evader Worth Rs 60 Crores - 15.01.2020

Madhya Pradesh High Court has denied the Bail application filed by Goods and Service Tax Evader in connection with the crime which was registered with the Commissioner of Central Goods and Service Tax, Jabalpur for the offenses punishable under Sections 132 (1) (d) of Central Goods and Service Tax Act, 2017 and Sections 471 and 120-B of the Indian Penal Code, 1860.

Tags : Madhya Pradesh High Court Goods and Services Tax

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CESTAT Mumbai: Cleaning Service Provided Through Manpower Not Taxable Service - 15.01.2020

Customs Excise and Service Tax Appellate Tribunal- Mumbai has held that the company providing cleaning services through Manpower engaged by it were under the administrative and supervisory control of the company and cannot be treated as Manpower Recruitment or Supply of Services.

Tags : Customs Excise and Service Tax Appellate Tribunal Cleaning Service by Manpower

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Madras High Court: No Tax Deduction for Replacement of Machineries - 15.01.2020

Madras High Court has held that the replacement of the machineries as a whole cannot be held to be current repairs or allowable revenue expenditure.

Tags : Madras High Court Tax Deduction Replacement of Machineries

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Reserve Bank of India Lifts Restrictions on Catholic Syrian Bank on Opening Branches - 15.01.2020

Reserve Bank of India has lifted a restriction that was imposed on the Catholic Syrian Bank for opening new branches, given the delayed initial public offering, with effect from January 10.

Tags : Reserve Bank of India Catholic Syrian Bank

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Himachal Pradesh High Court: Denial of Salary A 'Continuing Wrong'; Not Barred By Limitation - 14.01.2020

Himachal Pradesh High Court has observed that the issues pertaining to payment of salary, allowance, etc. are not barred by limitation due to their recurring nature.

Tags : Himachal Pradesh High Court Salary

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Karnataka High Court Upholds Tax on Captive Electricity Usage - 14.01.2020

Karnataka High Court has upheld the validity of the levy of tax on electricity captively generated. The Court has discussed that the incidence of tax in accordance with Section 4(3) of the Karnataka Electricity (Taxation and Consumption) Act, 1959 is on consumption.

Tags : Karnataka High Court Captive Electricity Use

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NCLAT Seeks Clarity from Government and Agencies on JSW Steel Ltd Immunity - 14.01.2020

National Company Law Appellate Tribunal has directed the Enforcement Directorate and other investigative agencies to clarify whether JSW Steel Ltd would have immunity for offences committed by the previous management under the December Ordinance.

Tags : National Company Law Appellate Tribunal JSW Steel Ltd. Immunity

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SEBI Extends Deadline to Split Chairman and Managing Director/ Chief Executive Officer Post - 14.01.2020

Securities and Exchange Board of India has extended the deadline by two years to April 1, 2022 for the top 500 listed firms to separate the roles of Chairman and Managing Director/ Chief Executive Officer.

Tags : SEBI Deadline

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Supreme Court Allows Enforcement Directorate to Attach Assets of JP Morgan - 14.01.2020

Supreme Court has allowed the Enforcement Directorate to proceed against the firm, JP Morgan and attach its properties for taking away Rs. 140 Crore of Amrapali homebuyers’ money through alleged transactions in violation of Foreign Exchange Management Act, 1999 and Companies Act, 2013.

Tags : Supreme Court JP Morgan

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Gujarat High Court Sets Aside Reassessment Notice Issued to Amalgamated Company - 13.01.2020

Gujarat High Court has set aside Reassessment Notice issued to the amalgamated company which ceased to exist after the approval of the composite scheme of arrangement.

Tags : Gujarat High Court Reassessment

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National Anti- Profiteering Authority: Builders Should Pass Benefit of Input Tax Credit to Buyers - 13.01.2020

National Anti- Profiteering Authority has held that if the builders have denied the benefit of Input Tax Credit to the buyers, then they are liable to be punished for profiteering in contravention of provisions of Section 171 of the Central Goods and Services Tax Act, 2017.

Tags : National Anti- Profiteering Authority Input Tax Credit

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Kerala High Court:Authority of Advance Rulings Does not Have Jurisdiction to Go Beyond Issue Referred - 13.01.2020

Kerala High Court has held that it is only open to Authority of Advance Rulings to enquire based on terms of the agreement and not venture beyond the terms of reference in embarking upon an enquiry.

Tags : Kerala High Court Jurisdiction

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Kerala High Court: Department Circulars Cannot Override Supreme Court Judgment - 13.01.2020

Kerala High Court has ruled that the Circulars issued by the Government Department do not have priority over the decisions of the Supreme Court and High Courts.

Tags : Kerala High Court Departmental Circulars

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KHC: Input Tax Credit Claims Not Shown in VAT Return Cannot be Availed Through Filing Form 240 - 13.01.2020

Karnataka High Court (KHC) has held that the Input Tax Credit Claim which has not been shown in the Value Added Tax Return cannot be availed merely through filing Form 240. The Court has further observed that when the statutory provision mandates compliance in a particular manner, it should be done in that particular way alone and not by any other method.

Tags : KHC VAT Return

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Central Board of Indirect Taxes and Customs Extends Waiver of Late Fee of All Pending Form GSTR-1 - 13.01.2020

Central Board of Indirect Taxes and Customs has extended the waiver of late fee of all pending Form GSTR-1 from July 2017 to November 2019 till 17th January, 2020

Tags : Central Board of Indirect Taxes and Customs Late Fee

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