The Honourable

Front-running – Applicable to non-intermediaries?

Front-running is an illegal practice where, a stock broker or any other intermediary derives benefit from the advance knowledge of its customer™s trade. Definitions The Eight edition of Black™s law dictionary defines front-running as A broker™s or analyst™s use of non public information to acquire securities or enter into options or future contracts for his or her own benefit, knowing that… Read More

Tags: 2003 RegulationBlack's Law DictionaryCapital marketDipak Patel OrderFront runningProhibition of FraudulentSATSEBISecurities & Exchange Board of IndiaSecurities marketThe HonourableUnfair competition

Transfers Of Hon’ble Members Of The ITAT (Oct 2013)

Vide Order dated 04.10.2013 passed pursuant to the consultations with the collegium of the ITAT consisting of the President and two senior most Vice Presidents the following Members of the ITAT are hereby transferred in the same capacity to the respective Benches, mentioned below, with immediate effect: Name Present place of posting Transferred place of… Read More

Tags: AhmedabadDelhi High CourtIndiaKolkataReserve Bank of IndiaThe HonourableVice president

Accrual Of Income – Supreme Court Lays Down Important Law

CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More

Tags: AppealGovernmentHigh CourtHonIncome taxMorviSupreme CourtThe Honourable

Section 234D of the IT Act does not apply to assessments prior to June 2003

CLR Editorial Note: This case law refers to a Petition(s) for Special Leave to Appeal which is in respect of retrospectivity of Section 234D of the Income Tax Act, 1961. For the Assessment Year 1998-99, the Assessing Officer passed an assessment order prior to 01st June 2003, in which interest under section 234D was not levied. The assessee… Read More

Tags: AppealCITCommonwealth Law ReportsHigh CourtHonIncome Tax Act 1961Supreme CourtThe Honourable

HC issues strict guidelines in order to end CBDT™s TDS credit & refund adjustment harassments

CLR Editorial Note: A letter dated 30th April 2012 was addressed to the High Court, by Anand Parkash, FCA, in which numerous problems were highlighted which mentioned about the hassles being faced by assesses across the Country owing to the faulty processing of the Income Tax Returns and non-grant of TDS credit & refunds. It was claimed… Read More

Tags: Case LawsCaselawsCBDTCommonwealth Law ReportsHigh CourtIncome taxOrder of AustraliaTaxation in IndiaTDSThe Honourable

Delhi High Court judgment issues seven Mandamus for action by the Income Tax Department

INSTRUCTION NO. 12/2013 DATED 9-9-2013 Hon'ble Delhi High Court vide its judgment in case Court On Its Own Motion v. UOI in W.P.(C) 2659/2012, dated 14.3.2013 has issued seven Mandamus for action by the Income Tax Department. One Mandamus is on compliance of section 245 of the Income-tax Act, 1961. 2. The Hon'ble High Court in this context had issued… Read More

Tags: BangaloreDelhi High CourtHonIncome taxIncome Tax DepartmentMandamusTaxation in IndiaThe Honourable

CBDT Action on Unmatched Challans reflected in Form 26AS – direction of the Hon’ble Delhi HC

INSTRUCTION NO 11/2013 Dated: 27 August, 2013 Subject: - Action on Unmatched Challans reflected in Form 26AS - direction of the Hon'ble Delhi HC in the case 'Court on Its Own Motion vs. UOI & Ors in WP(C) 2659/2012 & WP(C) 5443/2012'- regarding 1. The. Hon'ble Delhi High Court vide its judgement in the case 'Court… Read More

Tags: DelhiDelhi High CourtHonIncome taxIncome Tax DepartmentTaxation in IndiaTDSThe Honourable

Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault

INSTRUCTION NO. 07/2013 Dated 15-07-2013 Subject: Payment of interest u/s 244A of Income Tax Act 1961 when assessee is not at fault - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P,(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action by the… Read More

Tags: Delhi High CourtGovernment of IndiaHonIncome taxIncome Tax Act 1961IndiaMandamusThe Honourable

Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed

INSTRUCTION NO. 6/2013 DATED 10-7-2013 Subject: Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P.(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action… Read More

Tags: Delhi High CourtHonIncome taxIncome Tax ActIncome Tax Act 1961MandamusOrder (biology)The Honourable

Identification of Unserved Intimation under section 143 (1) for cases processed prior to 31-03-2010

Hon'ble Delhi High Court vide judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/2012 dated 14.03.2013 has issued Seven Mandamus for necessary action by income-tax Department one of which is regarding non-enforcement of Demand where no intimation under section 143(1) of Income-tax Act,1961 was sent by field-authorities in refspect of returns which were… Read More

Tags: CBDTCommonwealth Law ReportsDelhi High CourtHonIncome taxTaxation in IndiaThe HonourableUnited States

CECA between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation

CECA between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation discussed;  Anand Sharma Addresses Spief Calls for Deeper Economic Ties with Russia.  Shri Anand Sharma, Minister of Commerce & Industry, led an official delegation from 19-22 June, 2013, to the St. Petersburg International Economic Forum (SPIEF) 2013 at the invitation of Mr. Andrei Belousov,… Read More

Tags: Comprehensive Economic Cooperation AgreementDenis ManturovHonIndiaRussiaSPIEF 2013St Petersburg International Economic ForumThe Honourable

SC verdict: Payments To LIC Towards Group Gratuity funds is allowed

CIT vs. Textool Co. Ltd (Supreme Court) Ratio of the Case: Though section 36(1)(v) requires a direct payment to a gratuity trust fund, payments made to the LIC Group Gratuity Scheme for the benefit of the employees is also allowable. CLR Editorial Notes: The assessee in question had set up a gratuity fund which was… Read More

Tags: AppealCITHonIncome taxIndiaLIC Group Gratuity SchemeSupreme CourtThe Honourable

Constitution Of The Bombay High Court™s Tax Bench w.e.f. 10.06.2013

The Constitution of the Tax Bench in the Bombay High Court w.e.f. 10.06.2013 has been announced. The following is the Constitution: 1. THE HON™BLE CHIEF JUSTICE AND THE HON™BLE SHRI JUSTICE M.S. SANKLECHA (COURT ROOM NO. 52) MONDAY TO FRIDAY EXCEPT THURSDAY   For admission, final hearing and Interlocutory applications therein:- Original Side Civil Writ Petitions… Read More

Tags: ArbitrationBombay High CourtHonIncome taxLawMaharashtraThe HonourableWrit Petition

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