The Union finance ministry has asked field officers of the income tax department to not be adversarial to assessees, and to not send high-pitched demands without a proper basis.
The Delhi high court on Monday said it would hear on May 10, pleas by internet and social media giants, Facebook, Twitter and Google, challenging an order directing them to remove, block or disable on a global basis links to a video containing defamatory allegations against yoga guru Ramdev.
The debate on the constitutionality of tribunals has not been set to rest as yet, says Gopal Krishna.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
The new chief minister, if from the Congress, will have little or no time for political administration, to ensure that he does not lose the voter's goodwill even before the Lok Sabha polls. He can count only on one thing. That the BJP may not want to upset him too early lest an early failure should become an added problem for the party in all the polls to follow, predicts N Sathiya Moorthy.
A bench of Justices Hima Kohli and Subramonium Prasad said the government is expected to remain cognisant of the situation and evaluate it closely and if it is found that the rate of infection is going up, they can always review their decision and impose curbs, depending upon the situation.
Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
A bankruptcy appeals court has scrapped billionaire Anil Agarwal-led Twin Star Technologies' winning bid to take over Videocon Industries Ltd on a plea by some creditors that the money offered imposed a steep Rs 62,000 crore haircut upon banks. The National Company Law Appellate Tribunal (NCLAT) asked creditors to initiate the fresh sale of Videocon, a consumer durables company manufacturing products ranging from air-conditioners to washing machines, for recovery of their unpaid Rs 64,637.6 crore. While a majority of lenders had previously accepted Twin Star Technologies' Rs 2,962.02 crore offer, Bank of Maharashtra (BoM) and IFCI Ltd dissented, saying the amount offered was close to the liquidation value of the bankrupt firm and that they cannot be paid less than the liquidation value.
If a couple is registered as joint owners of a property, the tax authorities expect both of them to show their income or capital gains from the house in their tax returns, says Arvind Rao, a chartered account and certified financial planner
'I clearly recall how you immediately directed your administration to identify and allocate land, water, and other clearances in the shortest time possible.' 'That was the fastest decision-making process I have ever witnessed.'
The bench, headed by Justice Patil, however, allowed a significant leeway for the developers in the judgment by permitting the state-level RERA Authority and the Appellate Tribunal to consider delays on a case-to-case basis, and not to cancel such projects or developers' registration in cases where the delay was caused due to "exceptional and compelling circumstances."
Sources at the Indian mission said that the family was taken to the hospital for medical check up and then presented in a court for hearing.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Religious rights of every person are subject to "public order", the Supreme Court said on Monday while dismissing the plea of a man seeking to exhume the body of his son, who was dubbed a terrorist and killed in an encounter in Kashmir in November 2021, so the family could conduct his last rites in the same graveyard.
Most political leaders in Punjab have come out in the open to oppose him, unlike the early 1980s when political leaders were scared of speaking against Bhindranwale, observes Sudhir Bisht.
The Supreme Court has said that Cyrus Mistry's removal as executive chairman of Tata group was justified as a "a person who tries to set his own house on fire for not getting what he perceives as legitimately due to him, does not deserve to continue as part of any decision-making body".
Geetanjali Krishna explains why this may slow down India's fight against corruption.
State's move is seen as a pilot for a national rollout of online land title records. Maharashtra plans to start the system in Mumbai.
Vice President Dhankar's and Law Minister Rijuju's recent interventions have the danger of destabilising the Constitutional equilibrium, cautions N Sathiya Moorthy.
A staff court of inquiry found that Tej Bahadur Yadav guilty of making false charges.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
The petition was mentioned on Tuesday by Income Tax counsel Beni Chatterjee and Vodafone lawyer Fereshte Sethna before a bench headed by Chief Justice Mohit Shah.
The ISRO spy case is dead. And yet, not dead.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The Supreme Court Thursday ordered that the report of a high-level committee on the role of erring police officials in the 1994 espionage case relating to Indian Space Research Organisation scientist Nambi Narayanan be given to the Central Bureau of Investigation and directed the agency to conduct further investigation on the issue.
'We are going to have plane crashes left, right and centre.'
The CM also announced compensation of Rs 10 lakh each for those killed during the protest and Rs 3 lakh each for the injured, government jobs for the family members of the deceased also announced.
State real estate regulators are the best option for home-buyers when it comes to seeking relief. The cases are disposed much faster, and the individuals don't need to engage lawyers as the process is simpler, says Tinesh Bhasin.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
It's been a decade of ordeals for the residents of the plush Mayfield Gardens in Gurgaon who are living in their crore plus apartments without basic amenities of water, power and sewage. A Ganesh Nadar reports.
'There are three pillars of concern: The expansion of Hindu majoritarianism, the concentration of executive power and decay of independent institutions, and curbs on free expression and dissent.'
The Chief Justice, while speaking at the farewell reference organised by the high court, said that judges are only interpreters and are not here to make the law or to evolve a policy and a balance has to be maintained between judicial activism and restraint.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
He was informed by the PWD authorities that case of religious structure has been thoroughly debated and Religious Committee has recommended to remove it.
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
