Search Results for Tag : Profit
International Cases
Constructive trust rests in civil law on a claim for breach of fiduciary duty and does not rest on any aspect of criminal law(03.11.2021)
Mr. Robert Faichney and Mr. David Perrin were directors of Vantis Tax Ltd ("VTL"). During this time, Mr. Faichney and Mr. Perrin ("the directors") exp.....
Tags : Cheating, Public revenue, Secret profits
Notifications & Circulars
Provisioning pertaining to Fraud Accounts(18.04.2016)
Reserve Bank of India notified amendments to provisions in respect of Fraud Accounts. Banks making good amounts upon detection of fraud can adjust fin.....
Tags : fraud accounts, banks, adjustment, profit and loss
Judgments
Honest guess work will always be required for calculating the mesne profits(19.01.2018)
Instant Regular First Appeal under Section 96 of the Code of Civil Procedure, 1908 (CPC) is filed by the Appellant/tenant/Oriental Insurance Company L.....
Tags : Mesne profits, Determination, Grant
Uploading of financial statements by private educational institutions would not amount to breach of their Right to Privacy(29.05.2021)
The challenge in the present petition is restricted to the modifications carried out by Central Governmet while extending the Punjab Regulation of Fee.....
Tags : Education, Transparency, Profiteering, Right to Privacy
News
ITAT, Delhi Restricts Addition Only on Embedded Portion of Profit(19.04.2022)
Income Tax Appellate Tribunal, Delhi has observed that the addition due to mismatch amid the Books of Accounts and Form 26AS can be made only on the e.....
Tags : Income Tax Appellate Tribunal, Books of Accounts, Form 26AS, embedded profit portion
CESTAT: Deposits in Profit and Loss Account is Not Duty Under Excise Act(24.03.2022)
Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) has ruled that deposit in Profit & Loss Account is not duty and therefore, provisions o.....
Tags : Customs, Excise, and Service Tax Appellate Tribunal, Deposits in Profit and Loss Account
ITAT: Salary Paid Outside the Books of Account Cannot be Considered as Concealed Profit(24.05.2022)
Income Tax Appellate Tribunal (ITAT), Chandigarh has held that salary paid outside the books of account cannot be recognised as concealed profit and n.....
Tags : ITAT, Concealed Profit, Assessee
ITAT, Mumbai Deletes Transfer Pricing Adjustment on International Transaction(06.05.2022)
Income Tax Appellate Tribunal, Mumbai while ruling that Transfer Pricing Officer (TPO) has adopted the wrong Gross Profit Margin of the comparable com.....
Tags : Income Tax Appellate Tribunal, Transfer Pricing Officer, Gross Profit Margin, Transfer pricing
NAA Upholds Profiteering Charges Against L’Oréal(27.06.2022)
National Anti-profiteering Authority (NAA) has upheld the profiteering charges against M/s L’Oréal and determines the amount of profiteering as Rs. 1,.....
Tags : National Anti-profiteering Authority, Profiteering Charges
ITAT, Kolkata: Disallowance U/S 14A Not to be Considered While Computing Book Profit(16.05.2022)
Income Tax Appellate Tribunal, Kolkata has ruled that the disallowance under Section 14A of the Income Tax Act, 1961 cannot be considered while comput.....
Tags : Income Tax Appellate Tribunal, Section 14A, Income Tax Act, 1961, book profit
Allowing AAP MLAs to Summon Witnesses could Prolong the Office of Profit Matter: Delhi High Court(02.11.2018)
Delhi High Court has said that allowing 20 AAP MLAs, facing allegations of having held office-of-profit, to summon witnesses in the disqualification p.....
Tags : Delhi High Court, AAP MLAs, Office of Profit
Madras HC: Royalty Income Not Relatable to Export Business Excludable from Business Profit(23.06.2022)
Madras High Court has upheld the exclusion of royalty income from business profits for calculation of deduction under Section 80HHC of Income-Tax Act,.....
Tags : Madras High Court, Royalty Income, Business Profit
SC: Landlord Entitled to Mesne Profits from Tenant When Execution of Eviction Decree is Stayed(08.07.2022)
Supreme Court has held that once a decree for eviction is stayed, it is necessary for the appellate court to fix the mesne profits to be paid by the t.....
Tags : Supreme Court, Mesne Profit, Tenant, Eviction Decree
ITAT: Profit Element of Hawala Purchase Would be Subjected to Tax, Not the Entire Amount(13.07.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench has held that the profit element of hawala purchase would be subjected to tax, not the entire amount.
Tags : ITAT, Profit, Hawala Purchase
NAA Imposes Penalty of Rs. 223 Crores on HUL for GST Profiteering(28.12.2018)
National Anti-profiteering Authority (NAA) has imposed a penalty of Rs. 233 crore on the Hindustan Unilever Ltd (HUL) for not passing GST rate cut ben.....
Tags : National Anti-profiteering Authority, Hindustan Unilever Ltd.
Uttarakhand High Court Orders Ramdev Company to Share Profits with Locals(29.12.2018)
Uttarakhand High Court has directed a company run by yoga guru Ramdev to share a percentage of its profits with local farmers and communities.
Tags : Uttarakhand High Court, Ramdev Company, Share Profits with Locals
NAA: TTK Prestige Guilty of Not Passing Benefit of GST to Customers(01.12.2020)
National Anti-profiteering Authority (NAA) has found TTK Prestige guilty of profiteering for not passing the benefit of Goods and Service Tax reductio.....
Tags : National Anti-Profiteering Authority, TTK Prestige
McDonald’s Franchisee Made Illegal Profit of Rs. 7.49 Crores: Anti Profiteering Authority(22.11.2018)
National Anti Profiteering Authority has found that Hardcastle Restaurants, a franchisee of McDonalds, did not pass on the benefit of Input Tax Credit.....
Tags : Anti Profiteering Authority, McDonald's
CBIC Extends Date for Completion of Anti-profiteering Probes(16.12.2020)
Central Board of Indirect Taxes and Customs (CBIC) has extended deadline for completion of anti-profiteering investigations by authorities till 31st M.....
Tags : Central Board of Indirect Taxes and Customs, Anti-profiteering Probes
ITAT, Mumbai: Provisions of Book Profit Not Applicable When No Income Tax Payable(19.02.2021)
Income Tax Appellate Tribunal (ITAT), Mumbai has ruled that the provisions relating to Book Profit will not be applicable when there is no income tax .....
Tags : Income Tax Appellate Tribunal, Book Profit
NAA Orders Suncity Project to Pass on ITC Benefits Along with Interest to its Homebuyers(22.12.2020)
National Anti-Profiteering Authority (NAA) has ordered the M/s Suncity Project to pass on Input Tax Credit (ITC) benefits along with interest to its h.....
Tags : National Anti-Profiteering Authority, Suncity Project
NAA Directs DGAP to Further Investigate Profiteering Against DRA Adithya Project(22.12.2020)
National Anti-Profiteering Authority (NAA) has directed the Director-General of Anti-Profiteering (DGAP) to further investigate profiteering against D.....
Tags : National Anti-Profiteering Authority, DRA Adithya Project
SC: Tenant Continuing Possession After Expiry of Lease is Liable to Pay Mesne Profits(08.09.2022)
Supreme Court has held that while a tenant at sufferance cannot be forcibly dispossessed, that does not detract from the possession of the erstwhile t.....
Tags : Supreme Court, Tenant, Mense Profit
NAA Finds Inox Leisure Guilty of Not Passing GST Rate Cut to Consumers(12.01.2021)
National Anti-Profiteering Authority (NAA) has found Inox Leisure guilty of not passing Goods and Service Tax (GST) rate cut to consumers, noting that.....
Tags : National Anti-Profiteering Authority, Inox Leisure
Bombay HC Disqualifies BJP MLA For Concealing Info About Office of Profit(20.01.2017)
Bombay High Court has disqualified Bharatiya Janata Party MLA from Gadchiroli (ST) Deorao Holi from Assembly membership on a plea that he didn't discl.....
Tags : Bombay High Court, BJP, MLA, Office of Profit
Delhi High Court Directs Loreal to Deposit Principal Profiteered Amount(10.10.2022)
Delhi High Court has directed Loreal to deposit the principal profiteered amount after deducting the GST imposed on the net profiteered amount in six .....
Tags : Delhi High Court, Loreal, Profiteered Amount
SC: Education is Not Business to Earn Profit(08.11.2022)
Supreme Court while upholding Andhra Pradesh High Court’s order to strike down State government's decision to hike annual tuition fees for MBBS course.....
Tags : Supreme Court, Education, Profit
Meghalaya HC: Teachers of Aided Colleges Can Take Part in Election; Not Bearers of Office of Profit(08.12.2022)
Meghalaya High Court has held that employees of the educational institutes do not hold an Office of Profit, and if they satisfy the requisite conditio.....
Tags : Meghalaya High Court, Office of Profit, Education Institutes
Madras HC Orders Shutdown of Fake Websites Misleading Devotees(02.02.2023)
Madras High Court while observing that temples should not turn into places for gaining profits, has ordered closure of all illegal and unauthorized we.....
Tags : Madras High Court, Temples, Unauthorized Websites, Profits
National Anti Profiteering Authority Penalizes VTWO Ventures(22.05.2019)
National Anti Profiteering Authority has held VTWO Ventures to be guilty of anti-profiteering and is directed to deposit the profiteered amount along .....
Tags : National Anti Profiteering Authority, VTWO Ventures
#GST: Govt Notifies Anti-Profiteering Rules(21.06.2017)
Central Government has notified the Anti-profiteering Rules, 2017 under the GST law.
Tags : Goods and Services Tax, GST, Anti-Profiteering Rules
SC: Consumer Disputes Can be Raised for Goods/Services Not Connected to Profit Generation(18.04.2023)
Supreme Court while observing that commercial enterprises are not excluded from definition of ‘Consumer’ under Consumer Protection Act, has held that .....
Tags : Supreme Court, Consumer Disputes, Commercial Enterprises, Profit Generation
NAA Directs GST Officers to Collect Evidence Against Suppliers Denying GST Rate Cut Benefits(25.06.2021)
National Anti-Profiteering Authority (NAA) has directed Goods and Services Tax officers to collect evidence against suppliers denying GST Rate Cut ben.....
Tags : National Anti-Profiteering Authority, Suppliers Denying GST Rate Cut Benefits
Bhopal Court Hears Vyapam Case Till 2 am, Issues Arrest Warrants Against 200 Accused(29.11.2017)
Bhopal Court Hears Vyapam Case Till 2 am, Issues Arrest Warrants Against 200 Accused
Tags : The 1500-page CBI chargesheet had named 592 accused in connection with 2012 Pre-medical Test scam. The accused included officials of four private medical colleges involved in selling seats for profits and several government officials.
ITAT Delhi: Excessive Application of Net Profit Rate is Not Admissible(04.12.2019)
Income Tax Appellate Tribunal, Delhi has ruled that in earlier assessment years as well as in subsequent assessment years, a particular net profit rat.....
Tags : ITAT Delhi, Net Profit Rate
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.....
Tags : National Anti- Profiteering Authority, Input Tax Credit
National Anti- Profiteering Authority Imposes Penalty on Samsung India(03.03.2020)
National Anti- Profiteering Authority has levied a penalty of Rs 37.85 Lakhs on Samsung India for not passing on the benefits of lower Goods and Servi.....
Tags : National Anti- Profiteering Authority, Samsung india
Delhi High Court Asks Builders to Deposit 50% of Profiteered Amount(05.03.2020)
Delhi High Court has asked two real estate companies to deposit 50% of the alleged profiteered amount in separate funds, staying the order of National.....
Tags : Delhi High Court, Deposit of Profiteered Amount
Delhi HC: Anti-Profiteering Provisions Under CGST Act Upheld Since They Promote Consumer Welfare(30.01.2024)
Delhi HC while upholding the provisions concerning anti-profiteering measure & establishment of National Anti-Profiteering Authority under the Central.....
Tags : Delhi High Court, Anti-Profiteering Provisions, Consumer Welfare, National Anti-Profiteering Authority
Delhi High Court Stays NAPA's Order Against Johnson & Johnson for Wrongful Profiteering(19.02.2020)
Delhi High Court stayed a show-cause notice issued by National Anti-Profiteering Authority (NAPA) against Johnson & Johnson for wrongfully profiteerin.....
Tags : Delhi High Court, National Anti-Profiteering Authority, Johnson & Johnson
Calcutta HC: Non-Profit Organization Utilizing Profits for Furtherance of Purpose, Charitable Activit(07.03.2022)
Calcutta High Court has ruled that when a Company has been established as a non-profit organization under the Companies Act, 2013 and its profits are .....
Tags : Calcutta High Court, Non-Profit Organization
ITAT, Ahmedabad: Expenses on Interest Payment on Loans Not Added While Computing Book Profit(02.03.2020)
Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that expenses on account of interest payment on loans could not be added while computing book.....
Tags : Income Tax Appellate Tribunal, Computing Book Profit
NAA Orders Patanjali to Pay ?75 Crore for Not Passing GST Cut(17.03.2020)
National Anti-Profiteering Authority (NAA) has ordered Patanjali Ayurveda Ltd to pay up Rs 75.08 Crore for not passing on benefits of goods and servic.....
Tags : National Anti-Profiteering Authority, Patanjali
NAA Orders Patanjali to Pay Rs 75 Crore for Not Passing GST Cut(17.03.2020)
National Anti-Profiteering Authority (NAA) has ordered Patanjali Ayurveda Ltd to pay up Rs 75.08 Crore for not passing on benefits of goods and servic.....
Tags : National Anti-Profiteering Authority, Patanjali
Bombay HC: Profit Element Embedded in Purchases is Subject to Tax, Not Entire Amount(23.03.2020)
Bombay High Court has held that when the Tribunal had concluded that the Assessee did make the purchase, as a natural corollary, not the entire amount.....
Tags : Bombay High Court, Profit Element Taxable