Mumbai, Sep 17 (PTI) Tata Sons' board on Thursday voted to reappoint N Chandrasekaran for a third five-year term as chairman, weeks after he told directors he did not intend to seek reappointment, people familiar with the deliberations said, a reversal driven by regulatory pressure on the group's holding company. The shift follows the Reserve Bank of India's rejection last week of Tata Sons' application to surrender its registration as a non-banking financial company - a decision that revives... ... ...

SH. ABNI RANJAN KUMAR SINHA, HON'BLE MEMBER (J) AND SH. L. N. GUPTA, HON'BLE MEMBER (T) For the Applicant : Sr. Adv. Krishnendu Datta, Adv. Divyam Agarwal and Adv. Geetanjali Shah with Ms. Sonakshi Singh For the Respondent : Adv. Rajiv Singh, Adv. Eknoor Deep ORDER PER SHRI L. N. GUPTA, MEMBER (T) M/s. Jakson Engineers Limited (for brevity the 'Operational Creditor/ Applicant') has filed the present Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for ... ... ...

Goa's GST exemption framework, effective 1 October 2021, adds nil-rate treatment for AFC Women's Asia Cup 2022 event-related services, subject to designated certification, and for rights of admission to its events. It also grants nil-rate treatment for National Permits for goods carriages operating throughout India or contiguous States. The amendments incorporate 12AB references in specified entries, extend coverage to rescheduled India-hosted events, revise selected year references, omit entry 43, and insert a 75% threshold in entry 72.

Following presentation of the Union Budget, filing of Bills of Entry is unavailable from 20:00 hours on 1 February 2021 until ICES changes are updated, and Section 48 approvals are stopped during that period. Other ICEGATE services continue. Shipping Bill filing and assessment remain operational; where export levies change, applicable levies must be manually collected until directory changes are made online. Prior Bills of Entry require verification for changes in duty liability before out-of-charge.

Bona fide reliance on an earlier, Revenue-accepted appellate determination classifying imports under Chapter 29 and dispensing with registration under the Insecticides Act, 1968 negates mala fide conduct and does not justify penalty. Confiscation and consequential redemption fine require goods to be available for confiscation. Where goods were cleared without seizure or detention and were not provisionally released against a bond or bank guarantee, no basis exists for confiscation or redemption fine. Penal and confiscatory consequences are therefore unsustainable in these circumstances.

For authentication of a power of attorney under section 33(1)(a), the principal's actual temporary residence falls within "resides"; authentication before the competent Registrar or Sub-Registrar at that place is valid. Authority to execute and register a kabuliyat extends where the instrument's language and surrounding circumstances show it concerns the lessor-lessee arrangement. A jointly executed document need not be presented for registration by every executant. Presentation by an agent holding a general power of attorney from one joint executant, including registration authority and no relevant restriction, validly supports registration. The kabuliyat consequently operates as an enforceable instrument binding the principal to its contractual liabilities.

After 00:00 hours on 13 April 2020, the pre-existing minimum 48-hour holding window, or any longer period set by the relevant port or terminal, remains available to DPD-DPD importers for taking delivery of containers at port or terminal gates. The earlier 72-hour period operates only as a facilitative extension during the changeover and does not discontinue the ordinary delivery window.

En bloc rail movement of DPD-DPD import containers establishes ICD Mulund as an Extended Port Gate, with CONCOR undertaking rail trans-shipment, handling and custodianship. Delivery ordinarily requires Out of Charge at JNCH, but designated customs officers at ICD Mulund may examine Risk Management System-selected containers and issue Out of Charge there. Entry requires an inward train summary and verification of container and seal integrity; tampered containers undergo mandatory examination. Delivery requires the Bill of Entry, Out of Charge custodian copy and ICD gate pass, supported by a gate-out endorsement.

Commercially inseparable channel subscription and advertisement airtime distribution transactions should be aggregated for arm's-length benchmarking where they are mutually reinforcing, use the same assets, and operate under regulatory rights covering both revenue streams. Separate evaluation is unreliable when neither activity can practically be relinquished while retaining the other. Comparable entities must also have a similar functional and asset profile. Businesses involved in programme production, multi-channel broadcasting, radio operations, newspaper circulation, or ownership of significant intangibles are functionally dissimilar to a sports-channel and advertising-inventory distributor and should be excluded from the comparable set.

Revision of assessment under Section 263 requires an order to be both erroneous and prejudicial to the interests of the Revenue. Third-party search information, without incriminating or corroborative material linking an assessee to alleged cash payments, does not establish either requirement where the Assessing Officer has examined purchase records, allotment details and bank statements and accepted the explanation. Explanation 2(a) does not permit revision merely because different inquiries are preferred; it applies where necessary inquiries or verification were absent. Revision cannot authorise a fishing or roving inquiry or replace a plausible assessment view. The conditions for revision were therefore not established, rendering the revision invalid.

Receipts reflected in seized material and related bank deposits concerned an unregistered Samiti operated by three individuals and were attributable to an association of persons rather than to one individual. Additions in the individual assessment therefore could not be sustained. Any assessment of those receipts, if warranted, must be made in the association's assessment in accordance with law, with arithmetic errors in the seized-material workings addressed.

Taxable income from an alleged immovable-property sale requires evidence of actual receipt of consideration and completion of transfer. The asserted transaction remained disputed before a civil court, while bank records showed no credit to the assessee, possession remained inconsistent with a completed sale, and mortgaged title documents restricted transfer without lender consent. Reliance on departmental information without addressing this contrary evidence did not establish taxable consideration. The addition was deleted because only real income, rather than notional or unreal income from an uncompleted or unproven transfer, is taxable.

Registration under the Rajasthan Public Trust Act, 1959 is not an essential condition for a charitable institution's registration under Section 12AB of the Income-tax Act, 1961. Where a trust already holds valid Section 12AB registration and no contrary material is produced, the absence of State public-trust registration does not justify refusing approval under Section 80G. The trust's application for Section 80G approval is therefore required to be granted.

Registration application rejection for incompleteness, non-compliance with notices, and lack of material establishing genuine activities was set aside. Fresh consideration was directed following the applicant's request for another opportunity to comply, after allowing a reasonable opportunity to cure deficiencies and furnish required information. Costs were imposed for the earlier non-compliance, and the application was restored for a fresh decision.

Unexplained investment addition under Section 69 was sustained because the claimed cash advance from a proposed agricultural-land sale was unsupported during assessment. The receipt and agreement were first produced in appellate proceedings without explaining their earlier absence. As the sale did not materialise and the advance was repaid after five years, the claimed cash source remained unproved under the Section 292C presumption.

Best-judgment assessment requires a profit estimate that is fair, honest and reasonably connected with available material and circumstances. A net-profit rate of 6.5% of gross receipts was sustained because no books of account or credible contrary evidence were produced. The rate took account of past assessment history, comparative gross receipts and the reduction from the Assessing Officer's original 8% estimate.

An alleged on-money addition under Section 69 cannot be sustained solely on an unverified third-party excel sheet and statements where no reliable material links the taxpayer to a cash payment. The Revenue must corroborate such evidence through vouchers, receipts, ledgers, signed documents, comparable transactions, or other assessee-specific incriminating material. Denial of cross-examination of persons whose statements are relied on further undermines the evidentiary basis. Where the declared consideration exceeds stamp-duty valuation and the burden remains undischarged, the addition is unsustainable and must be deleted.

Rectification orders under Section 154 are appealable under Section 246A of the Income-tax Act, 1961. Rejecting an appeal by relying on Section 246, without examining the rectification claim or the taxpayer's claim for the concessional tax rate under Section 115BAB on merits, is unsustainable. Internal allocation of a faceless appeal to the JCIT(A) rather than the CIT(A) does not prejudice the taxpayer. The first appellate authority must adjudicate the rectification and concessional-rate claims on their merits in accordance with principles of natural justice.

Section 90(2) gives a non-resident the benefit of a more favourable Double Taxation Avoidance Agreement rate over domestic tax provisions. Section 206AA, which prescribes higher tax deduction where PAN is not furnished, operates procedurally and does not override that treaty protection. Accordingly, royalty and fees for technical services paid to non-residents may be subject to tax deduction at the applicable beneficial treaty rate despite the absence of PAN, rather than the higher domestic withholding rate.

GST levy on affiliation fees charged by an educational board for granting affiliation is under consideration. The challenge relies on a prior ruling that characterises affiliation as a statutory and regulatory function outside the scope of taxable supply or, alternatively, as exempt. No determination on taxability has been made. Notice was issued, and the respondents were given time to obtain instructions on the applicability of the prior ruling.