Tax tribunal sets aside retrospective orders passed by ex-IRS officer SK Srivastava
Srivastava, who was compulsorily retired by the government on June 11, 2019 on charges of corruption and misconduct, had no jurisdiction to pass the orders, the tribunal observed
BusinessToday.In | January 13, 2021 | Updated 11:07 IST
The Income Tax Appellate Tribunal (ITAT) said that following SK Srivastava s retirement, he had become functus officio - an officer who has no further legal authority or legal effect
The Income Tax Appellate Tribunal (ITAT) has set aside backdated orders passed by tainted former IRS officer Sanjay Kumar Srivastava following his compulsory retirement in 2019 as not sustainable in the eyes of law.
India News: BHOPAL: As Madhya Pradesh EOW’s special investigation team (SIT) starts analysing contents of the CBDT report on alleged use of unaccounted cash in th.
Cairn V. India - Investment Treaty Arbitration Friday, January 8, 2021
Introduction
On December 21, 2020, the international arbitral tribunal (Tribunal) constituted in the case of Cairn Energy Plc and Cairn UK Holdings Limited (collectively ‘Cairn’) v. The Republic of India1 held that India had failed to uphold its obligations under the 1994 Bilateral Investment Treaty between Republic of India and United Kingdom (India - UK BIT) and under international law. The Tribunal ordered India to compensate the Claimants for the total harm suffered by Cairn as a result of India’s breaches. Reports of passing of the award became public on December 23, 2020. The award is not in public domain, save for an excerpt.
A taxpayer s intentions at the time of a transaction will significantly influence a court s opinion
The Madras High Court delivered a judgment on tax avoidance in the case of
Redington India Limited (company) on December 10 2020. The company had transferred its entire holding in an overseas company to another newly incorporated step-down overseas subsidiary without consideration. It claimed the transaction as a gift and, thus, non-taxable under domestic tax law.
The case before the Madras High Court mainly involved whether the transaction was a valid gift as per domestic laws, and hence out of the scope of capital gains tax, and the applicability of transfer pricing laws to the transaction.
SP Group chief Cyrus Mistry on Thursday said that instead of seeking to blame him at every turn, the Trustees of the Tata Trusts must introspect why they have deviated, leading to a greater scrutiny on their operations by the various government bodies. We note that the Income Tax Appellate Tribunal has issued a corrigendum on its own, to correct the wild personal allegations made against Mr Mistry that formed part of its order dated 28 December, in proceedings where Mr Mistry was not even a party, a statement from Mistry s office said. The corrigendum states inadvertent errors had crept into the order involving Tata Trusts.