[aaykarbhavan] Fw: Pre-Print Highlights of CC from CLI

Rule 19(2) apply in the absence of prosecution

Posted on 24 January 2013 by Diganta Paul

Court INCOME TAX APPELLATE TRIBUNAL Brief Having regard to Rule 19(2) of ITAT Rules, 1963 and following various decisions of the Tribunal including in the case of CIT vs. Multiplan India (P) Ltd., reported in 38 ITD 320 (Del.) and the judgment of Hon'ble Madhya Pradesh High Court in the case of Estate of late Tukojirao Holkar vs. CWT, 223 I.T.R. 480 (MP), we treat the appeal of the assessee as un-admitted and dismiss the same Citation M/s IFC Overseas, B-11, 2nd Floor, Gujaranwala Town, New Delhi-110009. (PAN/GIR No.AAAFI7160H)(Appellant) Vs. ACIT, Circle 20(1), New Delhi. (Respondent) Judgement   IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH `C': NEW DELHI)   BEFORE SHRI U.B.S. BEDI, JUDICIAL MEMBER AND SHRI J.S. REDDY, ACCOUNTANT MEMBER   ITA No.1028/Del./2012 (Assessment Year: 2008-09)   M/s IFC Overseas, B-11, 2nd Floor, Gujaranwala Town, New Delhi-110009. (PAN/GIR No.AAAFI7160H) (Appellant)   Vs.   ACIT, Circle 20(1), New Delhi.  (Respondent)   Assessee by: None Revenue by: Shri Aroop Singh, Sr.DR   ORDER PER U.B.S. BEDI, J.M.   This appeal of the assessee emanates from the order of the CIT (A)-XXII, New Delhi, dated 9.12.2011, relevant to assessment year 2008-09.   2. Despite getting the case adjourned by the Counsel of the assessee on 16.10.2012, nobody attended nor any request for adjournment has been received. So, it is inferred that the assessee is not interested in prosecution of the present appeal.   3. Having regard to Rule 19(2) of ITAT Rules, 1963 and following various decisions of the Tribunal including in the case of CIT vs. Multiplan India (P) Ltd., reported in 38 ITD 320 (Del.) and the judgment of Hon'ble Madhya Pradesh High Court in the case of Estate of late Tukojirao Holkar vs. CWT, 223 I.T.R. 480 (MP), we treat the appeal of the assessee as un-admitted and dismiss the same . 4. As a result, the appeal filed by the assessee is dismissed for want of prosecution.   Order pronounced in open court soon after the conclusion of the hearing on 16.10.2012.   Sd/- Sd/- (J.S. REDDY) (U.B.S. BEDI) ACCOUNTANT MEMBER JUDICIAL MEMBER     Dated: Oct. 16, 2012 SKB   Copy of the order forwarded to:-   1. Appellant 2. Respondent 3. CIT 4. CIT (A)-XXII, New Delhi. 5. CIT (ITAT) Deputy Registrar, ITAT

Tags :-    rule   19   2apply   absence   prosecution

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Subject: Fw: Pre-Print Highlights of CC from CLI

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To: newsletter@cli.in
Sent: Thursday, 24 January 2013 7:55 AM
Subject: Pre-Print Highlights of CC from CLI

www.cliofindia.com info@cliofindia.com COMPANY CASES (CC) HIGHLIGHTS ISSUE DATED 25-1-2013 Volume 176 Part 4 SUPREME COURT HIGH COURTS ENGLISH CASES CLB SAT DRAT STATUTES JOURNAL NEWS-BRIEFS HIGH COURT JUDGMENTS F Company admitting principal amount due but denying interest is admission of debt : Documents endorsing and confirming debt due not disputed, winding up ordered : Packmaster Containers P. Ltd. v. Rayalaseema Commodities Ltd. (Mad) p. 234 F Bank enforcing its security interest after commencement of winding up proceedings must associate official liquidator with sale : Magicon Impex P. Ltd. v. Megnostar Telecommunications P. Ltd. (Delhi) p. 238 (Decision set aside--see page 246 infra) F No duty to associate liquidator with sale of assets on bank enforcing its security interest after commencement of winding up proceedings : Kotak Mahindra Bank Ltd. v. Megnostar Telecommunications P. Ltd. (Delhi) p. 246 F Where scheme involving company and one class of creditors, wishes of other classes of creditors, public sector/scheduled banks must be ascertained : Scheme cannot be sanctioned on banks opposing scheme : Model Financial Corporation Ltd. v. A. P. Mahesh Co-operative Urban Bank Ltd. (AP) p. 264 F Condition precedent for sanction of court in scheme of arrangement or compromise : Model Financial Corporation Ltd. v. A. P. Mahesh Co-operative Urban Bank Ltd. (AP) p. 264 F Scheme of arrangement or compromise whether violative of public policy, even where statutory majority approved it : Model Financial Corporation Ltd. v. A. P. Mahesh Co-operative Urban Bank Ltd. (AP) p. 264 F Where scheme a device to avoid repayment of dues of creditors of both companies and to obtain stay from court u/s. 391(6) of 1956 Act, scheme against public interest, petition dismissed : Model Financial Corporation Ltd. v. A. P. Mahesh Co-operative Urban Bank Ltd. (AP) p. 264 STATUTES AND NOTIFICATIONS Acts : F Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012 p. 81 F Prevention of Money-laundering (Amendment) Act, 2012 p. 108 Circulars : RBI Circulars : F Corporate Bond Market--Permission to banks for membership in SEBI approved Stock Exchanges--DBOD. No. FSD. BC. 53/24.01.001/2012-13, dated 5th November, 2012 p. 101 F External Commercial Borrowings (ECB) Policy--ECB by Small Industries Development Bank of India (SIDBI)--A. P. (DIR Series) Circular No. 48, dated 6th November 6, 2012 p. 102 F Guidelines for Rehabilitation of Sick Micro and Small Enterprises--RPCD. CO. MSME & NFS. BC. 40/06.02.31/2012-2013, dated 1st November, 2012 p. 96 F Second Quarter Review of Monetary Policy 2012-13--Non-Performing Assets (NPAs) and Restructuring of Advances--DBOD. BP. BC. No. 62/21.04.103/2012-13, dated 21st November, 2012 p. 104 F Standardisation and Enhancement of Security Features in Cheque Forms--Migrating to CTS 2010 Standards--DNBS. PD/CC. No. 308/03.10.001/2012-13, dated 6th November 2012 p. 103 F Uploading of Reports in "Test Mode" on FINnet Gateway Reporting--DNBS (PD). CC. No. 307/03.10.42/2012-13, dated 16th October, 2012 p. 95 SEBI Circulars : F Inventory Management for market makers of SME Exchange/Platform--CIR/MRD/DSA/31/2012, dated 27th November, 2012 p. 106 Regulations : F Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Fourth Amendment) Regulations, 2012 p. 93 F Foreign Exchange Management (Foreign Currency Accounts by a Person Resident In India) (Second Amendment) Regulations, 2012 p. 92 F Foreign Exchange Management (Guarantees) (Amendment) Regulations, 2012 p. 90 F Foreign Exchange Management (Guarantees) (Third Amendment) Regulations, 2012 p. 94 Rules : F Companies Directors Identification Number (Third Amendment) Rules, 2012 p. 90 Notifications : Securities Contracts (Regulation) Act, 1956 : Notification under section 4 : F Renewal of recognition p. 89 COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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