Taxmann’s Post

#ChequeBounce #CaseLaw Key Takeaways from Taxmann's Case Digest: • Where in a cheque bounce case, the accused impleaded petitioner as accused claiming that he was deemed/real owner of the accused firm, however, complainant had failed to place on record any evidence to substantiate its claim, on the other hand, the petitioner had placed on record a certificate of acknowledgement of registration from Deputy Registrar of a firm which nowhere shows petitioner as a partner in the said firm, also cheque was signed by one 'H' and not petitioner, thus, summoning order as well as the complaint against petitioner was to be quashed Case Name: Tushar Sharma v. Shellz Techno Pack (P.) Ltd. Citation: [2024] 160 taxmann.com 430 (Delhi) Read the (Delhi) High Court Judgment: https://lnkd.in/gKsaNVg4 • Manoj Kumar Ohri, J. • Rohit Gaur, Adv. for the Petitioner.  • Rakesh Malhotra, Adv. for the Respondent. 𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://lnkd.in/dXuaSZhc #TaxmannUpdates #HighCourt #Summon

#PMLA #CaseLaw Key Takeaways from Taxmann's Case Digest: • Where material on record prima facie shows the offence of money laundering being committed by the accused/applicant and the applicant did not join the investigation despite repeated summons by ED and had systematically and repeatedly avoided 6 summons by ED and did not submit documents called for by ED • Being a public figure in politics, he is essentially first and foremost in the public service, and it is natural that he would have, at all times, something or the other happening in his constituency. It is for the public figure to find time and appear before the investigating agency when so required as per the law since the investigating agencies are also working for the State itself and are working towards public service being public servants Case Name: Amanatullah Khan v. Directorate of Enforcement Citation: [2024] 160 taxmann.com 384 (Delhi) Read the (Delhi) High Court Judgment: https://lnkd.in/gVnPMUvb • Ms Swarana Kanta Sharma, J. • Kapil Sibal, Rajat Bhardwaj, Adit S. Pujari, Mohd. Irshad, Kanish Raj, Kaustubh Khanna, Rishikesh Kumar & Ms Roopali, Advs. for the Petitioner. • Zoheb Hossain, Manish Jain, S. Benjamin, Vivek Gurnani, Kartik Sabharwal, Kanishk Maurya, Vivek Gaurav & Ms Pranjal, Advs. for the Respondent. 𝐅𝐨𝐫 𝐃𝐚𝐢𝐥𝐲 𝐓𝐚𝐱 & 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐋𝐚𝐰 𝐔𝐩𝐝𝐚𝐭𝐞𝐬, 𝐅𝐨𝐥𝐥𝐨𝐰 '𝐓𝐚𝐱𝐦𝐚𝐧𝐧' 𝐨𝐧 𝐖𝐡𝐚𝐭𝐬𝐀𝐩𝐩: https://lnkd.in/dXuaSZhc #TaxmannUpdates #HighCourt #Summon

Financial Services Tribunal orders FSCA to pay legal costs following unlawful debarment decision. The Financial Services Tribunal (FST) has ordered the FSCA to pay half the legal costs of an insurance broker’s reconsideration application, saying his debarment was “irregular and unlawful”. Click here to get further insight on the ‘Unverified and hearsay evidence’: https://buff.ly/4azhtXY Downloadable decision found in article. Like, share, comment, and subscribe! #1LifeInsurance #annualfinancialstatements #debarment #FAISAct #FinancialServicesTribunal #FitandProperRequirements #FSCA #GeneralCodeofConduct #legalcosts #ShupingBrokers #reconsiderationapplication

Is client account worth the hassle? Do client convenience and bank interest outweigh the compliance demands and the risks? The SRA has issued a discussion paper on its consumer protection review and, as well as more modest reforms, it raises the big question of the continuing need for solicitors to hold client money. On 22 May, Legal Futures is holding a free webinar in association with the SRA to debate this, offering the perspectives of a small firm, a large one, an accounts rules specialist and the SRA itself. https://zurl.co/t2P2

The FCA succeeded before the Court of Appeal - overturning an earlier Upper Tribunal ruling - in this latest decision on the Bluecrest case. The FCA does have the power to impose a single-firm redress scheme where it considers this is desirable to satisfy one of its statutory operational objectives (in this case, consumer protection). This outcome is a big win for the FCA, which is likely to interpret it as a complete vindication of its original position. Firms should be alert to a confident regulator making full use of its wide-ranging powers. I've written an article (with trainee Ollie Bradgate) digging into the detail on what this means for firms: https://shorturl.at/qsTd3. #FinancialServices #Investigations #FinancialServicesLitigation

Financial Services Tribunal orders FSCA to pay legal costs following unlawful debarment decision. The Financial Services Tribunal (FST) has ordered the FSCA to pay half the legal costs of an insurance broker’s reconsideration application, saying his debarment was “irregular and unlawful”. Click here to get further insight on the ‘Unverified and hearsay evidence’: https://buff.ly/3TAdDGY Downloadable decision found in article. Like, share, comment, and subscribe! #1LifeInsurance #annualfinancialstatements #debarment #FAISAct #FinancialServicesTribunal #FitandProperRequirements #FSCA #GeneralCodeofConduct #legalcosts #ShupingBrokers #reconsiderationapplication

In the case of National Insurance Company Ltd. v. The Chief Electoral Officer & Ors. [(2023) 6 SCC 441], the Supreme Court shed light on the practical application of contra proforma, a mechanism that allows businesses to offset mutual claims instead of engaging in redundant financial transactions. The issue before the court was whether contra proforma could be used as a valid and efficient tool for reconciling accounts between parties, especially in the context of complex claims. The court recognized its effectiveness, highlighting several key benefits: It simplifies financial settlements by reducing unnecessary back-and-forth payments. It promotes efficiency and transparency in business operations. It minimizes the risk of errors, overpayments, and disputes. However, the judgment also served as a reminder that clear and precise terms in agreements are critical. Without such clarity, even mechanisms as effective as contra proforma can lead to misunderstandings and legal complications. This case underscores the importance of thoughtful legal drafting to ensure that innovative financial practices work seamlessly in commercial transactions. #LegalInsights #CommercialLaw #ContraProforma #BusinessEfficiency

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Maximise the value in disputes, and fulfil your obligations to creditors by accessing a wide range of assignment, funding and insurance options quickly and easily. #insolvency #insolvencylaw #insolvencypractitioner #ukinsolvency Find out more below https://bit.ly/3EnT8qw