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Hindustan Times
13 hours ago
- Business
- Hindustan Times
HC confirms ₹9.76-crore Stamp Act penalty on IL&FS
MUMBAI: The Bombay high court on Wednesday confirmed a ₹ 9.76-crore penalty imposed on IL&FS Financial Services Ltd (IFIN) for failing to pay stamp duty on time following the demerger of the company. A single judge bench of justice Jitendra Jain dismissed the petition filed by the IL&FS group firm, challenging the levy of penalty over and above the stamp duty of ₹ 7.07 crore, which was payable towards registration of the court order on the company's demerger. (Shutterstock) IL&FS (Infrastructure Leasing & Financial Services) underwent a demerger in 2007-08, wherein iIts ancillary businesses including IFIN were constituted as wholly-owned subsidiaries and IL&FS was transformed into a holding company focused on investments and lending to its group companies. After the Bombay high court operating under the Companies Act, 1956 sanctioned the demerger scheme in April 2008, the company lodged the document with the collector of stamps for adjudication of stamp duty. The company subsequently failed to supply documents and information sought by the collector of stamps, which resulted in the collector issuing a demand letter on December 19, 2014 for payment of stamp duty and penalty. On December 31, 2014, the collector of stamps issued a demand notice to the company, directing them to pay ₹ 7.07 crore towards stamp duty and ₹ 9.76 crore towards penalty under the Maharashtra Stamp Act, 1958. The company accepted the stamp duty, but opposed imposition of the penalty and appealed before the Chief Controlling Revenue Authority (CCRA) in January 2015. On March 25, 2015, the CCRA granted a stay on recovery proceedings for the penalty after the company deposited the stamp duty. After the CCRA dismissed the company's petition in 2017, it approached the high court. Before the high court, IL&FS argued that as per section 31(4) of the Maharashtra Stamp Act, penalty at the rate of 2% could be imposed only if the stamp duty payable under section 30 of the Act was not paid within 60 days from the date on which the notice of demand was served. The company contended that March 25, 2015 – the date of the interim order of the CCRA – was the date of serving demand notice under section 31(4) and since it had paid the stamp duty on March 27, 2015 – that is, within two days of the said interim order – there was no default and consequently, no penalty could be imposed. The court observed that the 60-day period would, at most, start from December 19, 2014 – the date on which the demand letter was issued; or December 31, 2014 – the date on which the demand notice was issued; or January 14, 2015 – then the company filed an appeal with the CCRA. 'The petitioner after having admitted the liability of payment of stamp duty vide letter dated December 19, 2014 and made the respondents (collector of stamps) to issue final demand notice dated December 31, 2014 failed to make payment within 60 days thereof, which would expire on March 2, 2015,' the court said, confirming the penalty imposed on the company.
Hindustan Times
3 days ago
- Politics
- Hindustan Times
HC cancels order appointing administrator in Diocesan Trust Association
MUMBAI: The Bombay high court has struck down an order of the Joint Charity Commissioner (JCC), appointing an administrator on the Bombay Diocesan Trust Association (BDTA), and directed the Charity Commissioner to expeditiously decide all pending change reports submitted by the Association. The Association holds and manages Anglican Trust properties like churches, institutions, schools, cemeteries spread over Western India - across Rajasthan, Gujarat, Maharashtra, Goa and North Karnataka. It had approached the high court, challenging the order passed by JCC on December 18, 2019, based on complaints, alleging mismanagement and illegalities, including pilfering of funds and transfer of Trust properties. Recording that the term of the last elected body had ended on October 14, 2018, but it was continuing to manage the affairs of the Trust, the JCC appointed an assistant charity commissioner as administrator for the Association and ordered him to prepare a voters list and take steps for holding elections in consonance with the Memorandum of Association and applicable rules and regulations. The administrator, however, could not take charge of the affairs of the Association, as the high court had passed an interim stay on the JCC order and the Association continued to manage and administer their affairs and properties. A bench of justice MS Sonak and justice Jitendra Jain on Friday struck down the JCC order after noticing that under the Memorandum of Association, the initial directors were termed as ex-officio directors and under the scheme of the Association, one-third of the other directors retire every year and the vacancies are filled in the annual general meeting. Therefore, the court said that the statement that the term of the elected body expired on October 14, 2018 was not entirely correct. 'At the highest, it could be said, the term of one third of the Board of Directors expired on the said date and therefore, there was a necessity to hold an election to fill in the vacancies caused by the retirement of one third of the directors,' said the bench. As regards the appointment of the administrator, the court said that the JCC simply took note of the allegations of mismanagement and illegal activities made in the applications filed before him and concluded that there was a need to appoint a suitable person as administrator. 'It is apparent the Joint Charity Commissioner has not himself examined the allegations to determine whether even prima-facie, they have any substance or not,' said the court. 'Merely because there are allegations, the Joint Charity Commissioner has concluded that it would be unfair for the office bearers to continue and has proceeded to appoint the Administrator,' it added. After the petitioner body pointed out that during the pendency of the petition, there have been regular annual general meetings and vacancies filled in, but several change reports have been pending with the JCC, the court directed the authorities to dispose off the change reports in six months.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
HC acts against Thane Dy Collector for hurried compensation disbursal
MUMBAI: The Bombay High Court has directed disciplinary proceedings against the Thane Deputy Collector (Land Acquisition) for hurriedly disbursing around ₹12 crore in compensation in a case where six agriculturalists had allegedly falsely claimed to be owners of the land. The direction was given by a division bench comprising Justice MS Sonak and Justice Jitendra Jain, which was hearing a land dispute case. 'We note that instances are on the rise where SLAOs (special land acquisition officers) and competent authorities, ignoring legal provisions and decision of the Hon'ble Supreme Court and this Court, and even Government Resolutions (GR), rush to disburse the compensation amounts,' the court noted on May 6. The court was perusing a GR which stated that compensation in apportionment proceedings should not be disbursed for a minimum four weeks. The deputy collector had earlier been told to file an affidavit detailing the circumstances under which he had delivered his April 21 order, and his hurried disbursal of ₹12,74,00,000 by April 29. Apportionment refers to dividing compensation received for acquired land among several individuals or parties with different interests in the land. In his affidavit, the deputy collector stated that since there was no stay by an appellate authority or any court, he assumed he was at liberty to decide the apportionment dispute himself, without referring it to the appropriate authority or the court. The court, however, observed that there was a dispute regarding ownership of the acquired land, which the deputy collector was not competent to decide. The court was further told that the money received by the agriculturalists had been transferred to various relatives and invested in gold and real estate within days after the compensation was disbursed. The court has now directed the agriculturalists to deposit the investments and money within their control with the court. It also referred huge cash withdrawals made to the Income Tax authorities.
Time of India
28-04-2025
- Business
- Time of India
Goldsmiths expect 30-40% drop in sales this Akshay Tritiya
Mumbai: The festival of Akshay Tritiya, which comes up Wednesday April 30, will be a testing time for sales of gold jewellery. The retail price of the precious metal is hovering at a record high of Rs 1 lakh per 10gm, leading to a massive fall in projected volumes of purchase. Traders expect a 30-40% drop in demand this season. They say mostly small items worth 1-2gm will find approval from mahurat buyers. Goldsmiths have stocked lightweight items which look stylish — the gold element, however, is meagre in these pieces. On Monday, IBJA's rate of 24 carat gold was Rs 95,600 per 10 gm excluding GST and making charges, which amounts to Rs 98,000-1,00,000 in retail shops. Meanwhile 22 carat gold cost Rs 87,600 per 10 gm while silver cost Rs 97,600 per kg. At Akshay Tritiya 2023, 24k gold rates were Rs 60,000 which rose to Rs 71,000 in 2024. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Kanaya Kakad, joint treasurer of IBJA's (India Bullion and Jewellers Association) governing board, defended, "Gold has given returns of 25-30% in the past one year. It is the best investment, unlike mobile phones, cars or laptops, which incur depreciation. I advise Indians to invest in gold at every festival — like SIPs. This year of course, we expect a 30-40% drop in demand given the high rates. Several customers are bringing their old gold for recycling, and lightweight jewellery is in demand." Jitendra Jain of Jugraj Kantilal & Co said, "The current gold market dynamics are indeed interesting. With prices at an all-time high, many customers are hesitant to make large purchases, leading to a decline in demand. However, small denomination gold coins remain popular. The assumption is that gold prices will continue to rise. Global economic uncertainty and stock market volatility may be driving this trend. Investors turn to gold as a hedge against inflation, currency fluctuations, and market instability." In Dadar, goldsmith Prakash Jain of Prakash Jewellers offered commonsense logic. "People's salaries have hardly risen in the last five years, whereas the price of gold has risen from Rs 40,000 in 2019 to Rs 1 lakh in 2025. The average middle class householder who is burdened by stagnating wages coupled with inflation is unable to afford gold."
