SIGN IN SUBSCRIBE

News Update

Maneka Gandhi declares assets worth Rs 97 Cr and files nomination papers from SultanpurGlobal Debt & Fiscal Silhouette rising! Do Elections contribute to fiscal slippages?ISRO study reveals possibility of water ice in polar cratersGST - Statutory requirement to carry the necessary documents should not be made redundant - Mistake committed by appellant is not extending e-way bill after the expiry, despite such liberty being granted under the Rules attracts penalty: HCBiden says migration has been good for US economyGST - Tax paid under wrong head of IGST instead of CGST/SGST - 'Relevant Date' for refund would be the date when tax is paid under the correct head: HCUS says NO to Rafah operation unless humanitarian plan is in place + Colombia snaps off ties with IsraelGST - Petitioner was given no opportunity to object to retrospective cancellation of registration - Order is also bereft of any details: HCMay Day protests in Paris & Istanbul; hundreds arrestedGST - Proper officer should have at least considered the reply on merits before forming an opinion - Ex facie, proper officer has not applied his mind: HCSaudi fitness instructor jailed for social media post - Amnesty International seeks releaseGST - A Rs.17.90 crores demand confirmed on Kendriya Bhandar by observing that reply is insufficient - Non-application of mind is clearly written all over the order: HCDelhi HC orders DGCA to deregister GO First’s aircraftGST - Neither the SCN nor the order spell the reasons for retrospective cancellation of registration, therefore, they are set aside: HCIndia successfully tests SMART anti-submarine missile-assisted torpedo systemST - Appellant was performing statutory functions as mandated by EPF & MP Act, and the Constitution of India, as per Board's Circular 96/7/2007-ST , services provided under Statutory obligations are not taxable: CESTATKiller heatwave kills hundreds of thousands of fish in Southern VietnamI-T - Scrutiny assessment order cannot be assailed where assessee confuses it with order passed pursuant to invocation of revisionary power u/s 263: HCHong Kong struck by close to 1000 lightningI-T - Assessment order invalidated where passed in rushed manner to avoid being hit by impending end of limitation period: HCColumbia Univ campus turns into ‘American Gaza’ - Pro-Palestinian students & counter-protesters clashI-T - Additions framed on account of bogus purchases merits being restricted to profit element embedded therein, where AO has not doubted sales made out of such purchases: HCIndia to host prestigious 46th Antarctic Treaty Consultative MeetingI-T - Miscellaneous Application before ITAT delayed by 1279 days without any just causes or bona fide; no relief for assessee: HCAdani Port & SEZ secures AAA RatingI-T - Assessee is eligible for deduction u/s 54EC on account of investment made in REC Bonds, provided both investments were made within period of six months as prescribed u/s 54EC: ITATNominations for Padma Awards 2025 beginsI-T - PCIT cannot invoke revisionary jurisdiction u/s 263 when there is no case of lack of enquiry or adequate enquiry on part of AO: ITATMissile-Assisted Release of Torpedo system successfully flight-tested by DRDOI-T - If purchases & corresponding sales were duly matched, it cannot be said that same were made out of disclosed sources of income: ITATViksit Bharat @2047: Taxes form the BedrockI-T - Reopening of assessment is invalid as while recording reasons for reopening of assessment, AO has not thoroughly examined materials available in his own record : ITAT
 
CBI nabs Director of private company in Rs 25 Cr bank fraud

By TIOL News Service

NEW DELHI, MAY 12, 2017: THE Central Bureau of Investigation has arrested a Director of a Private company based at New Delhi and another person in a case relating to alleged fraud of Rs. 24.64 crore in Canara Bank.

A case was registered against the private Steel Company based at Delhi & its two Directors; unknown Public Servants and other unknown Private Persons.

It was alleged that said Company through its Director had obtained limits for OCC/ODBD of Rs 10 crore and ILC/FLC of Rs 10 crore from Canara Bank, Connaught Circus, Delhi. It was also alleged that these Limits were fraudulently secured by hypothecation of Stocks & book debts of the company and fraudulently collaterally secured by the Equitable Mortgage of the two properties which were not in possession of the accused at the time of sanction of the loan. It was further alleged that 23 Inland Letters of Credit were fraudulently opened by said Company during the period of 30.03.2013 to 30.12.2013 in Canara Bank in favour of 8 beneficiaries which were devolved on the Bank. The funds of the alleged LCs were diverted by the accused persons. Funds from the cash credit account and ILC/FLC were also allegedly siphoned off to the sister concerns of the said company and were further utilized by the accused persons for the purposes other than for which the loan was sanctioned. An alleged loss to the tune of Rs.24.64 crore (approx) was caused to Bank. The account was turned NPA on 31.03.2014.

Both the arrested accused were produced before the CMM, Patiala House Courts, Delhi and granted 6 Days Police Custody.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST