"10 August 2022" Archive

GST implications on recovery of liquidated damages by Railways

GST Circular No. 11/2022 10/08/2022

Payment received by Railways in the form of liquidated damages against tolerating non-performance of conditions of a contract such as a delay in the rendering of supply is not liable to GST....

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Liability u/s 138 or 141 of NI Act arises on person who is responsible for conduct of business

Sunita Palita & Others Vs Panchami Stone Quarry (Supreme Court of India)

Held that the liability under Section 138/141 of the NI Act arises from being in charge of and responsible for the conduct of the business of the company at the relevant time when the offence was committed, and not on the basis of merely holding a designation or office in a company....

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SC refuses to extend tenures of NCLT members appointed for less than 5 years

National Company Law Tribunal Bar Association Vs Union of India (Supreme Court)

National Company Law Tribunal Bar Association Vs Union of India  (Supreme Court) The petitioner contends that the notification S.O. 3412 (E) dated 20 September 2019 issued by the Ministry of Corporate Affairs appointing 28 candidates as Members of the National Company Law Tribunal for a tenure of three years is contrary to the provision...

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Insolvency resolution proceedings rightly initiated against NRI personal guarantor

Sudip Dutta @ Sudip Bijoy Dutta Vs State Bank of India (NCLAT)

Held that the provision under Section 60(1) makes it clear that the residence of Personal Guarantor is not taken into consideration when insolvency resolution proceedings against the Personal Guarantor are initiated....

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Intention to refer to arbitration should be emphasized in case of vague arbitration clause

Smt. Manika Sett Vs Sett Iron Foundry and Ors. (Calcutta High Court)

Held that intention of the parties to have their disputes arbitrated and that the same is paramount even where the dispute resolution clauses are vaguely worded or where there is an ambiguity in choice of the mechanism to be adopted....

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Overview and Importance of Valuation under IBC

Journey of valuation as profession began with Government acts such as Rent Control and later for the purposes of Income Tax. Beginning of registration as valuer under sec-34B of wealth tax act, saw a major shift in the profession towards it being institutionalized. Consequently, the profession started finding its place in the financial se...

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Limitation Act has no application once right to damage is extinguished

Bhagwandas B. Ramchandani Vs British Airways (Supreme Court of India)

Supreme Court Held that right to damage itself is extinguished, provisions of the Limitation Act have no application....

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No infringement of copyright as books of Islam religion are bound to have some similar content

Islamic Book Service (P) Ltd. Vs Sh. Abdur Rauf Najeeb Bakali (District Court)

Held that there is no infringement of copyright as some contents are bound to be similar as teaching given in the Holy Books Quran and Hadees and other religious text related to Islam religion are bound to be same in all books which are about teaching on Islam....

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Government liable to compensate for negligence of Government hospital

S. Bhanupriya Vs State of Tamilnadu (Madras High Court)

Held that Government is vicariously liable for negligence on the part of the Government hospital. Court ordered lumpsum compensation of Rs. 5 Lakhs payable to the petitioner....

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Taxability of Sale of Developed Plot under GST

sale of land is not taxable under GST, only stamp duty is required to be paid on the sales. However, the transactions are to be properly checked before conducting the tax implications as the amount may include the development charges in these transactions....

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September 2022