"20 August 2022" Archive

IBC: Proceedings can be initiated u/s 66 during moratorium

Rakesh Kumar Jain Vs Jagdish Singh Nain (NCLAT Delhi)

Held that contention that during moratorium imposed u/s 14 of IBC, Adjudicating authority shall not pass an order u/s 66 of IBC, is without any merit...

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Posted Under: Corporate Law | |

Interest on convertible debentures are allowable expenditure

CAE Flight Training (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Held that interest paid on convertible debentures are allowable as expenditure u/s. 36(1)(iii) of the Act. Such interest cannot be treated as interest on equity....

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Addition u/s 68 unsustainable as credit worthiness and genuineness of loan established

Sandeep Garg Vs DCIT (ITAT Delhi)

Held that assessee established identity of the creditors by bringing on record their PANs and complete addresses of the creditors. Hence addition u/s 68, without bringing out any adverse or cogent material to dispute the credit worthiness of the creditors and genuineness of the transactions, is unsustainable...

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Rebates and Reliefs of Income Tax Law

Rebates and Reliefs Chapter 8 of Income Tax Law        Through this article, you can go through comprehensive knowledge and facts about provisions related to Rebates and Reliefs allowed  under the Act (Chapter 8 of Income Tax Act) What is Rebate? (Section 87) In simple terms, rebate is deduction from income tax payable Here Income...

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Posted Under: Corporate Law |

Physical Verification of Registered Office of Companies by ROC

The MCA vide notification dated 18/08/2022 has notified Companies (Incorporation) Third Amendment Rules, 2022 to insert a new rule in Companies (Incorporation) Rules, 2014, which pertains to physical verification of the registered office address of the Companies. This rule 25B is added to make the existing sub-section (1) and sub-section ...

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Posted Under: Corporate Law |

Arbitration application u/s 11(6) not maintainable as barred by limitation

Dipakkumar Nathabhai Patel Vs Narmadaben Dhirajlal Radadia (Gujarat High Court)

Held that application u/s 11(6) for appointment of an arbitrator after the period of cause of action got extinguished is not maintainable...

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Capital receipt not become taxable for mere utilisation for incurring revenue expenditure

InterGlobe Aviation Ltd Vs DCIT (ITAT Delhi)

Merely because a capital receipt is utilized for incurring revenue expenditure it will not change the nature of capital receipt into a revenue item....

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Amount paid by Property Purchaser to Tenant can’t be taxed as gain of owner of capital asset

I. Gulam Vs ITO (ITAT Chennai)

Amount paid by the buyer to the tenant for the vacation of tenancy should not be taxed in the hands of the owner of the capital asset....

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ITAT allows depreciation in respect of closed units or non-functional undertakings

Beeyu Overseas Ltd. Vs DCIT (ITAT Kolkata)

Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings...

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Arbitration clause doesn’t bar reference to MSE Facilitation Council

Dalapathi Constructions Vs State of Andhra Pradesh (Andhra Pradesh High Court)

Held that section 18 of MSMED Act and section 7 of A&C Act clarifies that dispute can be referred to Facilitation Council for conciliation and subsequent arbitration if required. Thus, arbitration clause in agreement would not bar reference of dispute to the Facilitation council...

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December 2022