Key IBC case law updates from Oct-Dec 2024, covering Supreme Court and High Court decisions on CoC powers, resolution plans, related party transactions, and more.
Supreme Court dismisses tax case due to delay and lack of merit. Bombay High Court quashes reassessment notice against Teleperformance, citing flawed approval process.
Bombay High Court quashes reassessment notice in Teleperformance case due to lack of application of mind in granting approval under Section 151 of the IT Act.
ITAT Chennai held that although the assessee company was following the mercantile system of accounting, only real income could be brought to tax. Hypothetical income cannot be taxed. Hence, appeal of revenue dismissed.
Gujarat High Court held that notice issued under section 148 of the Income Tax Act after approval of resolution plan by the adjudicating authority under Sub-section (1) of Section 31 of the IBC is liable to be quashed and set aside.
RBI imposes operational restrictions on New India Co-operative Bank, Mumbai, limiting loans, deposits, and withdrawals. Details of the RBI directive and its impact.
India revises customs duties, imposing 100% duty on most alcoholic beverages and reducing bourbon whiskey duty to 50%, effective immediately.
Delhi High Court held that provisions of section 138(B) of the Customs Act doesn’t provide unfettered right in all cases for cross examination of relevant person. Accordingly, appeals are disposed of.
India restricts premium frozen duck meat imports to 3-star and above hotels, requiring authorization for distributors. Direct imports by hotels remain unrestricted.
Kerala SGST Circular 5/2025 clarifies adjudication of Kerala Flood Cess under SGST/CGST Acts, detailing procedures for notices, adjudication, and compliance.
