Explains how recent judicial interpretations under the Code have strengthened creditor rights by upholding independent and co-extensive guarantor liability.
Explains how courts held that even interest-free debentures may qualify as financial debt if they show the commercial effect of borrowing, allowing Section 7 applications by trustees.
Chhattisgarh High Court held that TCS provisions covered under section 206C(1C) of the Income Tax Act doesn’t apply to amount of compounding fees/ fine that was recovered from illegal miners and transporters of minerals.
ITAT ruled that reopening was bad in law as reasons cited property purchases, while additions related to cash credits—showing no live nexus. The case reaffirms that reassessment must be based on specific, relevant material.
Delhi ITAT held that non-filing of Form 10B is a curable defect and the assessee must be given an opportunity under section 139(9). Gross receipts cannot be taxed in entirety if exemptions fail.
Gujarat High Court held that Explanation to section 73(1) of the Income Tax Act cannot be applied to loss on sale of shares which were acquired on conversion of partly convertible debentures. Hence, loss on sale of such shares is not speculation loss and hence set off allowed.
SEBI allows SWAGAT-FIs to pay renewal fees every ten years and removes standard investment caps. The amendment is designed to encourage long-term foreign venture capital investment in India.
SEBI amends FPI Regulations to create Single Window Automatic and Generalised Access for Trusted Foreign Investors, simplifying registration and participation requirements.
Karnataka High Court held that passing of multiple adjudication orders under section 73(9) of the Karnataka Goods and Services Tax Act, 2017 [GST Act] for single tax period is impermissible in law and hence quashed. Accordingly, writ petition is allowed.
The ITAT held that cash deposits recorded in books and from legitimate business sales during demonetisation cannot be treated as unexplained under Section 69A. Entire addition of ₹45.23 lakh was quashed.
