The case concerned a request to release ₹9.15 crore held in a lien-marked DSRA despite an asset-freezing order. The Tribunal held that unresolved issues regarding approximately ₹166 crore in missing fixed deposits and the ongoing investigation required further scrutiny before permitting release.
The Orissa High Court held that reassessment proceedings initiated nearly 17 years after the relevant tax period were barred by limitation under the Odisha Entry Tax Act. The Court quashed the notices and reassessment order as being without jurisdiction.
The Bombay High Court held that reassessment beyond four years was invalid because the assessee had fully and truly disclosed all material facts during the original assessment. The notice under Section 148 and related proceedings were quashed.
The Supreme Court held that the request to introduce a creamy layer system and challenge blanket tax exemption for Scheduled Tribes relates to legislative public policy. The petitioner was granted liberty to approach the Lok Sabha Committee on Petitions and submit representations to the authorities.
Kangra Central Cooperative Bank Limited Vs Kangra Central Cooperative Bank Pensioners Welfare Association (REGD.) & Ors. (Supreme Court of India) The Supreme Court considered a Special Leave Petition (SLP) filed by Kangra Central Cooperative Bank Limited challenging the dismissal of its review petition by the Himachal Pradesh High Court. Before examining the merits of the […]
The ITAT held that relying on tally data and a forensic report without providing them to the assessee violated principles of natural justice. The matter was remanded to the Assessing Officer while retaining the commission rate at 0.15%.
NCLT Mumbai approved NSE Academy’s ₹241.32 crore selective capital reduction, allowing repayment of excess preference capital under Section 66 of the Companies Act.
The NCLT refused to dispense with the transferee company’s equity shareholders’ meeting because no certified list of shareholders was produced. It directed the company to convene the meeting while issuing further directions for creditor meetings under the proposed amalgamation.
NCLT Ahmedabad held that the transferee failed to establish any lawful title to 21,000 equity shares, making the transfer unsustainable. The Tribunal directed restoration of the original shareholders’ names and rectification of the company’s Register of Members.
NCLT Kolkata held that a Senior Assistant Director of the SFIO could file a winding-up petition where the Central Government had issued a valid authorisation. The Tribunal dismissed the challenge to the petition’s maintainability.
