NCLAT Delhi held that regulation 16A(3A) of the CIRP Regulations has to be followed for replacement of Authorised Representatives. Adjudicating Authority duly relied on regulation 16A(3A) and rejected the application of the appellant.
Delhi High Court held that repeated placing of the matter in the call book is not a valid justification for non-adjudication of show cause notice for about 15 years. Accordingly, order passed is liable to be quashed due to delay in adjudication.
NCLAT Delhi held that assignment agreement establishes absolute right of the corporate debtor over the property hence it is part of liquidation estate. Payment of unauthorised sub-letting charges doesn’t mean any valid sub-letting of property.
ITAT Chennai held that addition under section 69 towards unexplained investment merely based on loose sheets without any corroborative evidences is unsustainable in law. Also held that addition on the basis of mere assumption and presumption not sustainable.
ITAT Agra held that evidences with regard to deposit of income tax deducted at source (TDS) filed for the first time before ITAT hence appeal allowed with direction to AO to verify the documents.
Allahabad High Court rejected bail application of applicant involved in GST fake firm matter since the case of bail is not made out in economic offence where money trail of crores and co-accused discharge application has already been rejected.
ITAT Chennai held that payments are in the nature of selling commission to foreign agents who is not having permanent establishment or business connection in India is not taxable in India and accordingly, TDS u/s. 195 not deductible.
NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Scheme of Arrangement proposed under section 230 of the Companies Act.
NCLAT Delhi held that initiated proceedings before the Debts Recovery Tribunal does not preclude Financial Creditors to take remedy under Section 7, which is a special remedy provided under the IBC.
ITAT Ahmedabad held that non-compliance to notices issued u/s. 250 by CIT(A) resulted into delayed appellate proceedings. Accordingly, cost of Rs. 5,000 imposed on the assessee for lack of diligence.
