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Poonam Gandhi

Latest Posts by Poonam Gandhi

Creditors Must Adhere to Sections 52 & 53 of IBC for Debt Recovery: NCLAT Delhi

April 17, 2025 33 Views 0 comment Print

Discrepancies in financials prompted the Appellant to seek clarifications from Personal Guarantors – Respondents No. 2 and 3, and the late Mr. Bajrang Dass Aggarwal, who provided explanations on 25.02.2020.

CIRP Against Corporate Guarantor Rejected for Failure to Establish Guarantee Invocation

April 17, 2025 42 Views 0 comment Print

NCLT Mumbai held that invocation of provisions of section 7 of the Insolvency and Bankruptcy Code against corporate guarantor not maintainable as financial creditor not able to establish invocation of corporate guarantee.

NCLT rejects Private Sale by Liquidator for Lack of Maximization Strategy for Asset Realization

April 17, 2025 39 Views 0 comment Print

NCLT Mumbai held that the private sale has to be conducted by the liquidator in a manner so as to maximize the realizations from the sale of assets. Since strategy to maximize realisation from sale of assets absent.

Google penalized for violating section 4(2)(a)(i) and 4(2)(e) of Competition Act

April 17, 2025 45 Views 0 comment Print

NCLAT Delhi held that penalty under section 27(b) of the Competition Act, 2002 imposable since Google has abused its dominant position and has violated Section 4(2)(a)(i) and 4(2)(e) of the Competition Act, 2002.

Addition Treating LTCG as Bogus Based on Assumptions Not Sustained

April 17, 2025 168 Views 0 comment Print

ITAT Delhi held that addition under section 68 of the Income Tax Act by treating LTCG as bogus merely on the basis of assumption and conjecture is not sustainable in law since purchase and sale of shares were made via banking channel.

Section 270A Penalty Unjustified Due to Lack of Tax Evasion Intent: ITAT Pune

April 17, 2025 117 Views 0 comment Print

ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Accordingly, imposition of penalty under section 270A for bona fide mistake without intent to evade payment of tax is not justifiable.

Section 263 Revision Unjustified as Assessment Not Erroneous or Prejudicial to Revenue

April 17, 2025 498 Views 0 comment Print

ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act not invocable as assessment made by AO after proper verification of evidences. Further, assessment order is neither erroneous nor prejudicial to interest of revenue.

Adjudicating Authority Can’t Solely Rely on Resolution Professional’s Report: NCLAT Delhi

April 17, 2025 66 Views 0 comment Print

NCLAT Delhi held that adjudicating authority, not solely relying on the resolution professional’s report, needs to conduct an independent assessment under section 100 of the Insolvency and Bankruptcy Code, 2016.

Duty drawback demand post approval of resolution plan not tenable: Bombay HC

April 17, 2025 39 Views 0 comment Print

Bombay High Court held that demand in respect of the duty drawbacks post approval of resolution plan is liable to be waived off in terms of section 31A of the Insolvency and Bankruptcy Code, 2016. Accordingly, writ stand allowed.

Provisions of section 40A(3) inapplicable as income assessed by applying G. P. rate

April 17, 2025 99 Views 0 comment Print

ITAT Raipur that where the income of the assessee has been computed by applying a gross profit rate, there is no need to look into the provisions of Section 40A(3) of the Income Tax Act as gross profit rate takes care of expenses otherwise than by way of crossed cheque.

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