Once a successful bidder had accepted and purchased the Corporate Debtor in slump sale under IBC, the bidder could not request to convert that sale into a sale of Corporate Debtor as a going concern from slump sale as it would affect the rights of members of the stakeholders’ committee prejudicially .
Since the nature of activities conducted by the Board Of Control for Cricket in India were commercial activities, therefore, the appellant Board was covered by the provisions of ESIC Act and was liable to pay ESI contribution on the wages paid to the coverable employees.
There was no right to apply for reference of a dispute to arbitration until there was a clear and unequivocal denial of the right asserted by one party by the other.
Corporate Insolvency Resolution Process (CIRP) was initiated against Trident Sugars Ltd. and had appointed Mr. Medi Yadaiah as the Interim Resolution Professional (IRP) as the Corporate Debtor had neither paid the balance amount nor raised any dispute in respect of the quantity or the amount at any point of time.
Penta Media Graphics Ltd Vs DCIT/ACIT (ITAT Chennai) Disallowance u/s 40(a)(i) justified if assessee failed to deduct TDS on payment for software development consultancy charges to foreign companies. Conclusion: Since assessee had not deducted TDS under section 195 on payment for software development consultancy charges was made to foreign companies and failed to file any […]
Even though the agricultural land was converted for non-agricultural purposes, but cultivation of land continued till the date of sale of the land. Thus, the land should have been treated as agricultural land and exempt from capital gain in view of section 2(14).
Power under Section 9 could only be exercised for preservation of the subject matter of the dispute till the decision of the Arbitral Tribunal and scope of relief under Section 9 of the Arbitration and Conciliation Act, 1996 Act could not be extended for directing specific performance of the contract.
Mere fact that assesse had separately debited service tax in it profit and loss account and not credited the same in its profit and loss account could not be the reason or basis for stating that assessee had not credited these receipts in its books as it was to be presumed included in the sales price.
Reassessment was not justified as AO can exercise power to re-open, provided there was tangible material to come to the conclusion that there was escapement of income from assessment.
Appellant had reasonably explained the licit possession of the two gold bars, as received by way of succession under the will of his father however due to unexplained source of licit acquisition by father of appellant, penalty under Section 112(a) was reduced to Rs. 50,000/-(Rupees fifty thousand only) and penalty under Section 114AA was set aside.
