Income Tax : Dive into the Principle of Mutuality, exploring its meaning, tax implications, and impact on cooperative societies. Discover case ...
Fema / RBI : It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act, 2002 from the stage of...
Finance : I strongly believe that implementing the provisions of the SARFAESI Act, 2002 making a good balance between the object and the int...
Goods and Services Tax : Levy of sales tax on a higher percentage on ‘superior kerosene oil' (SKO) (also called white kerosene oil) and also levy of resa...
Income Tax : For the sake of convenience, the attached tables summarises the valuation rules for all perquisites prescribed in the new rule 3 e...
Income Tax : A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the bas...
Income Tax : ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the R...
Corporate Law : Bail was granted in a spurious cancer drug case under Prevention of Money Laundering Act (PMLA) as there was no clear link between...
Income Tax : Madras High Court held that capital profit on the sale of the Fixed Assets of the Company cannot be taken directly to the Reserves...
Corporate Law : Paragraph 27AA of the Employees' Provident Fund (EPF) Scheme could not be automatically imposed on establishments exempted under S...
Fema / RBI : The Tribunal held that once allegations of money laundering are established, the burden shifts to the accused. Failure to prove le...
Income Tax : Circular No. 2/2010-Income Tax The Finance Act, 2005 introduced a levy namely Fringe Benefit Tax (FBT) on the value of certain fr...
Income Tax : Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of pe...
CESTAT Ahmedabad held that imported tugboats are not machinery, equipment or tools. It is specifically covered under Chapter Heading 8904 and hence benefit of notification no. 72/2017-Cus. dated 16.08.2017 not admissible.
NCLT Mumbai held that the Karanja Terminal & Logistics Private Limited [Corporate Debtor] has committed a default in repaying the financial debt to the Financial Creditor for a sum well beyond rupees one crores. Thus, application u/s. 7 of IBC for initiation of CIRP admitted.
NCLAT Delhi held that NCLT erred by not enforcing valid Family Settlement Agreement since such agreement is binding and enforceable for resolving family company disputes which involves oppression and management.
The case examines whether bank-account freezing orders can stand without meeting mandatory requirements under Section 20 before invoking Section 8. The Court held that failure to follow the statutory scheme vitiated the confirmation orders. The key takeaway is that procedural lapses render downstream PMLA actions legally unsustainable.
The Court held that exclusion clause 5 could not justify repudiation of the boiler explosion claim. The insurer cannot rely on post-accident discovery of latent defects to deny a valid claim under a properly issued policy.
CESTAT Delhi held that electronic evidence from an unsealed CPU without a Section 139C certificate cannot form the basis of customs assessment. It ruled that DRI’s revaluation of imports was invalid as goods were already assessed by the proper officer. All duty demands, fines, and penalties were quashed.
NCLAT Delhi held that initiation of Corporate Insolvency Resolution Process by admitting application u/s. 7 justifiable since application duly filed within 3 years of ‘Promise to Pay’ under section 25(3) of the Indian Contract Act, 1872. Accordingly, appeal dismissed.
ITAT Mumbai held that USD 2.41 lakh deposits in Jersey bank accounts were inherited from the assessee’s parents and not undisclosed foreign income, setting aside the CIT(A)’s addition under the Black Money (Undisclosed Foreign Income and Assets) Act.
NCLT Kolkata held that application under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against Haran Chandra Cold Storage Pvt. Ltd. [Corporate Debtor] is admitted since financial debt and default is duly established.
CESTAT Chennai held that for the purpose of charging export duty the assessment of Iron Ore for determination of Fe contents shall be made on the basis of Wet Metric Ton for period prior to 1st May 2022. Accordingly, appeals allowed and orders set aside.
