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...
Chhattisgarh High Court held that petition u/s. 528 of Bharatiya Nagarik Suraksha Sanhita filed by Chaitanya Baghel seeking quashing of illegal arrest in the matter of money laundering linked to Liquor Scam is dismissed as grounds raised are procedural lapses not amounting to illegality.
CESTAT Delhi held that Cap Sub Assembly for Door Outside Handle 423205-11480 is classifiable under Customs Tariff Heading 87082900 as contented by the Department. Accordingly, benefit under notification no. 46/2011 Customs not admissible.
Orissa High Court held that auction sale by the bank under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) justified as there was no information available with bank regarding existence of status quo order.
NCLT Cuttack held that application under section 9 of the Insolvency and Bankruptcy Code is admitted for initiation of Corporate Insolvency and Resolution Process against Corporate Debtor [Geosphere Industries Pvt. Ltd.] as operational debt of more than Rs. 1 crore stands established and default thereon is proved.
NCLAT Chennai held that there would be no Security Interest which could be said to have been created in absence of there being any Registered Sale Deed. Thus, by not registering the MoDT, retention of title deeds of property of Corporate Debtor not justifiable.
The ITAT Mumbai ruled that an assessment made against a duplicate “Company PAN” for a non-existent entity was void ab initio. This led to the deletion of a ₹3.18 crore cash addition, as the bank account and transactions belonged to a proprietary concern already assessed.
ITAT Delhi held that the ₹33.12 crore received by a co-founder to settle disputes and relinquish the right to sue for promised equity is a non-taxable capital receipt. The court ruled the payment wasn’t salary, business income, or capital gains, as the ‘right to sue’ isn’t a transferable capital asset.
Tribunal rules that default occurred before the Section 10A suspension period; admits insolvency petition filed by Omkara ARC against debtor despite Covid-related objections.
Tribunal admits CIRP against Bafna Motors Pvt. Ltd., ruling that post-10A period defaults exceeding the statutory threshold merit insolvency proceedings, with final claim verification to be done by IRP.
NCLT Chandigarh held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Process [CIRP] against Falcon Auto Engineering Pvt. Ltd. [Corporate Debtor] admitted as operational debt and default established.
