NCLT Kochi orders liquidation of the Corporate Debtor [M/s. Malayalam Vehicles India Pvt. Ltd.] as duly approved by CoC and Resolution Professional of Corporate Debtor appointed as Liquidator to carry out Liquidation Process as per the approval of CoC.
NCLT Mumbai held that resolution plan for Corporate Debtor as submitted by M/s. West End Investment and Finance Consultancy P. Ltd. is approved u/s. 31(1) of IBC since the same is duly approved by CoC and meets the requirements of IBC and the IBBI Regulations.
Supreme Court upheld the judgement of High Court and held that in case of execution of a works contract through a sub-contractor, the sub-contractor was liable to pay tax under the VAT Act and therefore the payment made by the main contractor to the sub-contractor was not liable to be included in the taxable consideration of the main contractor as this would lead to double taxation.
A valid Chartered Accountant certificate was sufficient to discharge the burden of proving that the incidence of 4% SAD was not passed on to customers and discharge the statutory presumption of unjust enrichment.
Gujarat High Court granted anticipatory bail to a Chartered Accountant accused of alleged GST evasion, holding that custodial interrogation was unnecessary and liberty must be protected.
Offence report under Regulation 17(1) Customs Brokers Licensing Regulations, 2018, need not necessarily have a penal connotation. COC had miserably failed to discharge the obligation cast on him to show that the impugned action was initiated within a period of 90 days from the date of receipt of an offence report.
Gujarat High Court held that assessment order passed under section 147 of the Income Tax Act without granting opportunity of personal hearing is not tenable. Accordingly, the order is quashed and appeal is allowed.
The ITAT Delhi deleted additions made under Section 153A for unabated/completed assessment years (AYs 2013-14 to 2016-17) following a search. The ruling strictly applied the Supreme Court’s mandate in Abhisar Buildwell that additions in completed years require the finding of incriminating material during the search.
The Court reiterated that mere drafting labels cannot convert a settlement clause into an arbitration agreement. Since Clause 8.28 only contemplated conciliation and allowed recourse to courts, it failed to reflect intent for binding adjudication by an independent arbitrator.
The Supreme Court held that an appellate decree passed in favour of deceased appellants is a nullity. As no legal heirs were substituted, the appeal automatically abated, and the original trial court decree revived and became executable.
