NCLAT Chennai held that a right to judicial remedies is a right which is safeguarded by Article 21 of the Constitution of India. Thus, deprival of remedies available under Article 21 is unjustifiable and hence it is directed to revive back the company petition.
NCLAT Delhi held that resolution professional whose resolution plan was once rejected by the Committee of Creditors [CoC] is free to participate in fresh process initiated by fresh Form G for inviting Expression of Interest.
There was no provision under the DTVSV Act that empowered a Designated Authority to reopen a concluded settlement. Once a final certificate was issued under Section 5(1), all disputes with regard to the ‘tax arrear’ stood concluded.
ITAT Ahmedabad held that denial of Foreign Tax Credit [FTC] on the ground that corresponding income has not been offered for tax in the year under appeal is not justifiable. Accordingly, FTC allowed.
Madras High Court held that VAT tax liability imposed on deceased petitioner and his wife based on Form F containing forged signature of deceased petitioner and his wife is liable to be set aside. Accordingly, petition allowed.
Hon’ble Supreme Court in the case of Gujarat Urja Vikas Nigam Ltd. has held that the NCLT cannot exercise its jurisdiction over matters dehors the insolvency proceedings since such matters would fall outside the realm of IBC.
Telangana HC’s ruling in Frontier Information Tech clarifies debt-to-equity conversion as “actual payment” under Section 43B of the Income Tax Act.
Allahabad High Court held that imposition of penalty under section 10(d) of the Central Sales Tax Act [CST Act] in absence of mens rea is untenable in law. Accordingly, order of penalty is liable to be quashed.
Madras High Court held that passing of attachment order and debit for amount of arrears inspite of pending appeal is not justified. Accordingly, departmental officer directed to refund the amount.
ITAT Kolkata addresses procedural lapses in Suryadeo Prasad Vs. ITO, highlighting the need for a speaking order and adherence to Section 250(6) of the Income Tax Act.
