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Jul 29, 20234 min read
IBC overrides Electricity Act: Supreme Court Reinforces IBC’s Waterfall Mechanism
In a landmark ruling, the SC emphasizes the supremacy of IBC’s provisions over the Electricity Act, impacting asset liquidation priorities.
Jul 28, 20233 min read
[CESTAT - Hyderabad] Penalty Cannot Be Imposed on Custom Brokers Merely on the Basis of an Uncorroborated CBI Report
CESTAT: Penalties on Custom Brokers require concrete evidence, not just an uncorroborated CBI report, rules Hyderabad Tribunal.
Jul 22, 20233 min read
[NCLAT] – The Resolution Plan Cannot Discriminate Among the Same Class of Creditors
NCLAT rules against bias in creditor payouts, mandates equitable distribution in Akashganga case.
Jul 22, 20237 min read
NCLAT Rules: Pendency of DRT Proceedings Does Not Hinder Action Under S. 7 of the IBC
NCLAT: DRT case pendency doesn't block IBC s. 7 rights.
Jul 20, 20232 min read
Bogus Purchases: Bombay HC Limits IT Addition [Ashwin Purshotam Bajaj]
[Bombay HC] – Only a profit element can be added in respect of bogus purchases under Section 69 of the Income Tax Act, 1961 when the...
Jul 15, 20234 min read
The Delhi HC Quashed FIR on the Ground That the Dispute Was Purely Civil in Nature
Court decision emphasizes the civil nature of disputes over financial transactions, underlining legal boundaries.
Jul 14, 20235 min read
[AT-PMLA] Attachment under PMLA upheld even if complaint not yet filed under Black Money Act
The Hon’ble Appellate Tribunal under the Prevention of Money Laundering Act, 2002 (‘the Appellate Tribunal’) in a recent case of Dr....
Jul 3, 20233 min read
[CESTAT] Adjudication liable to be set aside if cross-examination not granted
Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad (‘CESTAT’), recently passed an order in the case of Indu Oversea Private...
Jul 3, 20232 min read
NFRA Imposes a Penalty on Auditors
NFRA imposes heavy fines and restrictions on auditors for misconduct and standards violations.
Jul 1, 20232 min read
Bombay HC stays LOC, lets petitioner travel out of country, imposes Rs 50,000 costs for late filing
[Bombay HC] – Stays the LOC and permits the Petitioner to travel out of the country but imposes costs of Rs. 50,000 for filing the...
Jul 1, 20233 min read
Bombay HC Exempts Directors from Income-tax Liability in Company Dues [Prakash B. Kamat v. PCIT]
[Bombay HC] Income-tax dues of a company cannot be recovered from the Director merely because of his directorship in a company. The...
Jun 30, 20233 min read
Provisional Attachment: 1-Year Limit on Bank Account Freeze - Bharat Parihar v. State of Maharashtra
[Bombay HC] Provisional attachment of a bank account cannot continue after the expiry of a year from the date of the original attachment....
Jun 26, 20233 min read
ITAT Upholds Disallowance On Bogus Purchases
Introduction In Silmohan Gems Pvt. Ltd. v. DCIT[i], the ITAT upheld the disallowance of purchases computed at 5% of the purchases and...
Jun 20, 20233 min read
No Addition Can Be Made in the Absence of Incriminating Material Found During the Search
Introduction The case of Manjeet Kaur Saran v. ACIT [i] involves a search and seizure operation conducted by the Income Tax Department....
Jun 19, 20233 min read
[ITAT – Delhi] Re-Assessment Order Passed Against a Non-Existent Entity is Void Ab Initio
Introduction Income Tax Appellate Tribunal – Delhi (‘ITAT’) in the case of S.S.S Glass Pv.t Ltd. v. ITO[i], quashed the reassessment...
Jun 16, 20233 min read
[Supreme Court] Permitting the Presence of an Advocate During Interrogation at a Visible but Not Audible Distance
SC affirms advocates can watch interrogations at a distance, balancing law enforcement with rights protection.
Jun 15, 20233 min read
[ITAT-Delhi] Addition Under S. 68 of the Income-tax Act Was Deleted as the Assessing Officer Found No Incriminating Material
Introduction The Hon’ble Income Tax Appellate Tribunal – Delhi (‘ITAT’) ACIT, Central Circle – 19 v. KRBL Foods Ltd[i]., upheld the...
Jun 12, 20235 min read
NFRA Cracks Down on Auditors with Fines and Bans -Rs 1 crore on CA Firm and 5 lakhs each on partners
In the recent case of M/s Sundaresha & Associates and CA C. Ramesh and CA Chaitanya G. Deshpande (Order No. NF-23/14/2022/05, NFRA M/s...
Jun 3, 20234 min read
SC Affirms Limitations of Section 66 of IBC Against Third Parties
Gluckrich Capital Private Limited v State of West Bengal Introduction On 19.05.2023, the Hon’ble Supreme Court rejected an application...
Jun 3, 20233 min read
SC Clarifies: Once NCLT is Satisfied of Default, Application Under Section 7 of IBC Must be Admitted
[SC] Once the NCLT is satisfied that there is a debt which is in default of payment, an application under section 7 of the IBC should be...