Payments Made During Investigation Without SCN Do Not Constitute Payments Against Demand: CESTAT

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the payment made by the assessee during an investigation, without any Show Cause Notice, cannot be considered as payment against a demand raised by the Department without even going into the merits of the nature of demand. The Bench of Dr. Rachna Gupta (Judicial Member) has observed...

NCLAT Declares Sale Agreement Not A Financial Debt, Dismisses Insolvency Petition

The NCLAT Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Member, Technical), and Arun Baroka (Member, Technical), has held that a sale consideration in the sale agreement did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Brief Facts: Gujarat State Financial...

Reworking Value Of Investments Held In Subsidiary By Applying DCF Method Is Permitted, Once Correctness Of Valuation Stands Proved: Delhi ITAT

Referring to Explanation to Section 56(2)(viib), the Delhi ITAT held that the assessee is entitled to suitably modify the Net Asset Value (NAV) as long as the NAV is capable of being substituted by some proof or competent evidence. Further, finding that the assessee has produced the valuation report as well as the market valuation of Hotel Residence AG Switzerland in German...

Unaccounted Money Brought In The Garb Of Unsecured Loan: Mumbai ITAT Confirms Addition U/s 68

Finding that loans were nothing but accommodation entries and the repayment is also nothing but return of accommodation entries, the Mumbai ITAT held that the money which has been brought in the garb of unsecured loan is nothing but the unaccounted money of the assessee, and deserves to be added u/s 68. Section 68 of Income Tax Act aims to ensure individuals and...

Filing Section 9 Applications For Money Recovery Instead Of Insolvency Resolution Is Abuse Of Process: NCLAT Principal Bench

The National Company Law Appellate Tribunal Principal Bench, New Delhi bench of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has held that filing a Section 9 application for the sole purpose of recovering money, rather than resolving insolvency, constitutes an abuse of the IBC's provisions and is strongly...

Chhattisgarh High Court CJ Ramesh Sinha Launches RTI Online Web Portal Dedicated To HC, District Judiciary

In a significant stride towards increased transparency and accountability, Justice Ramesh Sinha, Chief Justice of the High Court of Chhattisgarh launched the RTI Online Web Portal dedicated to the Right to Information (RTI) for the High Court of Chhattisgarh and District Judiciary of the state. The web portal was launched last week to mark a new era in citizen empowerment through...

Panchnama Not To Be Treated As Certificate Required For Admitting Printouts From Personal Computer As Evidence: CESTAT

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that a panchnama cannot be treated as a certificate required under Section 36B(4) of the Central Excise Act, 1944 for admitting printouts from a personal computer as evidence. The Bench of Justice Dilip Gupta (President) and Hemambika R. Priya (Technical Member) has observed that “the CPU...

Kerala Court Grants Anticipatory Bail To Former State Committee President Of Indian Lawyers' Congress In Rape Case

The Ernakulam Sessions Court has granted anticipatory bail to Advocate V. S. Chandrasekharan in a rape case. The order was passed by the Court on the 10th of September. Chandrasekharan is the former State President of the Indian Lawyers Congress in Kerala and former Chairman of the legal aid committee of the Kerala Pradesh Congress Committee (KPCC). He had resigned from these posts after the...

Delhi Court Grants Interim Bail To Engineer Rashid To Campaign For J&K Polls

A Delhi Court on Tuesday granted interim bail to Baramulla MP Engineer Rashid in order to campaign cor upcoming Jammu and Kashmir assembly polls. Additional Sessions Judge Chander Jit Singh of Patiala House Courts granted interim bail to Rashid till October 02. Rashid defeated former Jammu and Kashmir Chief Minister Omar Abdullah in the 2024 Lok Sabha polls. He has won by a margin of over...

Insolvency Proceedings Initiated Against A Personal Guarantor Under IBC Abate Upon The Death Of The Guarantor: NCLT, New Delhi

The National Company Law Tribunal (NCLT), New Delhi, Bench VI, comprising Shri Mahendra Khandelwal (Member, Judicial) and Shri Rahul Bhatnagar (Member, Technical), has held that insolvency proceedings initiated against a personal guarantor under the IBC abate upon the death of the guarantor and that legal representatives cannot be substituted in such cases. Brief Facts: M/s...

Invoices Deemed Bogus By Income Tax Department Cannot Justify Insolvency Proceedings Against Corporate Debtor: NCLAT Principal Bench

The National Company Law Appellate Tribunal Principal Bench, New Delhi of Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has held that invoices deemed bogus by the Income Tax Department in assessment orders cannot be relied upon to initiate insolvency proceedings against a Corporate Debtor. Brief Facts: N.V. Aluminium Cast...

Female Associate Professor Of NLU Odisha Found Dead In Residence

A lady Associate Professor of National Law University, Odisha was found dead at her residence in CDA area of Cuttack on Sunday.The deceased academic has been identified to be Dr. Ananya Chakraborty, who originally hails from West Bengal.She was reportedly not attending her duties for last few days for which NLUO officials had tried to contact her. Despite of repeated calls when she did...