News Updates
Bagasse Is An Agricultural Waste: CESTAT Quashes Excise Duty
The Mumbai Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT), while quashing the excise duty, held that bagasse, being an agricultural waste or residue, could not be manufactured.The bench of Ajay Sharma (Judicial Member) and Anil G. Shakkarwar (Technical Member) has observed that bagasse is only agricultural waste and residue, which itself is not the result of...
Weekly Digest Of IBC Cases: 15 To 21 May 2023
Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. Citation: 2023 LiveLaw (SC) 436 The Supreme Court Bench comprising of Justice Dinesh Maheshwari and Justice Sanjay Kumar, has declined to grant any interim relief in respect of order passed by...
NSEL Scam: Mumbai Court Slams IO For 'Pick & Choose', Says Selective Investigation Betrays Faith In Economic Offences Wing
A special court in Mumbai has issued process against directors and promoters of India Infoline Commodities Ltd (IICL), Anand Rathi Commodities Ltd (ARCL), and Geojit Comtrade Ltd (GCL) in the 2013 National Spot Exchange Ltd (NSEL) scam.Special Judge A.S. Sayyad under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act) questioned the police...
Arbitration Cases Weekly Round-Up: 14 To 20 May, 2023
Supreme Court: Referral Court Has Duty To Conclusively Decide Issue Of ‘Existence & Validity Of Arbitration Agreement’ Raised At Pre-Referral Stage: Supreme Court Case Title: Magic Eye Developers Pvt. Ltd. vs M/s. Green Edge Infrastructure Pvt. Ltd. & Ors. The Supreme Court has held that under Section 11(6) of the Arbitration and Conciliation Act, 1996, when the...
Tax Cases Weekly Round-Up: 14 May to 20 May, 2023
Supreme Court Credit Note Issued By Automobile Manufacturer To Dealer, In Consideration Of Replacement Of Defective Part, Attracts Sales Tax: Supreme Court Case Title: M/S. Tata Motors Ltd. vs The Deputy Commissioner Of Commercial Taxes (SPL) & Anr. Citation : 2023 LiveLaw (SC) 443 The Supreme Court has ruled that a credit note issued by an automobile manufacturer...
Senior Lawyer Shashi Kiran Shetty Is Karnataka's New Advocate General
Senior Advocate K Shashi Kiran Shetty has been appointed as the new Advocate General of Karnataka.An alumnus of National Law school of India University, he is the son of former Lokayukta Justice Vishwanath Shetty, having over 23 years of experience in handling matters before various courts across the country. The key areas of his practice are Constitutional Law, Administrative Law,...
Mere Payment By Account Payee Cheque Is Not Sacrosanct : ITAT Disallows Exemption On Penny Stock
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that mere payment by account payee check is not sacrosanct, nor can it make a non-genuine transaction genuine.The bench of Astha Chandra (Judicial Member) and B.R.R. Kumar (Accountant Member) has observed that the assessee cannot escape from the burden cast upon him, and unfortunately, the burden is heavy as the facts...
Value Of Sale Of Books Cannot Be Included In The Value Of Coaching Services, No Service Tax Payable: CESTAT
The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the value of the sale of books cannot be included in the value of coaching services and service tax is not payable.The bench of P.K. Choudhary (Judicial Member) and K. Anpazhakan (Technical Member) has observed that since the value of the sale of books is separately identifiable from the...
ITAT Deletes Additions On Long Term Capital Gains On The Purported, Notional, Fictitious Sale Of Jewellery
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition on account of long-term capital gains on the purported, notional, and fictitious sale of jewellery.The Bench of Yogesh Kumar US (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that there is no provision in the Income Tax Act to deem the difference between the value of...
Lawyer Writes To BCI Against Foreign Lawyers’ And Law Firms' Entry Rules, Says It Will Threaten Sovereignty
A Delhi-based lawyer has written a representation to the Bar Council of India and Union Ministry of Law and Justice against the recently notified Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022.Advocate Pawan Prakash Pathak has submitted that the power to recognize foreign degree qualification is not within the purview of the BCI alone and that...
Advance Paid Towards Transfer Of Leasehold Rights In An Immovable Property Is Not An Operational Debt: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in RSM Infra Partners vs Siddhivinayak Skyscrapers Private Limited has held that an amount paid as advance towards an agreement of...
NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates
The National Company Law Tribunal, Cuttack Bench, comprising Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Srimanta Kumar Tripathy and Anusuya Tripathy vs S.S Mining and Infra Private Limited has held reiterated that NCLT is not a...