News Updates
No GST On The Difference Between Purchasing, Selling Price Of Second Hand Gold Jewellery: AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that purchasing second-hand gold in the form of jewellery and parts of jewellery from unregistered individuals and selling it to registered or unregistered dealers after melting it in the form of lumps of gold cannot be subject to GST on the margin difference between the sale price and purchase price as stipulated in Rule 32(5) of the...
TDS Will Not Be Attracted On Interest Below Rs. 40,000 Earned From Mahila Samman Certificate: CBDT
The Central Board of Direct Taxes (CBDT) has notified that TDS will not be attracted on interest below Rs. 40,000 earned from Mahila Samman Certificate.“In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the Scheme namely the Mahila Samman...
Land Owners Entering Into Joint Development Agreements For Sharing Of Profit Do Not Come Within The Ambit Of Operational Creditors: NCLT New Delhi
The National Company Law Tribunal, New Delhi Bench, comprising Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash K. Srivastava (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Mrs. Gurmeet Kaur Gill vs Raheja Developers Limited has held that an agreement in the nature of a...
Supreme Court E-committee Conducts Digital Accessibility Training For Visually Challenged Court Staff Of District & Taluk Courts
The E-committee of the Supreme Court of India conducted a two-day Digital Accessibility Training for visually challenged court staff from District and Taluk courts from across the Court on 15th and 16th May, at IIPA, New Delhi.Making the digital infrastructure of the Indian judicial system more accessible to persons with disabilities is one of the core components of the e-Committee of...
Not Mandatory To File Hard Copies; NCLAT Dispenses The Requirement Of Physical Filing In Addition To E-Filing
The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 15.05.2023, directing that the physical filing of hard copies alongwith appeals, interlocutory applications, reply, rejoinders etc., which have been electronically filed, is not mandatory now.The NCLAT had rolled out its e-filing portal available at: (https://efiling.nclat.gov.in), for electronic filing...
ITAT Deletes Income Tax Addition Towards ESOP
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition towards ESOP.The bench of Amit Shukla (Judicial Member) and Padmavathy S. (Accountant Member) has observed that ESOP expenses are capital in nature.The appellant/assessee company is engaged in the manufacturing of branded FMCG products, namely foods and beverages and home and personal care...
Delhi Consumer Commission: Negligence On The Doctor’s Part Cannot Be Assumed in Unsuccessful Treatments
The Delhi State Consumer Disputes Redressal Commission bench comprising Justice Sangita Dhingra Sehgal and Judicial Member Mrs Pinki held that in cases involving allegations against medical professionals, negligence is a crucial element of the offence, which involves the failure to perform a duty by omission that a reasonable person would do or avoid doing. Negligence cannot be...
Agricultural Operations Cannot Be Dubbed As ‘Commercial Activity’ Merely For Commercially Selling Hybrid Seeds And Open Pollinated Seed Varieties: ITAT
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that when agricultural activity is conducted and seeds are produced, merely because the seeds were sold commercially, the basic agricultural operations also cannot be dubbed "commercial activities" and not ‘agricultural activities’.The bench of K. Narasimha Chary (Judicial Member) and Rama Kanta Panda (Accountant...
Disposed Petition On Consent Terms Can Be Revived On Breach Of Terms, Irrespective Of Liberty Granted Or Not : NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), while adjudicating an appeal filed in IDBI Trusteeship Services Limited v Nirmal Lifestyle Limited, has held that when a petition is withdrawn by placing on record the consent/settlement terms, then the petition is liable...
Orissa High Court Allows Writ Petition Against Arbitrator’s Order Directing Evaluation Of Assets, Being Expansion Of Scope Of Reference
The Orissa High Court has set aside the order passed by the Arbitral Tribunal under Section 26 of the Arbitration and Conciliation Act, 1996 (A&C Act), where the Tribunal had directed the appointment of an expert evaluator for evaluating the assets of the counter-claimant in the arbitral proceedings involving money claims. While noting that the claims and counter claims raised by...
No Service Tax Payable On Education Services By Way Of Pre-School Education And Education Up To Higher Secondary School: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not payable on education services by way of preschool education and education up to higher secondary school.The bench of Justice Dilip Gupta (President) and Hemambika R. Priya (Technical Member) has observed that the hostel service and education services are naturally bundled in...
Senior Advocate & AIMPLB Secretary Zafaryab Jilani Passes Away
Senior Advocate and All India Muslim Personal Law Board (AIMPLB) secretary Zafaryab Jilani (73) passed away today in Lucknow after he suffered a head injury recently. JIlani was not keeping well for some time.As a convenor of the Babri Masjid Action Committee, Senior Advocate Jilani had argued in the Ram Janmabhoomi case in the Supreme Court. In past, he also served as the Additional...