News Updates
Contempt Proceedings Would Not Lie In Absence Of Positive Act For Wilful Disobedience: Gujarat HC Declines Plea Against UK-Based Litigant
The Gujarat High Court has recently reiterated that the Court must confine itself in contempt jurisdiction to the four corners of the order alleged to have been disobeyed. It cannot travel beyond the order alleged to have been flouted. Further, to determine whether an act is contumacious, the Courts cannot apply a 'mechanical' mind and should determine whether 'positive' steps were taken...
Insurer Must Show Negligence & Lack Of Reasonable Care By Insured To Avoid Its Liability Under Motor Vehicles Act: J&K&L High Court
The Jammu and Kashmir and Ladakh High Court recently ruled that under the Motor Vehicles Act, mere absence, fake or invalid driving licence or disqualification of driver to drive at the relevant time are not in themselves defences available to the insurer against either insured or third parties. To avoid liability towards insured, the insurer has to prove that insured was guilty of...
Order Passed Under Section 143(1) Is Not An Assessment; Delhi High Court Dismisses Ernst And Young's Writ Petition
The Delhi High Court has ruled that the order passed under Section 143(1) of the Income Tax Act, 1961 is not an assessment for the purposes of Section 147 and hence, it is not necessary for the Assessing Officer to come across some fresh tangible material to form a belief that the income of the assessee has escaped assessment in order to reopen assessment. The Bench of Justices...
Punjab & Haryana High Court Weekly Round Up: August 15- August 21, 2022
Nominal Index Avnish Kumar Sharma @ Avinish Versus State of Haryana 2022 LiveLaw (PH) 225 Sidak Singh Sandhu v. U.T. Chandigarh And Another 2022 LiveLaw (PH) 226 New India Assurance Company Limited versus Ravinder Kumar @ Vickey and others 2022 LiveLaw (PH) 227Gaurav Raheja VERSUS State of Punjab and another 2022 LiveLaw (PH) 228 Sukhdev Singh and Others Versus Jaswinder...
Investment Made By Director Of A Company Is Not An Operational Debt: NCLT Kolkata
The National Company Law Tribunal ("NCLT"), Kolkata Bench, comprising of Shri Rohit Kapoor ("Judicial Member") and Shri Harish Chander Suri (Technical Member), while adjudicating a petition filed in Akshat Pandey v Avighna Films Private Limited, has held that an investment made by the Director of a Company does not fall under the purview of an Operational Debt under the...
'Go-karts' Are Not Roadworthy, Can't Be Registered As Motor Vehicles With RTO: Karnataka AAR
The Karnataka Authority of Advance Ruling (AAR) has ruled that the "Go-karts" are not roadworthy and cannot be registered as motor vehicles with the Regional Transport Authority (RTO). Go-Karts are not classifiable as "motor vehicles meant for carrying passengers or persons" under Chapter Tariff Heading 8703 of the First Schedule to the Customs Tariff Act, 1975.The two–member bench...
Timelines For Uploading TRAN-1 For Seeking Credit And Revision Of Credit Cannot Be One: Madras High Court
The Madras High Court has held that the timelines for uploading of TRAN 1 for seeking credit as well as seeking revision of the credit cannot be one and the same as it leads to an unworkable position.The single bench of Justice Anitha Sumanth has observed that the time limit for revision of a TRAN-1 return be identical to the timeline for filing of a return seeking transition. The purpose...
Tribunal Cannot Interfere With Decision Of COC To Replace Resolution Professional : NCLAT Chennai
The National Company Law Appellate Tribunal ("NCLAT"), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Mr. Kanthi Narahari (Technical Member), while adjudicating an appeal in M/s IDBI Bank Limited v C.J. Davis, had set aside the Adjudicating Authority's order disallowing the Committee of Creditors ("CoC") to replace the Resolution Professional under Section...
Does Limitation Period For Filing Appeal Applies To Period For Curing Defects?: NCLAT Refers Question To Larger Bench
The National Company Law Appellate Tribunal ("NCLAT"), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Justice N Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (Technical Member), while adjudicating in an appeal filed in Mr. V R Ashok Rao v TDT Copper Limited, has observed that issue of delay in refilling of appeal is often coming before the NCLAT Bench...
CBDT Notifies New Form 29D For Refund Of Tax Deducted
The Central Board of Direct Taxes (CBDT) has notified the new Form 29D for refund of tax deducted.The Board has notified the Income-tax (26th Amendment) Rules, 2022. The amendment added a new Rule 40G to the Income-tax Rules of 1962 relating to Refund Claim under Section 239A. In the Income-tax Act, a new section 239A was added by the Finance Act of 2022. Section 239A states that if...
Special Court Calls ED "Vengeful Complainant", Discharges Two Accused In PMLA Case
Observing that the Enforcement Directorate was a "vengeful" complainant, a special court at Mumbai discharged two developers accused in the Yes Bank Money laundering case based on a clean chit in the predicate offence. Special Judge MG Deshpande relied on Supreme Court's recent judgement in Vijay Mandal Chaudhary & Ors. vs Union of India, which has held that a case under PMLA,...
On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad
The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Dr. Deepti Mukesh (Judicial Member) and Shri Ajai Das Mehrotra (Technical Member), while adjudicating an application filed in Asset Reconstruction Company (India) Limited v GPT Steel Industries Ltd., has held that Adjudicating Authority has right to send back the resolution plan for reconsideration to the CoC, on...