News Updates
CBIC Mandates Furnishing Of Correct Information Of Inter-State Supplies And ITC Reversal In FORM GSTR-3B And FORM GSTR-1
The Central Board of Indirect Taxes and Customs (CBIC) has issued a circular mandating the furnishing of correct and proper information on inter-State supplies and the amount of ineligible/blocked Input Tax Credit (ITC) and reversal in return on FORM GSTR-3B and statement on FORM GSTR-1.Over time, the procedure of submitting returns has been streamlined. With effect from December 2020,...
Disproportionate Assets Case: Delhi High Court Issues Notice On Ex-Haryana CM Om Prakash Chautala's Plea Against Conviction, 4 Yrs Sentence
The Delhi High Court on Thursday issued notice on the plea moved by Former Chief Minister of Haryana, Om Prakash Chautala, challenging a Trial Court order which had convicted and sentenced him to 4 years imprisonment in connection with a disproportionate assets case.Justice Yogesh Khanna also called for nominal roll from the jail authorities while posting the matter for further hearing on...
Payment Towards Output Tax Can Be Made By Utilisation Of Amount Available In Electronic Credit Ledger Of A Registered Person: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on various issues pertaining to GST. The CBIC has notified that the refund in respect of deemed export supplies is the refund of tax paid on the supplies. However, the recipients of deemed export supplies were facing difficulties on the portal in claiming a refund of tax paid due to the requirement of...
On Recusal From Hearing, Members Can't Transfer Case To Another Bench In Another Place : NCLAT Delhi
The National Company Law Appellate Tribunal ("NCLAT") Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Ms. Shreesha Merla (Technical Member) and Dr. Alok Srivastava (Technical Member), while adjudicating an appeal filed in Sonia Khosla & Anr. v Montreaux Resorts (P) Ltd. & Ors., has held if Members of NCLT Bench recuse from hearing a case, they cannot...
High Court To Hear Delhi Police's Plea Seeking Cancellation Of Ishrat Jahan's Bail In Riots Case On July 11
The Delhi High Court will hear on July 11 the plea moved by Delhi Police challenging the bail granted to Former Congress Councillor Ishrat Jahan in FIR 59/2020 which alleges a larger conspiracy in the Delhi Riots that happened in 2020. She was arrested on February 26, 2020.Justice Anu Malhotra listed the matter before a division bench comprising of Justice Siddharth Mridul and Justice...
'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan
The Gujarat High Court has recently declined to cancel the bail of the Respondent-Accused for offences under Sections 406 and 420 added with Sections 467, 468 and 471 of the IPC on the ground that the Applicant-Bank had already taken 'symbolic possession' of certain properties long back. However, the Bank had not proceeded further in almost six years regarding these properties. The...
Interest Component Of EMI Of Loan Availed On Credit Card Is Not Exempt From IGST: Calcutta High Court
The Calcutta High Court has ruled that the interest component of the Equated Monthly Instalments (EMIs) of a loan advanced by a bank on a credit card is not exempt from IGST. The Single Bench of Justice Hiranmay Bhattacharyya held that the services rendered by the bank by way of extending loans amounted to credit card services and hence, the interest component of the EMI of the said...
Muslim Law | Partition Deed Executed By Mother On Behalf Of Minor Children Acting As Their Guardian Not Valid: Kerala High Court
The Kerala High Court on Tuesday observed that a partition deed executed by a Muslim mother on behalf of her minor children acting as their guardian is not valid going by the precedents of the Supreme Court.The Division Bench of Justice P. B Suresh Kumar and Justice C.S Sudha observed that while there was nothing in the personal law prohibiting the same, it was bound by the precedents of...
Bombay High Court Upholds Disqualification Of Tata Motors From Electric Buses Tender Invited By BEST; Also Sets Aside Grant To Evey Trans
The Bombay High Court on Tuesday upheld Brihanmumbai Electric Supply & Transport's (BEST) decision to disqualify Tata Motors' bid for operation of electric buses. A division bench of Justices Sanjay Gangapurwala and M.J. Jamdar observed that the company had deviated from the "material and the substantial term" of the tender and thus, BEST had rightly disqualified it from the...
IBBI Notifies Amendments To Insolvency Professional Regulations
The Insolvency and Bankruptcy Board of India ("IBBI") vide a notification dated 04.07.2022 in the Gazette of India (Extraordinary) has notified amendments to the IBBI (Insolvency Professionals) Regulations, 2016. These amendments have come into force on 04.07.2022. The following clauses have been inserted in the Insolvency Professional Regulations: Clause 8B: Insolvency...
Lack Of Clarity In Averments Not Ground To Dismiss An Application As Non-Maintainable: Delhi High Court
Observing that maintainability and clarity of averments in an application are two entirely different concepts, the Delhi High Court has observed that an application which may be unclear or wanting in requisite details, does not suffer from maintainability on that ground alone.Justice C Hari Shankar was dealing with a plea challenging an order dated 24th March, 2022 passed by the...