Corporate
Supreme Court To Examine If NCLT President Has Power To Transfer Cases Across States
The Supreme Court is set to examine the scope of National Company Law Tribunal President's power to transfer a case across states by way of an administrative order.A bench of CJI Surya Kant and Justice Joymalya Bagchi recently issued notice on a plea challenging the Gujarat High Court order which held that the NCLT President has no authority to transfer cases from one State to another...
When Can Shares Received After Company Amalgamation Be Taxed As Business Income : Supreme Court Explains
The Supreme Court has ruled that shares received in a corporate amalgamation are immediately taxable as business income under Section 28 of the Income Tax Act if they represent a "real, commercially realizable benefit." “where the shares of an amalgamating company, held as stock-in-trade, are substituted by shares of the amalgamated company pursuant to a scheme of amalgamation, and such...
Accepting Terminal Benefits Under EPF Forfeits State Pension Rights: Jharkhand High Court
A Division Bench of the Jharkhand High Court comprising Justice Sujit Narayan Prasad and Justice Rajesh Kumar held that an employee who voluntarily switches to the EPF scheme, accepts all EPF/terminal benefits, and remains silent for years is estopped from later claiming pension from the State. Background Facts The employee was initially appointed as a Chowkidar in the Food...
Uncommunicated Adverse Entries In ACRs Can Be Considered For Passing Order Of Compulsory Retirement: Chhattisgarh HC
A Division Bench of the Chhattisgarh High Court comprising Chief Justice Ramesh Sinha and Justice Bibhu Datta Guru held that the uncommunicated adverse entries in an employee's Annual Confidential Reports can be considered for passing an order of compulsory retirement. Background Facts The employee was appointed as a Process Writer in the District Court Establishment at Jagdalpur...
Delhi High Court Orders Release of Seized Jewellery, Cash After Family Agrees To Pay ₹2.5 Crore Advance Tax
The Delhi High Court has directed the Income Tax Department to release the jewellery and cash seized from a family's house, after the latter agreed to deposit advance tax towards their probable tax liability arising from a search operation.A division bench of Justices Dinesh Mehta and Vinod Kumar passed the order while disposing of writ petitions filed by members of a family whose jewellery...
ITAT Jaipur Gives Taxpayer One More Chance To Disown Account Linked To His PAN In Unexplained Cash Deposit Case
The Income Tax Appellate Tribunal (ITAT) at Jaipur has remanded a case involving a Rs 76.31 lakh tax addition, holding that the taxpayer should be given one more opportunity to establish that a disputed bank account linked to his PAN did not belong to him. A coram of Judicial Member Narinder Kumar and Accountant Member Annapurna Gupta said the issue warranted closer examination, and...
Companies Act | Private Complaint Not Maintainable Against Fraud; Can Be Filed Only By SFIO : Supreme Court
The Supreme Court on Friday (January 9) held that complaints alleging fraud under the Companies Act, 2013 cannot be initiated through private complaints, as cognizance can be taken by a Special Court only on a complaint filed by the Director of the Serious Fraud Investigation Office (SFIO) or an officer authorised by the Central Government under Section 212(6) of the Act. The Court,...
ITAT Mumbai Strikes Down ₹2.70-Crore Reassessment Against Kalpataru Based On Employee Statements
The Mumbai Bench of the Income Tax Appellate Tribunal has deleted a Rs 2.70-crore income tax addition made against Kalpataru Projects International Ltd, holding that purchases cannot be treated as bogus only on the basis of employee statements recorded years later, without any incriminating material being found in a search. The bench, comprising Accountant Member Om Prakash Kant and...
ITAT Allows ₹772 Crore Business Loss Claim Of Flipkart Group Firm Instakart
The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) has allowed Instakart Services Pvt. Ltd., a Flipkart group logistics company, to claim Rs 772.25 Crore in business losses. The ruling sets aside tax disallowances for Assessment Years 2016-17 to 2018-19. In an order dated December 18, 2025, Judicial Member Keshav Dubey and Accountant Member Waseem Ahmed held that the losses...
GST Payable On Reimbursed Foreign Patent Attorney Fees For Overseas Patent Filings: West Bengal AAR
The West Bengal Authority for Advance Ruling (AAR) has clarified that reimbursement of fees paid to foreign patent attorneys for overseas patent filings constitutes a taxable 'import of legal services' and attracts GST in India.A coram comprising Shafeeq S, Joint Commissioner (Member- Central Tax) and Jaydip Kumar Chakrabarti was examining a dispute arising from patent filings made in Japan,...
Landowner Who Enjoyed Planning Benefits For Decades Barred From Reclaiming Land Surrendered Under Development Plan: Bombay High Court
The Bombay High Court has held that where a landowner voluntarily agrees to surrender land reserved for a public purpose under a sanctioned Development Plan, free of cost but in consideration of tangible planning benefits such as waiver of compulsory open space requirements or grant of higher Floor Space Index (FSI), such surrender constitutes a valid acquisition by agreement under...