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Supreme Court Directs Atibir Industries To Pay ₹375 Crore To Settle SBI Loan Dispute
The Supreme Court has directed Atibir Industries Co. Ltd. to pay an additional ₹125 crore to an asset reconstruction company (ARC) to achieve a full and final settlement of its loan dispute with the State Bank of India (SBI), while leaving open the legal questions concerning the classification of its loan account as a non-performing asset (NPA) and the subsequent assignment of the...
Income Tax Reassessment | S. 292BB Cannot Cure Absence Of S.143(2) Notice Even If Assessee Participated : Supreme Court
The Supreme Court on Wednesday (28 October) has held that a notice under Section 143(2) of the Income Tax Act, 1961 is mandatory for reassessment proceedings under Section 147, and that Section 292BB cannot save a reassessment where the Revenue Authority admittedly never issued such a notice. This holds even if the assessee participated and cooperated in the proceedings.A bench of Justice...
Supreme Court Refers Reliance-Government Dispute Over KG Basin Gas Extraction To Mediation By Justice RP Desai
The Supreme Court on Friday referred the long-running dispute between Reliance Industries Limited and the Government of India concerning the exploration and extraction of natural gas in the Krishna-Godavari (KG) basin to mediation.The bench comprising Chief Justice of India Surya Kant, Justice Joymalya Baghchi and Justice V Mohana requested former Supreme Court judge Justice Ranjana Prakash...
S. 147 Income Tax | Assessment Can Be Reopened Based On Fresh Material If No Opinion Was Formed In First Instance : Supreme Court
"But where the point was well considered in the original proceedings, reassessment merely because the AO now takes a different view on the same facts is a change of opinion."
IBC | CoC Cannot Withdraw Approved Resolution Plan Citing Improved Financial Position Of Corporate Debtor : Supreme Court
A resolution plan, once submitted before the Adjudicating Authority, cannot be withdrawn, the Court ruled.
Can't Insist Compliance With Impossible Tender Conditions : Supreme Court
The Supreme Court has held that rigid adherence to the literal terms of a document cannot be insisted upon when compliance is clearly impossible, particularly where the underlying requirement has already been fulfilled. “Rigid adherence to the letter of a document cannot be countenanced, especially when there is a clear impossibility in compliance of the same.”, a bench of Justice...
RBI Was Mere Bystander When YES Bank Carried Out Business Clandestinely : Supreme Court
The Supreme Court has observed that it would be “highly unfair” to make investors bear the consequences of administrative lapses, after the Reserve Bank of India (RBI) allegedly allowed YES Bank's Common Equity Tier 1 (CET1) ratio to fall to 0.6% despite earlier irregularities in the bank's functioning. “The RBI was a mere bystander, allowing the CET1 ratio of YES BANK to drop to...
Auction Can't Be Cancelled Merely Because Fresh Bids Are Lower Than Earlier Offers : Supreme Court
Power to cancel auction must be exercised fairly, the Court stated.
Income Tax | Fresh Claim Cannot Be Raised Before Revisional Authority Without Timely Revised Return : Supreme Court
The Supreme Court has held that a fresh claim before the Revisional authority cannot be filed by the assessee without filing a revised return in accordance with law. A bench of Justice Prashant Kumar Mishra and Justice Shree Chandrashekhar dismissed an assessee's plea against the Orissa High Court's decision to uphold the income tax authority's decision to decline the fresh claim of...
Non-Signatories Can Be Joined In Arbitration If Dispute Affects Their Rights: Supreme Court
The Supreme Court has held that a non-signatory to an arbitration agreement may be included in arbitration proceedings when the dispute substantially affects their rights, emphasising that the determination of whether someone is a “veritable party” depends on the facts and circumstances of each case. A bench of Justice J.B. Pardiwala and Justice K. Vinod Chandran observed that the...