ITAT Mumbai Sets Aside ₹2.28-Crore Capital Gains Tax on Housing Society For Developer Payments To Members

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed a Rs 2.28 crore capital gains tax addition against Colombia Co-operative Housing Society, holding that redevelopment compensation paid directly to individual members cannot be taxed as the society's income.The ITAT held that amount paid by a developer directly to individual members of a co-operative housing society...

HSNS Cess Rules Notified: Pan Masala Makers to Pay Levy Based on Installed Machines From Feb 1

The Ministry of Finance has notified the Health Security & National Security (HSNS) Cess Rules, 2026, on January 1, setting out the procedure for levying a new cess on machines installed and processes undertaken for the manufacture of pan masala. The cess will come into force on February 1, 2026, and the collections will be used to fund national security and public health...

NCLT Ahmedabad Orders Recovery of ₹2 Lakh Costs From Personal Guarantor As Arrears of Land Revenue

The National Company Law Tribunal (NCLT) at Ahmedabad has directed that costs of Rs 2 lakh imposed earlier on a personal guarantor be recovered as arrears of land revenue, after finding that he had repeatedly ignored its order and failed to pay the amount. A coram of Judicial Member Justice Shammi Khan and Technical Member Sanjeev Sharma noted that the personal guarantor had shown continued...

LiveLawBiz: Business Law Daily Round-Up: January 05, 2026

TAX Mandatory Pre-Deposit For Customs Appeal Cannot Be Waived For Financially Sound Appellant: Karnataka High CourtMere Apprehension of Business Loss In State Does Not Confer Writ Court Territorial Jurisdiction: Calcutta High CourtCustoms Cannot Withhold Part Of Consignment After Accepting Full Bond, Guarantee : CESTAT KolkataHotels Can Now File Specified Premises Opt-In Online On GST...

CCI Holds Two Textile Firms Guilty Of Bid Rigging In Defence Undergarment Tender

The Competition Commission of India (CCI) has found textile manufacturers KKK Mills and Sankeshwar Synthetics Pvt Ltd guilty of bid rigging in a defence procurement tender for woollen underpants floated by the Directorate General of Ordnance Services.The competition watchdog found the firms to be in contravention of Section 3(3)(d) read with Section 3(1) of the Competition Act, 2002,...

IBBI Simplifies Liquidation Reporting With Four New Online Forms

The Insolvency and Bankruptcy Board of India (IBBI) has introduced a simplified framework for reporting liquidation updates to the board. To facilitate the same, the Board has introduced four new online forms that track a company's liquidation from start to finish. In a circular issued on Monday (Januray 5) , the Board said the revised system applies from January 1, 2026, and replaces...

Delhi High Court Refuses To Restrain City Ayurvedic Drug Maker From Using “NOKUF” For Cough Syrup

The Delhi High Court has refused to stop Dehlvi Remedies Private Limited, an city based Ayurvedic drug maker, from using the mark “NOKUF” for cough syrups, holding that its use of the mark since 1994 defeats a later claim by Sana Herbals Private Limited, which sells its product as “NOKUFSYRUP.”In a judgment delivered on January 5, 2026, a Division Bench of Justices C Hari Shankar and...

Mere Participation In Arbitration Won't Bar Challenge To Arbitrator's Eligibility, Waiver Must Be "Express & In Writing" : Supreme Court

The Supreme Court has ruled that a party's involvement in arbitral proceedings does not, in itself, constitute a waiver of its right to object to an arbitrator's eligibility. The Court clarified that the right to object can only be waived by an express written agreement, rejecting any notion of a "deemed waiver" arising from conduct alone under Section 12(5) of the Arbitration &...

Insolvency & Bankruptcy Code: Important Judgments By Supreme Court In 2025

In this article, LiveLaw brings to you a summary of important judgments rendered by the Supreme Court in 2025 in connection with the Insolvency and Bankruptcy Code, 2016. The same are as follows:1. 'IBC A Complete Code' : Supreme Court Disapproves Of High Court Exercising Writ Jurisdiction To Interdict CIRPCase: Mohammed Enterprises (Tanzania) Ltd. v. Farooq Ali Khan & Ors. [Citation:...

NCLT Mumbai Approves Merger Of THPL Warehousing Services Into Booker India

The National Company Law Tribunal at Mumbai has approved the merger of THPL Support Services Ltd into Booker India Ltd, allowing the subsidiary company to be dissolved without winding up as part of a group level corporate restructuring exercise. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar in an order dated January 5 observed, “From the...

NCLAT Sets Aside NCLT Modification Reserving 5% Equity For Public Shareholders In MSME Resolution Plan

The National Company Law Appellate Tribunal (NCLAT) at Delhi has reiterated an insolvency court cannot add new conditions to a resolution plan approved by lenders, and set aside a direction that required 5 percent equity of the corporate debtor to be reserved for public shareholders. A bench of Judicial Member Justice N Seshasayee and Technical Member Arun Baroka said the clause had found...

Delhi High Court Stays Over ₹20 Crore Decrees In Favour Of Philips In DVD Patent Dispute

The Delhi High Court on Monday stayed the execution of money decrees worth over Rs 20 crore passed in favour of Koninklijke Philips N.V., the Netherlands-based electronics company widely known as Philips. The stay is subject to the judgment debtors furnishing unconditional and irrevocable bank guarantees covering the principal amounts of damages. A Division Bench of Justice C Hari Shankar...