Corporate
Income Tax Act | Trust's Legitimate Tax Exemption Cannot Be Denied For Delay In Filing Form 10B: Madras High Court
The Madras High Court held that delay in filing Form 10B required under Section 44AB for the purpose of Section 12A(1)(b) of the Income Tax Act, 1961, is not a ground to deny legitimate exemption tax exemptions. Justice C. Saravanan observed that the assessee was registered as a “Trust” in the year 2017. Effectively, the assessee would have carried on operation as...
Income Tax Act | Supreme Court To Examine If S.12AA Registration Alone Entitles Trusts To 80G Benefits To Donors
The Supreme Court is set to examine whether the registration of a trust under Section 12AA of the Income Tax Act, 1961, which recognizes it as a charitable institution for income tax exemption purposes, is sufficient to entitle its donors to claim tax deduction benefits under Section 80G of the Act. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan has issued notice on a...
Default In Any Credit Account Leads To NPA Classification; Sufficient To Trigger CIRP U/S 7 IBC: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench of Sushil Mahadeorao Kochey (Judicial Member) and Prabhat Kumar (Technical Member) held that default in one of several facilities was sufficient to trigger Corporate Insolvency Resolution Process (CIRP) under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Tribunal further observed that where the debtor...
Amendment Of Default Date In IBC Pleadings Is Permissible Before Final Adjudication: NCLT Mumbai
The National Company Law Tribunal (NCLT) Mumbai bench of Sushil Mahadeorao Kochey (Judicial Member) and Prabhat Kumar (Technical Member) admitted an insolvency petition against Vibrant Content Pvt. Ltd.(Corporate Debtor) filed by Central Bank of India holding that acknowledgment of debt in the balance sheet constitutes a valid acknowledgement under section 18 of the Limitation Act...
IBBI Advises Insolvency Professionals To Seek ED-Attached Assets To Boost Recoveries
The Insolvency and Bankruptcy Board of India (IBBI), noting that assets of entities in insolvency are often under attachment by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), has issued a circular guiding insolvency professionals on seeking restitution of such assets. In a circular issued on November 4, addressed to all registered insolvency...
Bombay High Court Lifts Restraint On UP-Based Popcorn Maize Seller In Brand Dispute With SNN
The Bombay High Court at Nagpur has recently set aside a District Court order restraining SNT & Co., a UP-based popcorn maize seller, from using its brand name and packaging, after finding that the court failed to properly compare the overall look and feel of its packaging with that of Shah Nanji Nagis Exports Pvt. Ltd. (SNN), which had accused SNT of copying its design.In an order passed...
Income Tax Act | Revisional Power U/S 263 Cannot Be Invoked When AO Allows Deduction U/S 32AC After Proper Inquiry: Kerala High Court
The Kerala High Court stated that revisional power under Section 263 of the Income Tax Act cannot be invoked when Assessing Officer (AO) allowed deduction under Section 32AC after proper inquiry. Justices A. Muhamed Mustaque and Harisankar V. Menon opined that merely for the reason that AO extended the deduction claimed after carrying out investigations, the exercise of the power...
NCLT Mumbai Approves Merger Of Snack Brand 'Dinshaws' With Its Dairy Business
The National Company Law Tribunal (NCLT) at Mumbai on Monday approved the merger of Dinshaws Snacks & Foods Private Limited with Dinshaw's Dairy Foods Private Limited, bringing the popular snack brand and its dairy arm under a single company.A coram of Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan in an order passed on November 3 observed that the scheme was fair...
Penalty Imposed By SEBI After Commencement Of Insolvency Cannot Be Admitted As Claim During CIRP: NCLT Mumbai
The NCLT, Mumbai Bench, comprising Anil Raj Chellan (Member-Technical) and K.R. Saji Kumar (Member-Judicial), has held that the penalty imposed by the SEBI post insolvency commencement cannot be admitted as a claim during CIRP. The CIRP of the corporate debtor (Medybiz Private Limited) was going on, and a moratorium was in effect. The last date of filing the claim was 22.08.2024;...
Delhi High Court Grants Injunction To Hero Investcorp; Restrains Sale Of Counterfeit 'Hero Genuine Oil' Bottles Imitating Registered Design
The Delhi High Court on October 10 granted an ex-parte ad-interim injunction in favour of Hero Investcorp Pvt. Ltd., restraining a Delhi-based trader from manufacturing and selling counterfeit 'Hero Genuine Oil' bottles that infringed the company's registered trademarks and bottle designs. Justice Tejas Karia while passing the order observed that the impugned bottles were...
Delhi High Court Restrains UP Company From Infringing Ching's 'Schezwan Chutney' Mark
In a relief for popular Desi Chinese brand Ching's Secret, the Delhi High Court on Monday restrained a UP-based food manufacturing company from using the name 'Schezwan Tufani Chutney' or any expression deceptively similar to 'Schezwan Chutney', a registered trademark of Capital Foods Pvt. Ltd.A single bench of Justice Manmeet Pritam Singh Arora granted an ad-interim injunction, noting that...
Bombay High Court Upholds Order Barring Nagpur Bidi Maker from Using Look-Alike 'Online Bidi' Pack
The Nagpur Bench of the Bombay High Court has upheld an earlier order restraining the city based bidi maker-Rocket Bidi Works from using its 'ATM Bidi No.07' packaging, ruling that it closely resembles the trade dress and design of Mobile Bidi Traders' 'Online Bidi'. A single bench of Justice Rohit W. Joshi observed that the 'ATM Bidi' packets copied the distinctive blue colour scheme...