Corporate
Income Tax | Verification By Dept Is Mandatory Before Treating Charitable Donations As Involuntary: ITAT
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an independent enquiry or verification by the department is mandatory before treating charitable donations as involuntary. George George K (Vice President) stated that the First Appellate Authority (FAA) treated the donations as not voluntary donation and sustained the addition made by the AO. The FAA has...
CENVAT Credit Rules | Variable 'P' Under Rule 6(3A) Refers Only To Common Credit, Not Total Credit, Prior To 01.04.2016: CESTAT
The Chennai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that variable 'P' under Rule 6(3A) of CENVAT Credit Rules, 2004, refers only to common credit, not total credit, prior to 01.04.2016. P. Dinesha (Judicial Member) and Vasa Seshagiri Rao (Technical Member) were addressing the issue of whether, for the tax periods April 2012 to March 2014,...
Superior Authority Not Bound To Record Or Communicate Detailed Reasons When Rejecting Representation Against Adverse Remarks: Delhi HC
A Division bench of the Delhi High Court comprising Justice Subramonium Prasad and Justice Vimal Kumar Yadav held that a superior authority rejecting a representation against adverse remarks is not legally obligated to record or communicate detailed reasons for its decision. Background Facts The employee joined the BSF as a Group A officer in November 2012. Before that he served in...
Suspended Directors Are Not Entitled To Access Valuation Reports Rejected By CoC: NCLAT New Delhi
The National Company Law Appellate Tribunal (NCLAT) New Delhi held that suspended directors are not entitled to access valuation reports rejected by Committee of Creditors (CoC), since such documents were confidential and not relied upon in the resolution process. A bench of Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) held that “when only the fresh...
Challenge To Transfer Order Becomes Unsustainable Once Employee Joins The Transferred Post: Chhattisgarh HC
A Division bench of the Chhattisgarh High Court comprising Chief Justice Ramesh Sinha and Justice Amitendra Kishore Prasad held that challenge to a transfer order is generally not maintainable after the employee has joined the transferred post. Background Facts The Lecturer (History) was serving at Government Girls Higher Secondary School, Abhanpur. He was declared surplus...
CCI Has No Power to Investigate Disputes Concerning Abuse Of Patents: NCLAT
The National Company Law Appellate Tribunal (NCLAT) on Thursday reaffirmed that the Competition Commission of India (CCI) has no authority to investigate disputes involving the exercise of patent rights, holding that such matters fall exclusively under the Patents Act, 1970.The tribunal said that when a product is protected by a patent, issues related to its pricing or licensing must be...
Income Tax | Assessee Should Not Be Penalised For Delay In Filing Return Caused By CA's Belated Advice: Bombay High Court
The Bombay High Court has held that the assessee should not be penalised for the delay in filing the return caused by the chartered accountant's belated advice. The bench noted that the delay is not due to any negligence on the part of the assessee, but to inadequate advice by the Chartered Accountant, a fact admitted by him in his affidavit. Justices B.P. Colabawalla and Amit...
GLAS Trust Moves Supreme Court Against NCLAT Order Allowing Aakash to Proceed wth Rights Issue
GLAS Trust Company LLC, a US-based lender to embattled ed-tech Byju's (Think & Learn Pvt. Ltd.), has moved the Supreme Court challenging the National Company Law Appellate Tribunal's (NCLAT) order that refused to stay Aakash Educational Services Ltd.'s Extra Ordinary Meeting to approve rights issue.The lender, which represents Byju's largest creditors, has sought an immediate halt to...
Burden To Prove Ownership Of Assets Lies On Claimant; Liquidator Not Required To Establish Title To Assets In His Custody: NCLAT
The National Company Law Appellate Tribunal (NCLAT) New Delhi upheld an order passed by National Company Law Tribunal (NCLT) allowing liquidators to remove moveable assets from the leased premises owned by Reliance Realty Limited (RRL) and restraining RRL from obstructing access to such assets. A bench of Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) held that “when...
INX Media Case: PMLA Appellate Tribunal Rejects Karti Chidambaram's Plea Against ED Asset Attachment
The Appellate Tribunal under Smugglers and Foreign Exchange Manipulators Act (SAFEMA) at Delhi (PMLA Appellate Tribunal) on Wednesday dismissed a plea by former Union minister P Chidambaram's son, Karti P Chidambaram, challenging the Enforcement Directorate's attachment of his assets in the INX Media money laundering case.In an order dated October 29, 2025, passed by a coram of Balesh Kumar...
Company's Worth Is Irrelevant For Initiating Insolvency If Debt & Default Are Established: NCLAT New Delhi
The Company Law Appellate Tribunal (NCLAT), New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Arun Baroka (Member-technical), has held that the company's worth is irrelevant for initiating insolvency if debt and default are established. The appeal was filed against the admission of the Section 7 application filed by the Axis Bank against the corporate debtor for debt...