Corporate
Advance Received Towards Sale Of Land Not Liable To Service Tax: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the amount of advance received by the assessee with respect to the sale of land is out of the scope of applicability of the provisions of the Finance Act, and hence, no service tax is leviable. Dr. Rachna Gupta (Judicial Member) and A.K. Jyotishi (Technical Member) stated that the...
SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT
Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power,...
Appeal Against Order U/S 39(2) Arbitration Act Is Not Maintainable U/S 13 Commercial Courts Act: Karnataka High Court
The Karnataka High Court dismissed an appeal under section 37 of the Arbitration and Conciliation Act, 1996 (Arbitration Act), holding that no appeal under section 13 of the Commercial Courts Act lies against an order passed under section 39(2) of the Act. The court further held that the appeal under section 13 of the Commercial Courts Act is maintainable against those orders...
Award Passed After Expiry Of Arbitrator's Mandate Is Non-Est, Court Can't Extend Mandate Post-Award: Delhi High Court
The Delhi High Court held that an award passed after expiry of the arbitrator's mandate is non-est and unforceable holding that the court has no power to extend the mandate post award if no application seeking extension of the mandate was pending before the award was passed. A Division bench of Justice V. Kameswar Rao and Justice Vinod Kumar held that the award becomes operational...
Order Terminating Arbitration For Non-Filing Of Statement Of Claim Is Not 'Award', Cannot Be Challenged U/S 34 A&C Act: Delhi High Court
The Delhi High Court held that an order terminating arbitral proceedings under section 25 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) on account of non-filing of statement of claim does not amount to an arbitral award and therefore cannot be challenged under section 34. Justice Jasmeet Singh held that “the Award can only be considered to be an award once...
Crowd-Sourced Information Available On Platforms Like Wikipedia Cannot Be Relied Upon To Fasten Tax Liability: CESTAT
The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that crowd-sourced information available on platforms like Wikipedia cannot be relied upon to fasten tax liability on the assessee. The Tribunal opined that Wikipedia is an open source information available online and anyone can write about the topic and anyone else can edit...
Bank Cannot Unilaterally Withdraw Money From Joint Account To Recover Loan Owed By One Of The Holders: Orissa High Court
The Orissa High Court has recently ruled that a bank cannot unilaterally withdraw money from a joint account to recover a loan owed by only one of the account holders. The Court was dealing with a petition filed by Bharat Chandra Mallick, a retired railway employee, who challenged the State Bank of India's deduction of Rs 5 lakh from a joint account he held with his wife without prior notice....
CGST Rules | GST Registration Can Be Restored After Expiry Of Revocation Period If Rule 22(4) Conditions Are Fulfilled: Gauhati High Court
The Gauhati High Court has held that GST Registration can be restored even after expiry of the revocation period if the assessee complies with Rule 22(4) CGST (Central Goods and Services Tax Rules), 2017 requirements. The Single Bench, consisting of Justice Sanjay Kumar Medhi, opined that if the assessee submits such an application and complies with all the requirements as provided...
Automobile Dealers Association Moves Supreme Court Over Compensation Cess Lapse After GST 2.0 Reforms, Claims Loss Of Rs.2500 Cr
The Federation of Automobile Dealers Association has moved the Supreme Court seeking relief related to compensation cess input tax credit worth Rs.2500 crores, which stands locked in dealers ledgers as a consequence of recent revision in the Goods and Services Tax (GST) framework.Briefly put, a notification issued on September 17 scrapped the compensation cess on motor vehicles. This was done,...
“Value of Byju's Stake Cannot Be Preserved if Aakash Is Commercially Killed,” NCLAT Declines to Stay Rights Issue EGM
Observing that the value of Byju's stake in Aakash cannot be preserved if the subsidiary is commercially “killed”, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, refused to stay Aakash Educational Services Ltd.'s extraordinary general meeting (EGM) for a proposed rights issue scheduled on October 29. The tribunal dismissed a plea by GLAS Trust Company LLC, a...
NCLAT Chennai Refuses To Stay Aakash's EGM To Approve Rights Issue, Declines Plea By US-Based Lender
The National Company Law Appellate Tribunal at Chennai has rejected a plea by GLAS Trust Company LLC, the U.S.-based lender representing the creditors of crisis hit ed-tech Byju's, to stay the Extraordinary General Meeting (EGM) of Aakash Educational Services Ltd (AESL) scheduled for October 29, 2025. The EGM aims to approve a rights issue that would dilute Byju's 25.75% stake in AESL...