Corporate
'Estimation Theory Doesn't Apply To Sham Purchases': ITAT Mumbai Restores Full Disallowance Of ₹26.49 Lakh
The Income Tax Appellate Tribunal (ITAT) Mumbai has held that where purchases are conclusively proven to be bogus and the assessee fails to substantiate the genuineness of suppliers, the entire purchase amount must be added to income and the benefit of estimating profit element cannot be applied. A Bench of Smt. Beena Pillai (Judicial Member) and Shri Omkareshwar Chidara...
NCLT Bengaluru Denies Interim Relief To Riju Ravindran In His Plea Against Glas Trust's Aakash Right Issue Funding Plan
The National Company Law Tribunal (NCLT) at Bengaluru on Tuesday refused to grant any interim relief in former Byju's promoter Riju Ravindran's plea challenging the Committee of Creditors' approval of a Compulsorily Convertible Debenture structure proposed by Glas Trust to fund Think and Learn Private Limited's subscription to Aakash Educational Services Limited's rights issue. The...
Supreme Court Leaves Open Question Whether Customs Can Seize Goods Which Left Port
The Supreme Court recently refused to entertain an appeal against the Customs, Excise and Service Tax Appellate Tribunal (“CESTAT”) view that once goods are cleared from the port, customs authorities lose their power to confiscate them for violations such as non-compliance with license requirements. However, the bench of Justices Manoj Misra and Ujjal Bhuyan left open the question...
Insolvency Process Can Be Withdrawn Before Formation of CoC, NCLT Chennai Reaffirms
The National Company Law Tribunal at Chennai has recently reaffirmed that a corporate insolvency resolution process (CIRP) may be withdrawn after admission but before the Committee of Creditors (CoC) is formed, while allowing the withdrawal of insolvency proceedings against Vees Properties Limited. The tribunal relied on the Supreme Court's ruling in Glas Trust Company LLC v. BYJU...
UPGST Act | Confiscation Notice U/S 130 Cannot Be Issued For Mere Violation Of Record-Maintenance Requirements U/S 35: Allahabad HC
Recently, the Allahabad High Court reiterated that notices under Section 130 of the Uttar Pradesh Goods and Service Tax Act 2017 for confiscation and levy of penalty, could not be issued for alleged violation of maintenance of accounts and records as required under Section 35 of the Act. It was held that such notices under Section 130 could only be issued once the...
Delay Equals Refusal, NCLT Kochi Directs Company To Transfer Shares To Legal Heir
The National Company Law Tribunal at Kochi has recently held that the prolonged delay by Whispering Kera Ecological Homestay Pvt. Ltd. in acting on a request to transmit shares of a deceased shareholder amounted to a refusal to transfer, and has directed the company to complete the transfer in favour of the surviving legal heir. The tribunal allowed the appeal filed by the shareholder's...
NCLAT Allows Meta, WhatsApp To Redact Confidential Data From Judgment Upholding ₹213 Crore CCI Penalty
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday allowed applications filed by Meta Platforms and WhatsApp LLC seeking redaction of confidential commercial information from the tribunal's November 4 judgment that upheld the Competition Commission of India's (CCI) Rs 213 crore penalty for abuse of dominance in the OTT messaging market. A bench comprising Chairperson...
Not Reasonable To Expect Taxpayer To Check Every Tab On GST Portal: Calcutta High Court Orders Appeal To Be Heard Despite Delay
The Calcutta High Court has held that where an adjudication order under the GST regime is uploaded on the GST Portal only under the “View Additional Notices and Orders” tab rather than the primary “View Notices and Orders” tab the resulting delay in filing appeal is to be condoned, considering that taxpayers cannot reasonably be expected to check multiple tabs for final...
IT Act | Reassessment Cannot Be Used To Review Assessment When All Documents Were Earlier Disclosed: Bombay High Court
The Bombay High Court has held that reassessment proceedings under Sections 148 & 148A of the Income Tax Act, 1961 cannot be initiated to re-open issues that were already scrutinized and accepted during the original assessment, observing that a mere change of mind on the part of the Assessing Officer does not constitute reason to believe nor permit reassessment. A Division Bench...
Bank's Adjustments From Share and Dividend Accounts During CIRP Are Void, Refundable With Interest: NCLT Ahmedabad
The National Company Law Tribunal (NCLT) at Ahmedabad has recently held that Mehsana Urban Co-operative Bank, a lender was not entitled to deduct money from the share and dividend accounts of Swastik Ceracon Limited during its insolvency process, declaring the deductions void and directing the bank to return Rs. 56 lakh with 10 per cent interest. A coram of Judicial Member Shammi Khan...
Delhi High Court Declares 'Hermès' And Its 'Birkin' Bag's 3-D Shape As Well-Known Trademarks In India
The Delhi High Court on Monday recognised the three-dimensional shape of Hermès' iconic Birkin bag, along with the “Hermès” name and its stylised logos, as well-known trademarks in India. A single bench of Justice Tejas Karia delivered the ruling on November 24, 2025, in a trademark infringement and passing-off suit filed by Hermès International, the French luxury brand, against...
Peanut Butter Similar To Margarine; Not Exempt From Excise Duty: CESTAT
The Hyderabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the Peanut Butter is similar to Margarine in terms of usage, origin, fat content, etc. and therefore not eligible for excise duty exemption. Angad Prasad (Judicial Member) and A.K. Jyotishi (Technical Member) examined whether Peanut Butter could be considered similar to Margarine. If...