Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: NCLAT Chennai

The National Company Law Appellate Tribunal (“NCLAT”), Chennai Bench, comprising of Justice M. Venugopal (Judicial Member) and Shri Naresh Salecha (Technical Member), while adjudicating an appeal filed in M/s. State Bank of India v M/s. Hackbridge Hewittic and Easun Limited, has held that submission of a One Time Settlement (“OTS”) proposal is acknowledgement of debt in terms...

Claim Of Deduction Under Section 80P Is Conditional On Filing A Return Within The Due Date: Kerala High Court

The Kerala High Court has held that the pre-condition for claiming the deduction under Section 80P of the IT Act has now been made more stringent by reducing the time available to an assessee for making the claim.The bench of Justice A.K. Jayasankaran Nambiar and Justice Mohammed Nias C.P. has observed that the claim for deduction under Section 80P is conditional on filing a return within the...

Tax Cases Weekly Round-Up: 16 April To 22 April, 2023

Supreme Court Transfer Pricing | High Courts Not Precluded From Scrutinising ITAT’s Determination Of Arm’s Length Price : Supreme Court Case Title: SAP Labs India Private Limited vs Income Tax Officer, Circle 6, Bangalore Citation : 2023 LiveLaw (SC) 328 The Supreme Court has ruled that the High Court is not precluded from considering the determination of the...

Arbitration Cases Weekly Round-Up: April 16 To April 22, 2023

Supreme Court: Supreme Court Deprecates Practice Of Filing Applications In Disposed Of SLPs To Side-Step Arbitration Process Case Title: Narsi Creation Pvt Ltd and Anr. vs State of Uttar Pradesh and Ors. The Supreme Court has reiterated that the courts normally ought not interfere with arbitral proceedings, especially till the time an award is not passed. The top...

Financial Creditors As Minority Debenture Holder Entitled To Initiate CIRP Irrespective Of Presence Of Debenture Trustee: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Madhu Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Clearwater Capital Partners Singapore Fund IV Private Limited and Anr vs Rajesh Estates and Nirman Private Limited has held the...

Wooden Ice Cream Sticks And Spoons Exigible To 12% GST: AAR

The Karnataka Authority of Advance Ruling (AAR) ruled that 12% GST is exigible on wooden ice cream sticks and wooden ice cream spoons.The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that heading 4419 covers tableware and kitchenware of wood, and specifically, 4419 90 covers tableware and kitchenware of other wood, i.e., other than bamboo wood. Further HSN...

Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in S. V. R Enterprises vs Netizen Engineering Private Limited has reiterated that debts arising from different work orders can be...

Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata

The National Company Law Tribunal, Kolkata Bench, comprising Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in India Medtronic Private Limited vs Healthcare Associates Private Limited has refused to term poaching of employees by...

NCLT Mumbai Approves M/S Steel Line’s Resolution Plan For J-Marks Exim (India) Private Limited

NCLT Mumbai has approved a 8.91 crore Resolution Plan of M/s Steel Line (India) Private Limited for J-Marks Exim (India) Private Limited (“Corporate Debtor”) under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 25.05.2020. The...

Goa Value Added Tax (12th Amendment) Act, 2020 Defies The Doctrine Of Separation Of Powers: Bombay High Court

The Bombay High Court has held that the Goa Value Added Tax (12th Amendment) Act, 2020, is an impermissible judicial override defying the doctrine of separation of powers.The bench of Justice M. S. Sonak and Justice Bharat P. Deshpande has observed that by simply not issuing sanction orders or delaying the issue of sanctions indefinitely or unreasonably, the state cannot arbitrarily deprive...

Income Tax Assessment Can’t Be Reopened Without Any Foundation: Gujarat High Court

The Gujarat High Court has held that when the foundation was missing, there could not have been the erection of ground to seek reopening of assessment.The bench of Justice N.V. Anjaria and Justice Devan M. Desai has observed that neither foundational facts existed nor could any tangible material be available with the assessing officer to justify the exercise of power to reopen the...

NCLT Mumbai Approves Resolution Plan Of ARCIL Lead Consortium For Unimark Remedies Limited

NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order...