Senior Lawyer Shashi Kiran Shetty Is Karnataka's New Advocate General

Senior Advocate K Shashi Kiran Shetty has been appointed as the new Advocate General of Karnataka.An alumnus of National Law school of India University, he is the son of former Lokayukta Justice Vishwanath Shetty, having over 23 years of experience in handling matters before various courts across the country. The key areas of his practice are Constitutional Law, Administrative Law,...

Mere Payment By Account Payee Cheque Is Not Sacrosanct : ITAT Disallows Exemption On Penny Stock

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that mere payment by account payee check is not sacrosanct, nor can it make a non-genuine transaction genuine.The bench of Astha Chandra (Judicial Member) and B.R.R. Kumar (Accountant Member) has observed that the assessee cannot escape from the burden cast upon him, and unfortunately, the burden is heavy as the facts...

Value Of Sale Of Books Cannot Be Included In The Value Of Coaching Services, No Service Tax Payable: CESTAT

The Kolkata Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that the value of the sale of books cannot be included in the value of coaching services and service tax is not payable.The bench of P.K. Choudhary (Judicial Member) and K. Anpazhakan (Technical Member) has observed that since the value of the sale of books is separately identifiable from the...

ITAT Deletes Additions On Long Term Capital Gains On The Purported, Notional, Fictitious Sale Of Jewellery

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted the income tax addition on account of long-term capital gains on the purported, notional, and fictitious sale of jewellery.The Bench of Yogesh Kumar US (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that there is no provision in the Income Tax Act to deem the difference between the value of...

Lawyer Writes To BCI Against Foreign Lawyers’ And Law Firms' Entry Rules, Says It Will Threaten Sovereignty

A Delhi-based lawyer has written a representation to the Bar Council of India and Union Ministry of Law and Justice against the recently notified Rules for Registration and Regulation of Foreign Lawyers and Foreign Law Firms in India, 2022.Advocate Pawan Prakash Pathak has submitted that the power to recognize foreign degree qualification is not within the purview of the BCI alone and that...

Advance Paid Towards Transfer Of Leasehold Rights In An Immovable Property Is Not An Operational Debt: NCLT Mumbai

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 RSM Infra Partners vs Siddhivinayak Skyscrapers Private Limited has held that an amount paid as advance towards an agreement of...

NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates

The National Company Law Tribunal, Cuttack Bench, comprising Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Srimanta Kumar Tripathy and Anusuya Tripathy vs S.S Mining and Infra Private Limited has held reiterated that NCLT is not a...

A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Edelweiss Asset Reconstruction Company Limited vs Sadguru Multitrade Private Limited has held that insolvency...

NCLT Mumbai Admits Section 7 Petition Against Sterling Oil Resources Limited For Defaults Of More Than Rs. 1655 Crores

The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Sterling Oil Resources Limited (“Sterling Oil”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. State Bank...

Govt. Brings International Credit Card Spending Under LRS, 20% TCS Payable

By including credit card transactions in the $250,000 Liberalized Remittance Scheme (LRS) limit, the government has moved to amend the Foreign Exchange Management (Current Account Transaction) Rules after consulting with the RBI.The liberalized remittance scheme (LRS) enables citizens of India to send money abroad for a variety of predetermined uses without any restrictions or prior...

Arbitral Award Passed After Inordinate, Unexplained Delay Is Contrary To Justice and Public Policy : Delhi High Court

The Delhi High Court has ruled that an arbitral award passed after an inordinate, substantial and unexplained delay would be “contrary to justice and would defeat justice”. Consequently, the same would also be in conflict with the public policy of India. The bench of Justice Chandra Dhari Singh was hearing a petition filed under Section 34 of the Arbitration and...

NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited

The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has dismissed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Direct Media Distribution Ventures Limited (“Direct Media”) and refused to initiate Corporate Insolvency Resolution Process (“CIRP”) against...