Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: 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 Birla Cotsyn (India) Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating...

NCLT Mumbai Admits Section 7 Petition Against M/S Tulip Hotels Private Limited For Defaults Of More Than Rs. 900 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 M/s Tulip Hotels Private Limited (“Tulip Hotels”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. The Application...

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of...

ITAT Imposes Cost On Assessee For Being Delinquent And Lethargic In Pursuing The case Before The Authorities

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has imposed a fine of Rs. 2000 for being delinquent and lethargic in pursuing the matter before the tax authorities."Since the assessee has not appeared before any of the tax authorities below, in the interest of justice, we are of the view that the assessee may be provided with an opportunity to present his case properly before the...

Excise Duty To Be Demanded From Job Worker, Not From Principal Manufacturer, When Transaction Is On Principal To Principal Basis: CESTAT

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that there has to be excise duty demanded from the job worker and not from the principal manufacturer when transactions between the two are on a principal-to-principal basis.The bench of Anil Choudhary (Judicial Member) and Hemambika R. Priya, (Technical Member) remanded the matter to the...

CESTAT Allows Interest On Auction Sale Proceeds From The Date The Amount Has Been Received By The Customs Dept., Till The Date Of Disbursal

The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed interest on the auction sale proceeds from the date the amount was received by the Customs Department until the date of disbursal.The Bench of Anil Choudhary, (Judicial Member), has observed that the department shall disburse the number of sale proceeds pursuant to auction sales by only adjusting...

Centre Notifies Appointment Of Four Judicial Officers As Additional Judges Of Madras High Court

The Union Government on Friday notified the appointment of four district judges as new additional judges of the Madras High Court.“In exercise of the power conferred by clause (1) of Article 224 of the Constitution of India, the President is pleased to appoint S/Shri (i) Ramasamy Sakthivel, (ii) P. Dhanabal, (iii) Chilmasamy Kumarappan and (iv) Kandasamy Rajasekar, to be Additional Judges...

No GST On The Difference Between Purchasing, Selling Price Of Second Hand Gold Jewellery: AAR

The Karnataka Authority of Advance Ruling (AAR) has ruled that purchasing second-hand gold in the form of jewellery and parts of jewellery from unregistered individuals and selling it to registered or unregistered dealers after melting it in the form of lumps of gold cannot be subject to GST on the margin difference between the sale price and purchase price as stipulated in Rule 32(5) of the...

TDS Will Not Be Attracted On Interest Below Rs. 40,000 Earned From Mahila Samman Certificate: CBDT

The Central Board of Direct Taxes (CBDT) has notified that TDS will not be attracted on interest below Rs. 40,000 earned from Mahila Samman Certificate.“In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the Scheme namely the Mahila Samman...

Land Owners Entering Into Joint Development Agreements For Sharing Of Profit Do Not Come Within The Ambit Of Operational Creditors: NCLT New Delhi

The National Company Law Tribunal, New Delhi Bench, comprising Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash K. Srivastava (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Mrs. Gurmeet Kaur Gill vs Raheja Developers Limited has held that an agreement in the nature of a...

Supreme Court E-committee Conducts Digital Accessibility Training For Visually Challenged Court Staff Of District & Taluk Courts

The E-committee of the Supreme Court of India conducted a two-day Digital Accessibility Training for visually challenged court staff from District and Taluk courts from across the Court on 15th and 16th May, at IIPA, New Delhi.Making the digital infrastructure of the Indian judicial system more accessible to persons with disabilities is one of the core components of the e-Committee of...

Not Mandatory To File Hard Copies; NCLAT Dispenses The Requirement Of Physical Filing In Addition To E-Filing

The National Company Law Appellate Tribunal (“NCLAT”) has issued a circular dated 15.05.2023, directing that the physical filing of hard copies alongwith appeals, interlocutory applications, reply, rejoinders etc., which have been electronically filed, is not mandatory now.The NCLAT had rolled out its e-filing portal available at: (https://efiling.nclat.gov.in), for electronic filing...