News Updates
Financiers Discounting Invoices Of The Corporate Debtor To Become Operational Creditors: NCLT Bengaluru Reiterates
The National Company Law Tribunal, Bengaluru Bench, comprising Justice (Retd.) T. Krishnavalli (Judicial Member) and Shri Manoj Kumar Dubey (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Invoice Discounters of BNH Infra Projects (India) Private Limited vs BNH Infra Projects (India) Private Limited has...
NCLT Hyderabad Approves The Resolution Plan Of Jindal Saw Ltd. For Sathavahana Ispat Ltd.
The National Company Law Tribunal (“NCLT”), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating a petition filed in M/s Thirumala Logistics v M/s Sathavahana Ispat Limited, has approved the resolution plan of Jindal Saw Limited for Sathavahana Ispat Limited. The approved...
CESTAT Allows Refund Claim For Services Provided To The Regional Cancer Centre
The Chandigarh Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the income tax deduction on account of octroi and additional sales tax.The Bench of S. S. Garg (Judicial Member) and P. Anjani Kumar (Technical Member) has observed that the gist of the SCNs was to deny the deduction on account of Octroi and Additional Sales Tax for the reason that the same...
There Cannot Be Any Addition Of The Regular Items Which Were Disclosed By The Assessee In The Regular Books Of Accounts: ITAT
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that there cannot be any addition of the regular items that were disclosed by the assessee in the regular books of accounts.The bench of Madhumita Roy (Judicial Member) and Waseem Ahmed (Accountant Member) has observed that the completed assessment cannot be disturbed in the absence of any incriminating material...
Any Adjustment Against Bad And Doubtful Debts Amounts To Actual Writing Off The Bad Debts: ITAT Deletes Addition
The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has deleted the addition and held that any adjustment for bad and doubtful debts amounts to actual writing off the bad debts.The bench of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member) has observed that the assessee cannot be denied the benefit for the bad debts merely on the reasoning that such bad...
Payment Of Compensation To CSA Under Termination Agreement Is Not Taxable Under India-South Africa DTAA, BCCI Not Liable To Deduct TDS: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that payment of compensation to Cricket South Africa (CSA) under the Termination Agreement is not taxable under the provisions of the India-South Africa DTAA.The bench of G.S. Pannu (President) and Sandeep Singh Karhail (Judicial Member) has observed that since the payment is not chargeable to tax in India in the hands of...
Section 9 Petition Is Not Maintainable If Demand Notice Was Not In Prescribed Format: NCLT Hyderabad
The National Company Law Tribunal, Hyderabad Bench, comprising Smt. Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Ven Infra Projects vs M/s. Valentis Laboratories Private Limited has held that mandate of Section 8 IBC, 2016 need to be...
Department Can Bring Expenditure Incurred In Earlier Years To Be Taxed In Subsequent Years On Grounds Of Bogus Expenditure: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has observed that the department can bring expenditures incurred in earlier years to be taxed in subsequent years on grounds of bogus expenditure.The bench of B. R. R. Kumar (Accountant Member) has observed that the department can bring the expenditure incurred in the earlier years to be taxed in the subsequent years if it is proved...
Section 9 Petition Is Not Maintainable If Affidavit Under Section 9(3)(B) Is Not Filed: 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 M/s Welcome Steel vs Kavish International Trading Private Limited has held that Affidavit under Section 9(3)(b) of IBC, 2016...
NCLT Kochi Orders Liquidation Of Samson And Sons Builders And Developers Under Section 33 Of IBC
The NCLT Kochi bench comprising of Shri P. Mohan Raj (Judicial Member) and Shri Satya Ranjan Prasad (Technical Member) has ordered for Liquidation of Samson and Sons builders and Developers Pvt. Ltd. (“Corporate Debtor”) under section 33(1) of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Corporate Debtor filed an Application before NCLT Kochi through its...
GST Exemption On Architectural Consultancy Service Provided To Surat Municipal Corporation: AAR
The Gujarat Authority of Advance Ruling (AAR) has held that the "Architectural Consultancy Service" provided to Surat Municipal Corporation (SMC) for the construction of SMIMER Hospital and College Campus is exempt from GST.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that the pure services (excluding works contract services or other composite supplies involving the supply...
AO Without Rejection Of Books Of Accounts Estimated The Income Based On Profit Margin Method: ITAT Deletes Addition
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), while upholding the addition, has held that A.O. without rejection of books of accounts under Section 145 but estimated the income based on the Profit Margin Method.The Bench of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), while dismissing the grounds of the department, has observed that the...