Shareholders Have No Locus To Challenge The Initiation Of CIRP Against Corporate Debtor: 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 Nirej Vadakkedathu Paul v Sunstar Hotels and Estates Private Limited, has held that shareholders of Corporate Debtor have no locus to challenge the initiation of CIRP against...

Murder Of Lawyer: Rajasthan HC To Consider Issuance Of Guidelines For Protection Of Lawyers, Asks Bar Council Of India To Submit Suggestions

The Rajasthan High Court on Thursday sought response from Union of India, Rajasthan government, Bar Council of India and Bar Council Of Rajasthan on issuance of guidelines by the court for protection of advocates till appropriate legislation is framed in this regard. The division bench of the Acting Chief Justice Manindra Mohan Shrivastava and Justice Anil Kumar Upman also took notice of a...

BREAKING - Delhi Court Extends Manish Sisodia's CBI Custody Till Monday, AAP Leader Calls CBI Interrogation 'Mental Harassment'

A Delhi Court on Saturday extended Aam Aadmi Party (AAP) leader and former Deputy Chief Minister of Delhi Manish Sisodia's remand till Monday in the case filed by Central Bureau of Investigation (CBI) alleging corruption relating to excise policy for the year 2021-22.Special Judge MK Nagpal granted CBI two more days to question Sisodia. The AAP leader had been remanded to CBI custody on...

Thane Court Grants Bail To Sheezan Khan In Tunisha Sharma Suicide Case

A Sessions Court in Vasai has granted bail to actor Sheezan Khan, who was earlier arrested for allegedly abetting the suicide of his former partner and television action Tunisha Sharma. Additional Sessions Judge RD Deshpande allowed Khan’s bail application on execution of PR bond of Rs. 1 lakh. Khan was arrested on December 25 and booked under section 306 (abetment of suicide) of...

Delhi Court To Hear Manish Sisodia's Bail Plea On March 10, Seeks CBI's Response

Delhi Court on Saturday asked the Central Bureau of Investigation to respond to Aam Aadmi Party (AAP) leader and former Deputy Chief Minister of Delhi Manish Sisodia's bail plea in the case alleging corruption relating to excise policy for the year 2021-22. Sisodia has been in CBI custody since March 26.Earlier this week, the trial court had remanded Sisodia to CBI's custody till March 4 which...

Vouchers Are Neither Goods Nor Services, No ITC Available To Myntra: AAAR

The Karnataka Appellate Authority of Advance Ruling (AAAR) has held that input tax credit (ITC) is not available on the vouchers and subscription packages procured by Myntra from third-party vendors.The two-member bench of Ranjana Jha and Shikha C. has relied on the decision of the Karnataka High Court in the case of M/s Premier Sales Promotion Pvt Ltd versus Union of India & Ors., in...

Cenvat Credit Allowable On The Service Of Repair & Maintenance During Warranty Period: CESTAT

The Ahmedabad Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that cenvat credit is allowable on the service of repair and maintenance during the warranty period.The two-member bench of Ramesh Nair (Judicial Member) and C.L. Mahar (Judicial Member) observed that Rule 2(l) of the Cenvat Credit Rules, 2004, particularly in the inclusion clause, covers...

Service Tax Not Payable On Services Of Advertisement In Print-Media: CESTAT

The Delhi Bench of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that service tax is not applicable to the service of advertisement in print media.The two-member bench of Justice Dilip Gupta (President) and Hemambika M. Priya (Technical Member) has observed that the services of advertisement in respect of print media are exempted in terms of the negative list of...

Assesses Failed To File Affidavit Proving Repayment Of Loans: Orissa High Court Sustains Addition On “Unsecured Loan”

The Orissa High Court has sustained the addition of unsecured loans under Section 68 of the Income Tax Act, 1961.The division bench of Chief Justice S. Muralidhar and Justice M.S. Raman has observed that the direction issued by the ITAT in the first round was to the effect that the AO should verify whether the assessee had repaid the amount "by calling all the creditors". Therefore, it is the...

Stone Crusher Industry Plays Pivotal Role In Country's Development, Govt Policy Has Liberalized Mining Regime: J&K And Ladakh High Court

Terming the Standing Order issued by J&K Govt in 2021 for regulation of the stone crushing units in the UT as a valid piece of legislation, the Jammu and Kashmir High Court said that it has in a way liberalized the establishment of stone crusher units.The bench of Justice Wasim Sadiq Nargal observed:"The growth of the country and infrastructural development, the stone crusher industry plays...

Clause Captioned As “Arbitration”, Doesn’t Conclusively Imply Mandatory Nature Of Arbitration: Bombay High Court

The Bombay High Court has ruled that the use of the word ‘can’ in the relevant clause has the effect of qualifying Arbitration as a mode of settlement, and the mere fact that a particular clause is captioned as “Arbitration”, does not conclusively imply the mandatory nature of arbitration when the option is left to the parties to settle their disputes through the mode...

TDS Not Deposited By Employer, Can’t Be Adjusted Against Future Refund Due To Assessee: Delhi High Court

The Delhi High Court has ruled that the revenue department cannot adjust the withheld tax (TDS) which has not been deposited by the deductor (employer) in the Central Government Account, against the refund due and payable to the deductee/assessee. The bench of Justices Rajiv Shakdher and Tara Vitasta Ganju held that adjustment of demand against future refund amounts to an...