Factory Closed Due To Unavoidable Circumstances Not Liable For Excise Duty: CESTAT

The Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that if a factory is closed due to unavoidable circumstances, it is not liable to pay excise duty. The Bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has observed that “the closure of the factory was not on the choice of the assessee whereas, they were compelled to keep...

Repeated Section 9 IBC Applications Indicate Misuse Of IBC To “Arm-Twist” Solvent Company For Extortion: NCLAT

The National Company Law Appellate Tribunal (NCLAT) bench comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Technical Member), and Arun Baroka (Technical Member) has held that the repeated filings of Section 9 applications and withdrawals indicate an attempt to misuse the provisions of the Insolvency and Bankruptcy Code (IBC) to “arm-twist” the Respondent, a solvent...

Court Acquits 10 Men In Delhi Riots Case, Flags Gap In Delhi Police's Evidence

A Delhi Court has acquitted 10 men in a case related to the 2020 North-East Delhi riots while flagging gaps in the evidence put forth by the Delhi Police. Additional Sessions Judge Pulastya Pramachala of Karkardooma Courts acquitted Mohd. Shahnawaz, Mohd. Shoaib, Shahrukh, Rashid, Azad, Ashraf Ali, Parvez, Mohd. Faizal, Rashid and Mohd. Tahir. Charges were framed against the 10 men on...

Kerala Court Orders Interim Restraint On Merchandising And Commercializing Superhero Minnal Murali, Other Characters From Movie

A Kerala Court issued an interim injunction restraining the production, distribution, commercialization, and making of graphic novels, merchandise, or spin-off films featuring characters from the Malayalam superhero film Minnal Murali.The injunction order was issued by the District Court, Ernakulam.“This Court doth order that an interim injunction be awarded to restrain the defendants,...

Chhattisgarh State Judicial Academy Hosts Conference On 'Empowering District Judiciary: Insights Into Criminal & Civil Laws'

Last week, the Chhattisgarh State Judicial Academy, under the aegis of the High Court of Chhattisgarh, hosted a State-Level Conference of Judicial Officers on the topic "Empowering District Judiciary: Insights into Criminal and Civil Laws”. The inaugural session of the conference was graced with the presence of Justice Surya Kant, Judge, Supreme Court of India, as Chief Guest,...

Conversion 'Racket' Case | UP Court Sentences Umar Gautam, Kaleem Siddiqui & 10 Others To Life Imprisonment

A Special NIA Court in the Uttar Pradesh's Lucknow District on Tuesday convicted 16 persons in an alleged illegal mass religious conversion case and sentenced them to life imprisonment. Addl. District & Sessions Judge Lucknow Viveka Nand Sharan Tripathi sentenced Maulana Umar Gautam, Mohd Kaleem Siddiqui, and ten others to life imprisonment for their convictions under Sections...

Letter By Judicial Officers Flagging 'Miscreants' Loitering Around Residence: District Judge Forwards Complaint To Calcutta High Court

The District Judge of South 24 Parganas, West Bengal, on Monday, wrote to the Calcutta High Court Registrar (Inspection) flagging a letter received from senior judges of the Diamond Harbour Sub-divisional court mentioning issues involving miscreants allegedly loitering outside the judge's residential quarters late at night, with 'ulterior motives' such as disconnecting electricity,...

Operational Creditors Getting Zero Payouts, Hands Of Courts Are Tied, Observed NCLAT, Delhi

Recently the NCLAT, New Delhi in its judgement to the case of Rajat Metaal Polychem Pvt. Ltd. Vs. Mr. Neeraj Bhatia RP Vinayak Rathi Steels Rolling Mills Pvt. Ltd. and Anr. stated that during the Resolution Process, the operational creditors are denied any payment when the amount that is payable to them in the event of the Insolvency Process is nil. The courts are not able to assist...

Foreign Entity Having Valid Tax Residency Certificate Is Eligible To DTAA Benefit On Long-Term Capital Gain From Sale Of Share Of Indian Entity: Delhi ITAT

While observing that the Assessee submitted a valid Tax Residency Certificate (TRC) which is certainly statutory evidence, the Delhi ITAT granted India-Singapore DTAA benefit under Article 13(4) on long term capital gains on sale of share of an Indian company. The Tribunal emphasized that the burden is on the Revenue Department to establish that the entity has been formed and operated...

Payments Made During Investigation Without SCN Do Not Constitute Payments Against Demand: CESTAT

The New Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has stated that the payment made by the assessee during an investigation, without any Show Cause Notice, cannot be considered as payment against a demand raised by the Department without even going into the merits of the nature of demand. The Bench of Dr. Rachna Gupta (Judicial Member) has observed...

NCLAT Declares Sale Agreement Not A Financial Debt, Dismisses Insolvency Petition

The NCLAT Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson), Barun Mitra (Member, Technical), and Arun Baroka (Member, Technical), has held that a sale consideration in the sale agreement did not constitute a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Brief Facts: Gujarat State Financial...

Reworking Value Of Investments Held In Subsidiary By Applying DCF Method Is Permitted, Once Correctness Of Valuation Stands Proved: Delhi ITAT

Referring to Explanation to Section 56(2)(viib), the Delhi ITAT held that the assessee is entitled to suitably modify the Net Asset Value (NAV) as long as the NAV is capable of being substituted by some proof or competent evidence. Further, finding that the assessee has produced the valuation report as well as the market valuation of Hotel Residence AG Switzerland in German...