Delhi High Court Allows Daiichi Sankyo To Withdraw Rs. 20.5 Crores, Imposes A Cost Of 10 Lakh On IHFL For Abuse Of Process Of Court In 4000 Crore Foreign Arbitral Award Case

The Delhi High Court on Monday allowed Daiichi Sankyo to withdraw over Rs. 20.5 crores lying with the Registrar General of the High Court, which was transmitted pursuant to the Supreme Court’s 2022 order in the contempt proceedings initiated against the directors of Indiabulls Housing Finance Limited (IHFL) and Indiabulls Ventures Limited (IVL) for flouting the Supreme Court’s...

NCDRC Directs Porsche To Pay 10 Lakh Compensation With Interest To Customer For Misrepresenting Car’s Manufacturing Year

The National Consumer Disputes Redressal Commission has directed Porsche India Pvt Ltd and its Gurgaon Centre to pay Rs. 10 lakh compensation with simple interest @9% from the date of purchase of the car in 2014 for misrepresenting its year of manufacture. The Commission held that the act of Porsche Center misrepresenting the car manufactured in 2013 as 2014 will lead to...

Pendency Of Conciliation Proceedings Before Facilitation Council Under MSMED Act Doesn’t Debar The Court From Appointing Arbitrator Under S. 11 Of Arbitration Act: Calcutta High Court

The Calcutta High Court has held that a prior reference to the Facilitation Council under Section 18(1) of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), which is still at the stage of conciliation, does not debar the Court from passing an order under Section 11 of the Arbitration and Conciliation Act, 1996 (A&C Act) for appointment of arbitrator on the...

All District Court Bar Associations Of Delhi Passes Resolution Against Ongoing Proceedings Before Supreme Court On Same-Sex Marriage

All District Court Bar Associations Of Delhi has passed a resolution against the ongoing proceedings before the Supreme Court on recognition of same-sex marriages, stating that the issue or legalization of marriage can only be determined through legislative process in consultation with all stakeholders. A resolution passed by the Coordination Committee of the lawyers’ body states that...

Supply Of Precast Manhole Using The Steel And Cement Attracts 18% GST: Rajasthan AAR

The Rajasthan Authority of Advance Ruling (AAR) has ruled that the supply of precast manholes using steel and cement attracts 18% GST.The bench of Umesh Kumar Garg and Mahesh Kumar Gowla has observed that precast manholes and rises are movable property; hence, the supply of precast manholes and rises is a supply of goods and not a supply of services on the basis of the findings.The applicant,...

Without Corroborating Evidence, Addition Can’t Be Made On The Basis Of A Declaration Made U/s 132(4) Of The Income Tax Act: ITAT

The Guwahati Bench of the Income Tax Appellate Tribunal (ITAT) has held that without corroborating evidence, an addition ought not to be made on the basis of a declaration made under Section 132(4) of the Income Tax Act.The bench of Rajpal Yadav (Vice President) and Manish Borad (Accountant Member) has observed that apart from the disclosure statement, no other document is being referred to...

Subsequently Modified OTS Proposal Would Further Refresh The Limitation Period: 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 M/s. State Bank of India v M/s. Hackbridge Hewittic and Easun Limited, has held that submission of a One Time Settlement (“OTS”) proposal is acknowledgement of debt in terms...

Claim Of Deduction Under Section 80P Is Conditional On Filing A Return Within The Due Date: Kerala High Court

The Kerala High Court has held that the pre-condition for claiming the deduction under Section 80P of the IT Act has now been made more stringent by reducing the time available to an assessee for making the claim.The bench of Justice A.K. Jayasankaran Nambiar and Justice Mohammed Nias C.P. has observed that the claim for deduction under Section 80P is conditional on filing a return within the...

Tax Cases Weekly Round-Up: 16 April To 22 April, 2023

Supreme Court Transfer Pricing | High Courts Not Precluded From Scrutinising ITAT’s Determination Of Arm’s Length Price : Supreme Court Case Title: SAP Labs India Private Limited vs Income Tax Officer, Circle 6, Bangalore Citation : 2023 LiveLaw (SC) 328 The Supreme Court has ruled that the High Court is not precluded from considering the determination of the...

Arbitration Cases Weekly Round-Up: April 16 To April 22, 2023

Supreme Court: Supreme Court Deprecates Practice Of Filing Applications In Disposed Of SLPs To Side-Step Arbitration Process Case Title: Narsi Creation Pvt Ltd and Anr. vs State of Uttar Pradesh and Ors. The Supreme Court has reiterated that the courts normally ought not interfere with arbitral proceedings, especially till the time an award is not passed. The top...

Financial Creditors As Minority Debenture Holder Entitled To Initiate CIRP Irrespective Of Presence Of Debenture Trustee: NCLT Mumbai

The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Madhu Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Clearwater Capital Partners Singapore Fund IV Private Limited and Anr vs Rajesh Estates and Nirman Private Limited has held the...

Wooden Ice Cream Sticks And Spoons Exigible To 12% GST: AAR

The Karnataka Authority of Advance Ruling (AAR) ruled that 12% GST is exigible on wooden ice cream sticks and wooden ice cream spoons.The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that heading 4419 covers tableware and kitchenware of wood, and specifically, 4419 90 covers tableware and kitchenware of other wood, i.e., other than bamboo wood. Further HSN...