Tribunals/Commissions/Regulatory Bodies Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

Income Tax Appellate Tribunal directs Assessing Officer to charge assessee at gross profit rate of 6.5% on bogus purchases

ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that “the assessee has taken bogus purchase bills without having taken any delivery of the goods”, without applying their mind.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT imposes exemplary cost of ₹ 5 Lakhs on Trimex Industries (P) Ltd for filing frivolous litigation

NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.

Case Briefs Tribunals/Commissions/Regulatory Bodies

[Ludhiana Gas Leak]: NGT orders 20 lakhs compensation to heirs of 11 deceased; constitutes fact-finding Committee

The Tribunal constituted an eight-member fact-finding Joint Committee about the incident headed by Chairman of the State Pollution Control Board, Punjab.

district consumer disputes redressal commission [dcdrc], kamrup

Case Briefs Tribunals/Commissions/Regulatory Bodies

DCDRC directs 67K compensation for a movie goer who suffered a rodent bite while watching movie with her family in Galleria Cinema Hall

The Commission found that the management of Galleria Cinemas was negligent for not ensuring proper hygienic conditions for their viewers.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Intent of Corporate Debtor irrelevant in establishing existence of preferential transaction: NCLAT

There is no need to prove any fraudulent intent for a preferential transaction as per S. 43 of the IBC.

Case Briefs Tribunals/Commissions/Regulatory Bodies

What is the rule for settlement after constitution of ‘Committee of Creditors’? NCLAT Answers

“Any settlement after passing of the impugned order and after constitution of the CoC is only permissible when the same is approved with 90% vote share of CoC.”

Case Briefs Tribunals/Commissions/Regulatory Bodies

NGT denies Taxi Union’s plea to increase number of vehicles permitted to Rohtang Pass

The opening of the Atal Tunnel or availability of parking space is not sufficient ground to increase the number of vehicles allowed to Rohtang Pass.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Railway horns are required to be blown as per ‘whistle code’; NGT dismisses plea to prohibit usage of train horns

The National Green Tribunal said that an environment free from noise pollution is necessary, but operation of railways is an essential activity, and must be conducted.

district consumer disputes redressal commission (dcdrc), ernakulam

Case Briefs Tribunals/Commissions/Regulatory Bodies

DCDRC directs restaurant to pay Rs 40,000 as compensation for ordeal sustained by the complainant due to its failure to deliver ‘Sadya’ on Thiruonam day

The Commission observed that Malayalis have sentimental attachment towards ‘Thiruonam Sadya’; therefore, waiting for a long time and eventually not getting the ‘Sadya’ can be quite frustrating.

Case Briefs Tribunals/Commissions/Regulatory Bodies

No embargo on Operational Creditor to file application u/S 9 IBC, even if agreement has an arbitration clause: NCLAT

The scope and objective of the Code is ‘Resolution’, and not a ‘Recovery Mode / Forum’.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Mitigating factors should be considered while imposing penalty for anti-competitive behavior: NCLAT imposes 1% penalty of the turnover on Geep Industries

“…penalty @1% of the turnover for each year of continuance of the cartel would be appropriate penalty in keeping with the extent and seriousness proportionality of the anti-competitive behavior of Geep Industries.”.

Case Briefs Tribunals/Commissions/Regulatory Bodies

State cannot escape liability for violation of environmental norms; NGT grants Compensation of Rs. 20 lakhs to successor of deceased

National Green Tribunal said that the State has to take precautions to prevent such incidents in future, apart from paying compensation with liberty to recover the same from the entity.

Case Briefs Tribunals/Commissions/Regulatory Bodies

To reject application under Sec. 9 IBC, a genuine pre-existing dispute must exist: NCLAT

The National Company Law Appellate Tribunal held that no pre-existing dispute regarding quality of supplied goods exist as the same was not raised before consumption of the goods.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Application U/S 7 IBC not maintainable if Financial Creditor steps into the shoes of Operational Creditor; NCLAT upholds NCLT’s order

NCLAT held that the application preferred by the appellants in the second appeal under S. 7 IBC has rightly been held to be not maintainable and was rightly relegated to avail their remedy of filing the application under S. 9 IBC in relation to invoice discounting of the receivables by the seller.

Case Briefs Tribunals/Commissions/Regulatory Bodies

[Sambhal cold storage collapse incident] NGT orders compensation to heirs of deceased and injured persons

If the business entity involved in hazardous activities fails to pay compensation, the State is liable to pay for the failure to ensure safety. Citizens are entitled to safety from hazards of business activities having potential for incidents which may cause death and injuries.

Case Briefs Tribunals/Commissions/Regulatory Bodies

“Law will take its own course”; NCLAT refuses to interfere with NCLT’s order approving Resolution Plan

NCLAT held that that the allocation of meagre amount in Resolution Plan to Creditors can be questioned when the plan value earmarked for them is less than the liquidation value but same is not the case in instant matter.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Reopening of the assessment is indemonstrable in law as reasons inserted in Section 147 IT Act were not considered as evidence: ITAT

It is a trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings under section 147 IT Act.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT cannot condone delay beyond 15 days in appeal due to lack of jurisdiction even if fraud has been played

National Company Law Appellate Tribunal observed that as per S. 61(2) every appeal must be filed within 30 days before the Appellate Tribunal and the Appellate Tribunal has the jurisdiction to extend the period of 15 days if it is satisfied that there is a sufficient cause for not filing the appeal within the prescribed time.

Case Briefs Tribunals/Commissions/Regulatory Bodies

State cannot escape liability for violation of environmental norms and negligence by its authorities; responsible to compensate the victims of illegal mining: NGT

NGT said that though basic liability is of violator of law, where law violator is not made to pay compensation, the State is liable to pay compensation as per its duty as a welfare State

Case Briefs Tribunals/Commissions/Regulatory Bodies

SAT reverses SEBI’s order in Arshad Warsi’s pump and dump case

Securities Appellate Tribunal: In the instant appeal filed against the ex parte ad-interim order passed by the Whole Time Members (WTM) of