Authorities can’t have control over any amount paid as deposit or pre-deposit during investigation: CESTAT
CESTAT further held that amount deposited by assessee during investigation could not be retained after demand of excise was set aside.
Adjudicating Authority
Service tax not payable on use of trade marks not registered under Indian law: CESTAT
Intellectual property not registered in India do not constitute ‘intellectual property rights’ within the meaning of Section 65(55a) of the Finance Act, 1994 and the related services are not ‘intellectual property services’ within the meaning of Section 65 (55b) of the Finance Act, 1954.
Zee Entertainment guarantor’s liability arises only upon invocation of demand guarantee by IDBI: NCLAT dismisses IDBI’s plea to initiate CIRP
“There shall be liberty to the appellant to file a fresh Section 7 application for any default on the part of the corporate debtor subsequent to 10A period.”
Jharkhand State Cricket Association renders ‘bundled services’ related to promoting cricket; not liable to pay service tax for services rendered in connection with sports: CESTAT
All the activities rendered by the appellant are undertaken during hosting the cricket matches alone and if there were no cricket matches played, then all these services become irrelevant.
District Magistrate not adjudicating authority under SARFAESI Act; only duty to assist secured creditor in taking possession of property: Jharkhand HC
The Court stated that by delaying the disposal of the application filed by the petitioner, the District Magistrate is frustrating the intent of law, which should not be.
Whether power u/s 8 of PMLA conferred on Adjudicating Authority can be exercised only by member having experience in law: Telangana HC clarifies
“When legislature confers the function of adjudication on an authority under the statute, the same can be performed by such authority within the four corners of the power conferred on it.”
Madras HC sets aside ED’s attachment order for not being in accordance with law, making consequential actions unsustainable
Madras High Court noted that even in the counter, ED have not explained how the provisional attachment can be sustained on merits, in view of the sale in favour of the petitioners
Liquidation| Successful Bidder of sale as going concern can only pray for necessary directions in accordance with the process document: NCLAT
The NCLAT stated that prayers in general or in a very wide term or which is too elaborate as prayed in the applicant’s application may not require any consideration by the Adjudicating Authority.
Services provided by EY India to overseas EY entities are not “intermediary services”; Delhi High Court directs processing of ITC refund applications filed by EY India
The Delhi High Court held that Ernst and Young Ltd. is not an ‘intermediary’ under the IGST Act, as it does not arranges or facilitates services to overseas EY entities from the third parties but only renders services to them.
NCLAT | Once the resolution plan is submitted for approval, it is binding between the Committee of Creditors and successful resolution applicant
NCLAT while deciding the appeal held that the CoC after approving the resolution plan cannot seek direction from Adjudicating Authority to consider the new resolution plan of a third party who was not a part of the CIRP as it would fall outside the timeline and defeat the very scope and objective of the Code.
NCLAT | No provision for making any modification in the resolution plan; Adjudicating Authority can either approve or reject it
National Company Law Appellate Tribunal held that there is no provision in Insolvency Bankruptcy Code, 2016 for alteration or modification in the resolution plan by the Adjudicating Authority
NCLAT | Insolvency and Bankruptcy Code does not contemplate lookback period; Information and relevant documents not to be withhold from Liquidator to investigate transactions done even beyond two years from Insolvency Commencement Date
National Company Law Appellate Tribunal | While dealing with an appeal challenging the impugned order passed by NCLT, Anant Bijay
Whether Adjudicating Authority is competent to pass order under Section 66 of IBC during subsistence of moratorium under Section 14 of IBC? NCLAT answers
National Company Law Appellate Tribunal : While deciding an issue as to whether the adjudicating authority is competent to pass
IBC’s Section 53 does not over-ride Section 48 of GVAT Act; Adjudicating Authority may reject Resolution Plan if it ignores statutory dues payable to State/Legal authority: SC
Supreme Court: The bench of Indira Banerjee* and AS Bopanna, JJ has reversed the NCLAT order wherein it was held that the
IBC – Section 7(5)(a) | NCLT “may” reject Financial Creditor’s CIRP application even in case of Corporate Debtor’s default in payment of debt
Supreme Court: The bench of Indira Banerjee* and JK Maheshwari, JJ has rejected the view of NCLT and NCLAT that once it
NCLT| Can Resolution Professional submit report prior to Adjudicating Authority’s direction?
National Company Law Tribunal, New Delhi: In a case where a Resolution Professional (RP) had submitted a report even prior to the
Supreme Court on preferring an appeal before NCLAT beyond a period of 30 days: Read the Law [Explained]
Supreme Court of India: The Bench of M.R. Shah and Aniruddha Bose, JJ., observed that, “Appellate Tribunal has jurisdiction or power to
NCLAT | Intention of Legislature, deliberation of the Adjudicating Authority | Only permits Suspended Management of the CD to submit viable RP-Affirms
National Company Law Appellate Tribunal (NCLAT): The Coram of Justice Jarat Kumar Jain, Judicial Member and Ashok Kumar Mishra, Technical Member, dismissed
New Income Tax Rule 12AA and Rule 51B notified by CBDT
On August 18, 2021, the Central Board of Direct Taxes (CBDT) has issued the Income-tax (24th Amendment) Rules, 2021 to further amend
Can’t let improper imports affect Indian farmers and national economy. “Prohibited goods” liable to absolute confiscation: Supreme Court
“When personal business interests of importers clash with public interest, the former has to, obviously, give way to the latter.”