AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLAT has upheld the Corporate Insolvency Resolution Process (CIRP) in a case involving ₹3.19 crore supply dues between joint venture partners, affirming that such dues constitute operational debt under the IBC.
The NCLT Mumbai has ordered a director to refund diverted rental income obtained through forged lease agreements, mandating return of funds with 12% interest. This ruling emphasizes accountability in corporate governance.
The NCLAT has upheld the Committee of Creditors' (CoC) discretion to favor a feasible resolution plan over a higher net present value (NPV) offer, rejecting Vedanta’s ₹17,926 crore proposal. This reinforces the CoC's commercial wisdom in deciding on plans during insolvency.
The National Company Law Appellate Tribunal (NCLAT) ruled that resolution applicants cannot alter financial proposals through last-minute addendums after the challenge process has begun. This decision reinforces the integrity of the bidding process in corporate insolvency resolution.
The ITAT has clarified that notional rental income from shared office premises cannot be taxed without evidence of actual receipt.
The ITAT ruled that missing PAN details for donors do not justify treating nominal donations as non-voluntary contributions, allowing for final Section 12AB registration.
The ITAT determined that share premium received from verified investors cannot be treated as bogus cash credit, thus deleting a ₹45 lakh addition.
The ITAT upheld the addition of ₹7.5 crore under Section 69A, citing the assessee's failure to satisfactorily explain the source of the seized cash.
The CESTAT quashed the absolute confiscation of a gold biscuit, ruling that foreign markings alone do not prove gold smuggling without additional evidence.
The ITAT upheld an addition under Section 69A concerning ₹7.5 crore seized cash that was not satisfactorily explained by the assessee.
The ITAT has ruled that penalty proceedings under Section 271(1)(c) must await the resolution of the corresponding quantum appeal.
The ITAT determined that the assessable value under the Customs Act should not be used to justify additions under Section 69C without proof of actual expenditure.
This guide provides insights into the reverse charge mechanism applicable to services acquired from government bodies under GST.