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The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
Since the National Company Law Tribunal (NCLT) had not yet approved the settlement plan, the Delhi High Court dismissed the appeal. The Income Tax Appellate Tribunal’s ruling in favour of the respondent, Jubilant Energy Kharsang (P) Ltd, was contested by the appellant/revenue. On November 20, 2017, the court scheduled the appeal’s initial hearing. The item […]
The Jharkhand High Court dismissed ESL Steel’s GST Input Tax Credit (ITC) claim before the permission of the resolution plan by the National Company Law Tribunal (NCLT). The bench of Justice Rongon Mukhopadhyay and Justice Deepak Roshan witnessed, the obligation of the earlier management might not get transferred to the present management however at that […]
The Delhi High Court has invalidated the income tax notifications and directives passed before the approval date of the resolution plan. The panel of Justice Rajiv Shakdher and Justice Girish Kathpalia has noted the notices and directives concerning the income tax demands of the respondents or department relating to the period long before the granting […]
The recent ruling by the Madras High Court states that the director isn’t responsible for paying GST if it’s unclear whether the company can settle the dues during liquidation proceedings. During an inspection at SKMPL’s factory, State GST Officers seized documents leading to a show cause notice issued under Section 74 of the CGST & […]
The Kerala GST Department released a Standard Operating Procedure (SOP) on November 21, 2023, labelled as SGST/973/2023-LEGAL3, specifically addressing cases under the Insolvency and Bankruptcy Code (IBC), 2016 that come before the National Company Law Tribunal (NCLT). The IBC, established in 2016, aimed to streamline the diverse insolvency laws. It delegates insolvency proceedings to specialized […]
Due to an incorrect PAN number being used when reopening an assessment under Section 147 of the Income Tax Act of 1961, the Calcutta High Court ordered the production of pertinent data. Tribeni Barters Private Limited and Anr have filed a writ petition to challenge the impugned assessment order under Section 147 read with Section […]
The Central Board of Indirect Taxes and Customs has made it clear that once a company enters the bankruptcy process, it cannot be made to pay back taxes, such as GST, in excess of the “reduced amount” established. Banks and investors will benefit from the change in a more assured way. CBIC mentioned that when […]
LLP Amendment Act, 2021 has drawn various amendments to LLP act, 2008, and is executed for the first time. These changes would be made to draw the provisions of LLP act 2008 in the line with that of the companies act 2013. The same would be targeted to promote the ease of conducting the imitative […]
