Judgement

In the absence of a provision of review in the IBC, inherent powers provided under Rule 11 of the NCLAT Rules cannot be invoked for the purpose of filing a Review Application (Balaji Enterprise vs. Gammon India Limited And Ors.)(NATIONAL COMPANY LAW APPELLATE TRIBUNAL) (21.02.2023)
The Appellant/Applicant filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the Respondent for initiation o....
MANU/NL/0133/2023
Insolvency
Any amount given in trust to a Corporate Debtor cannot be treated as asset of the Corporate Debtor (Jai Engineers Private Limited vs. Mr. Dinesh Kumar Aggarwal)(NATIONAL COMPANY LAW APPELLATE TRIBUNAL) (21.02.2023)
Present Appeal has been filed against two orders passed by the Adjudicating Authority. The Adjudicating Authority vide order rejected the application ....
MANU/NL/0126/2023
Insolvency
In the penalty proceeding, the burden lies on the revenue to prove that the assessee has concealed income or furnished inaccurate particular of income (Rameshchandra P. Bhatt vs. Deputy Commissioner of Income Tax)(Income Tax Appellate Tribunal) (22.02.2023)
The captioned appeal has been filed at the instance of the assessee against the order of the Learned Commissioner of Income Tax (Appeals), arising in ....
MANU/IB/0067/2023
Direct Taxation
AO is not empowered to apply Rule 8D of IT Act without considering the correctness of the assessee's claim in respect of expenditure incurred in relation to the exempt income (Pr. Commissioner of Income-Tax-14 vs. Godrej & Boyce Mfg. Co. Ltd.)(High Court of Bombay) (20.02.2023)
The assessee filed its return for income for A.Y. 2011-12 on 21.11.2011 declaring total income at Rs. 358,47,29,328 under normal provisions and book p....
MANU/MH/0583/2023
Direct Taxation
Though the general power of attorney holder cannot delegate his powers to another person but the same can be delegated, when there is a specific clause permitting sub-delegation (Mita India Pvt. Ltd. vs. Mahendra Jain)(Supreme Court) (20.02.2023)
The Appellant-company, awarded a contract to the Respondent – Mahendra Jain for shifting of 33 K.V. electrical overhead line at its plant at Dewas. In....
MANU/SC/0145/2023
Banking
Court has power to transfer NI cases to other State by invoking Section 406 of CrPC (Yogesh Upadhyay and Ors. vs. Atlanta Limited)(Supreme Court) (21.02.2023)
By way of present transfer petitions filed under Section 406 of Code of Criminal Proceure, 1973 (Cr.P.C.), Yogesh Upadhyay and his proprietary concern....
MANU/SC/0150/2023
Banking