News SC Refuses Interim Relief on Pleas Seeking Stay on LIC IPO Share Allotment (12.05.2022)Supreme Court has refused to grant stay in a batch of petitions contesting the decision of the Central government to sell five percent of its sharehol....Delhi HC: Order Terminating Arbitral Proceedings Without Issuing Show Cause Notice Is Unsustainable (12.05.2022)Delhi High Court has ruled that the Arbitral Tribunal's abrupt issuance of orders terminating arbitral proceedings under Section 25 (a) of the Arbitra....ITAT: Amendments to Income Tax Deduction for Contributions to ESI and PF Are Not Retrospective (12.05.2022)Income Tax Appellate Tribunal, Jaipur has ruled that amended provisions relating to income tax deduction for ESI and PF contributions would be effecti....NCLAT: Threshold of Rs.1 Crore Is Required for Initiation of CIRP (12.05.2022)National Company Law Appellate Tribunal (NCLAT) has ruled that an application filed after 24.03.2020 under Section 7 of the Insolvency and Bankruptcy ....ITAT, Chennai: Subscription Money Received in Advance by DTH Operators is Taxable (12.05.2022)Income Tax Appellate Tribunal, Chennai has declared that subscription money received by direct-to-home (DTH) providers in advance is not taxable. The ....ITAT, Mumbai: Computers, Including Computer Software, Are Eligible to 60% Depreciation (11.05.2022)Income Tax Appellate Tribunal, Mumbai has observed that depreciation of 60 % can be allowed to ‘computers including computer software’ under Rule 5 of....Bombay HC: Court Shall Refer Parties to Arbitration; When There Is Duality of Expert Opinion (11.05.2022)Bombay High Court has ruled that when an allegation as to the fraud and forgery committed in the execution of the agreement is made and there is a dua....NCLT, Delhi: NCLT Empowered to Pierce Corporate Veil to Ascertain True Successful Bidder (11.05.2022)National Company Law Tribunal, New Delhi has held that it has the power to pierce the corporate veil to establish the real successful bidder. The corp....SC: NBFCs Cannot be Regulated by State Enactments (11.05.2022)Supreme Court has ruled that state laws cannot govern Reserve Bank of India-regulated non-banking financial companies (NBFCs). The top court stated th....ITAT: If TDS Statement filed on Time Contains Technical Errors, No Late Fee Can be Charged (11.05.2022)Income Tax Appellate Tribunal, Ahmedabad has held that a late fee under section 234E of the Income Tax Act of 1961 cannot be imposed if a statement is....Supreme Court Asks SAD Leader to Approach High Court for Quashing of FIR (11.05.2022)Supreme Court has granted liberty to Shiromani Akali Dal Leader Bikram Singh Majithia to approach the Division Bench of P&H High Court for the quashin....CESTAT, Hyderabad: Liquidated Damages Does Not Attract Service Tax (10.05.2022)Customs, Excise and Service Tax Appellate Tribunal, Hyderabad has held that receipt of liquidated damages by the service provider for breach of condit....CESTAT: Foreign Origin Gold Bar With Unexplained Source Liable for Absolute Confiscation (10.05.2022)Customs, Excise and Service Tax Appellate Tribunal, Chennai while remanding the matter back, has held that the gold bar with a foreign marking, the so....CESTAT Allows to Pay Service Tax for Construction of Residential Complex (10.05.2022)Customs, Excise & Service Tax Appellate, Bangalore has allowed to Pay Service Tax under Composition scheme of Works Contract (Composition Scheme for P....Delhi HC: Directors Responsible for Conduct of Business Can't be Liable If No Offence Is Attributed (10.05.2022)Delhi High Court has observed that if no offence is attributed to the company, it is but the natural corollary, that its Directors and other persons r....Madras HC: No Excuse for Not Paying GST in Time From Its Electronic Cash Register (09.05.2022)Madras High Court has ruled that the taxpayer is liable to pay interest if there is a belated payment of tax declared in the returns filed.....Allahabad HC: Reassessment Order Not Valid If Notice by Assessing Authority Is Without Jurisdiction (09.05.2022)Allahabad High Court has held that once the notice under Section 148 of the Income Tax Act, 1961 issued by the assessing authority was declared withou....Delhi HC: If Contract Is Extended, It Can’t be Allowed to Reduce Extension Period Retrospectively (09.05.2022)Delhi High Court has ruled that when the employer has granted an extension of time to the contractor for a specified period, it cannot turn around to ....Delhi HC: Weak Financial Condition of Party Cannot be Sole Ground to Deposit Security/Bank Guarantee (09.05.2022)Delhi High Court has ruled that the weak financial condition of a party cannot be the only ground to direct the party to deposit a security or bank gu....NCLT: Committee of Creditors Are Competent to Revise Approved Fees of Resolution Professional (09.05.2022)National Company Law Appellate Tribunal has ruled that the Committee of Creditors is fully competent to revise its earlier approval of the fees of the.... 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