Weekly Digest Of IBC Cases: 08th July 2024 To 15th July 2024

HIGH COURT Mere Initiation Of Arbitration Proceedings Doesn't Bar Corporate Debtor From Pursing Remedies Under IBC: Delhi High Court Allows Section 11(6) Petition Case Title: Pitambar Solvex Pvt Ltd And Anr. vs. Manju Sharma And Ors. Case No.: ARB.P. 212/2024, I.A. 9821/2024 The Delhi High Court bench of Justice Neena Bansal Krishna held that mere initiation of the arbitration proceedings does not bar the corporate debtor from pursuing his other remedies including those...

Half Yearly Digest Of IBC Cases : January To June,2024

Supreme CourtIBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association (Regd.) vs. M/S. Ansal Crown Infrabuild Pvt. Ltd. & Ors. Citation: 2024 LiveLaw (SC) 63 The Supreme Court has held that the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has no effect on the execution of a decree against the Directors or Officers of...

ITAT Half Yearly Digest: January To June 2024 - PART II

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of ConstitutionCase Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the shares in consideration and re-compute the liability accordingly.Trading Income From Sale Of Scrips Can't Be Conferred As...

ITAT Half Yearly Digest: January To June 2024 - PART I

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITATCase Title: Asstt. CIT Versus Iqbal Ali KhanThe Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has held that exemption under Section 54F of the Income Tax Act is not available on property predominantly being used for religious purposes.ITAT Deletes Addition Of Unexplained Investment In Stock Valuation DifferenceCase Title: Ethiraj Hotel Mart Versus DCITThe Chennai Bench of Income Tax...

Indirect Tax Half Yearly Digest: January To June 2024

Supreme CourtCustoms Act | Importer's Subsequent Import Bill Be Discarded If Undervalued To Previously Imported Identical Or Similar Goods: Supreme CourtCase Title: M/s Global Technologies and Research versus Principal Commissioner of Customs, New Delhi (Import)Citation : 2024 LiveLaw (SC) 239Recently, the Supreme Court held that under the Customs Act, the Importer's Bill of Entry of subsequent imported goods can be discarded if the subsequent imported goods are undervalued to the previously...

Indirect Tax Half Yearly Digest: January To June 2024 - PART II

Allahabad High CourtAllahabad High Court Grants Bail To Applicant Accused Of Availing Excess Input Tax Credit, As Proceedings U/S 70 And 74 Pending Since LongCase Title: Qamar Ahmed Kazmi vs. State of U.P. Citation: 2024 LiveLaw (AB) 131The Allahabad High Court has granted bail to the applicant accused of availing excess input tax credit as the proceedings under Section 70 and Section 74 of the Goods and Service Tax Act, 2017 were pending since long.Tax Dues Can't Be Collected From Director Of...

Direct Tax Half Yearly Digest: January To June 2024 - PART II

Kerala High CourtAssessee Can't Indefinitely Seek Time In Response To SCN: Kerala High CourtCase Title: Shaju Pachelil Pathrose Versus Additional/Joint/Deputy/Assistant Commissioner Of Income TaxCitation: 2023 LiveLaw (Ker) 12The Kerala High Court has held that the assessee cannot indefinitely seek time in response to a show cause notice.Writ Petition Challenging Orders Of Tamil Nadu Assessing Authority Not Maintainable Merely For Having A Bank Account In Kerala: Kerala High CourtCitation: 2024...

Direct Tax Half Yearly Digest: January To June 2024 - PART I

Supreme CourtTaxpayer Entitled To Hearing On Merits If Appeals Were Dismissed By HC For Delay In Filing Paper-Book: Supreme CourtCase Title: Herbicides India Limited vs ACIT2024 LiveLaw (SC) 44While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits.Tax Return Filed Without Regular Books Of Account Not...

AAAR & AAR Half Yearly Digest: January To June 2024

AAARNo GST Payable By Fair Price Shop Selling Kerosene Oil To Ration-Card Holders: AAARAppellant's Name: Chanchal SahaThe West Bengal Appellate Authority of Advance Ruling (AAAR) has held that no GST is payable by fair-priced shops selling kerosene oil to ration-card holders.AARE-Commerce Operators Liable To Collect TCS For Providing Platform For Selling Digital Gold: AARApplicant's Name: M/S. Changejar Technologies Pvt. Ltd.The Karnataka Authority of Advance Ruling (AAR) has ruled that...

CESTAT Half Yearly Digest: January To June 2024 - PART II

CESTAT Allows Refund Of Service Tax Paid On Cancelled Bookings Of FlatsCase Title: Kanakia Spaces Reality Pvt. Ltd. Versus Commissioner Of Cgst & Central Excise, MumbaiThe Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed the refund of service tax paid on cancelled bookings of flats.Freight/Insurance Amount Is Not Includible In Assessable Value Of Goods For Charging Excise Duty: CESTATCase Title: Panama Petrochem Ltd. Versus Commissioner of C.E. &...

CESTAT Half Yearly Digest: January To June 2024 - PART I

Information From ITR/26AS Can't Be Sole Basis For Service Tax Demands: CESTATCase Title: M/s GopiChenna Versus Commissioner of Central Tax Medchal - GSTThe Hyderabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that the service tax demand was made on the basis of third-party data, i.e., amounts reflected in income tax returns and in Form 26AS, which is not sustainable.Balloons Used For Decorations Outside The Purview Of Requirement To Satisfy BIS Registration,...

Arbitration Cases Half Yearly Digest: January To June 2024

Supreme Court High Court Not Having Original Civil Jurisdiction Cannot Extend Time To Pass Arbitral Award As Per S.29A(4) Arbitration Act : Supreme Court Case Title: CHIEF ENGINEER (NH) PWD (ROADS) VERSUS M/S BSC & C and C JV Citation : 2024 LiveLaw (SC) 425 The Supreme Court held that a High Court which does not have original civil jurisdiction does not have the power to extend the time limit for passing of the arbitral award as per Section 29A of the Arbitration &...