Tax Monthly Digest: January 2025

SUPREME COURTMotor Accident Claims - Tax Returns Can Be Accepted To Determine Income Only If They Are Appropriately Produced : Supreme CourtCase name: New India Assurance Co. Ltd. V. Sonigra Juhi Uttamchand.Case no.: SLP (C) No. 30491 of 2018The Supreme Court, recently (on January 02), while deciding a motor accident compensation claim case, observed that monthly income could be fixed after taking into account the tax returns. However, the details of tax payment must be properly brought into...

IBC Monthly Digest: January 2025

NOMINAL INDEX: Adroit Pharmaceuticals Pvt. Ltd. Through Its Director Sanjay Kukreja Vs. Amit Poddar Resolution Professional & Ors., Company Appeal (AT) (Insolvency) No. 1274 of 2024 Super Floorings Pvt. Ltd. Vs. Napin Impex Ltd., Company Appeal (AT) (Insolvency) No. 1928 of 2024 & I.A. No.7115 of 2024 Mr. Tajinder Singh Bhathal vs. MRF Limited & Ors., Company Appeal (AT) (CH) No. 94/2023 (IA No.1191/2023) MOHAMMED ENTERPRISES (TANZANIA) LTD. VERSUS FAROOQ ALI KHAN...

Arbitration Monthly Digest: January 2025

Supreme Court High Court's Interference Under Article 226/227 Permissible Only If Arbitral Tribunal's Order Is Patently Perverse : Supreme Court Case Title: SEROSOFT SOLUTIONS PVT. LTD. VERSUS DEXTER CAPITAL ADVISORS PVT. LTD. Citation : 2025 LiveLaw (SC) 14 The Supreme Court today criticized the High Court's intervention under its Writ Jurisdiction in the Arbitral Proceedings, where it had directed the Arbitral Tribunal to grant additional time for one party to cross-examine...

Direct Tax Annual Digest 2024: Part II

Cash-In-Hand Out Of Business Profits Declared In Return U/s 44AD, Can't Be Plainly Added As Unexplained Money: Delhi ITATWhile allowing the appeal against the addition on account of unexplained money, the New Delhi ITAT held that if the assessee's contention is that it had turnover exceeding the limit u/s 44AD of the Income Tax Act, then CIT(A) ought to have acted in accordance with law. The Bench comprising of Kul Bharat (Judicial Member) observed that, “If the assessee's contention is that it...

Direct Tax Annual Digest 2024: Part I

ITAT Deletes Additions Against Unsuspecting Investor In A 'Penny Stock' To Make Quick ProfitThe Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the assessee was an unsuspecting investor who transacted in a 'penny stock' with a view to earning a quick profit, and since his involvement in any dubious transaction relating to price rigging or connection with exit providers could not be shown, the transaction could not be treated as a 'pre-arranged' one even if there were no...

Arbitration Monthly Digest: February 2025

Supreme Court 'Oral Undertaking Falls Within Scope Of Arbitration Clause' : Supreme Court Upholds Award Against Husband For Operation In Wife's Demat Account Case Title: AC CHOKSHI SHARE BROKER PRIVATE LIMITED VERSUS JATIN PRATAP DESAI & ANR. Citation : 2025 LiveLaw (SC) 178 The Supreme Court today (February 10) held that an oral contract undertaking joint and several liability falls within the scope of an arbitration clause. Holding so , the Court affirmed an arbitral...

Tax Weekly Round-Up: January 27 - February 02, 2025

HIGH COURTSAndhra Pradesh HCS.12(10) Central Sale Tax (R&T) Rules | Can Certificate Of Export Be Filed After Completion Of Sales Tax Proceedings: AP HC Refers To Full BenchCase title: M/s. Mohan Spintex India Limited v. Commercial Tax Officer and OthersCase no.: WRIT PETITION NOs: 7158/2018,10587/2016, 2514/2020, 6480/2020, 6597/2020, 3111/2021, 40351/2022, 40354/2022, 23960/2023 & 29854 of 2024A Division Bench of the Andhra Pradesh High Court has placed a matter regarding the...

IBC Weekly Round Up[27th January-2nd February 2025]

Nominal Index: INDEPENDENT SUGAR CORPORATION LTD. V. GIRISH SRIRAM JUNEJA & ORS., CIVIL APPEAL NO. 6071 OF 2023, 2025 LiveLaw (SC) 126 Dharamshi K. Patel & Anr. vs. Indian Bank & Ors., WP.No,712/2024 and WMP.Nos.730 & 732/2024 Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr., RERA APPEAL 7/2024 HDFC Bank Ltd. Versus Pratim Bayal, Resolution Professional of Birla Tyres Ltd. & Ors., Company Appeal (AT) (Insolvency) No. 1472 of 2023 ...

Arbitration Weekly Round-Up [27th January - 2nd February 2025]

Supreme Court Arbitration Act | Appellate Courts Can't Reassess Awards, Must Limit Enquiry On Public Policy Breach : Supreme Court Case Title: SOMDATT BUILDERS –NCC – NEC(JV) VERSUS NATIONAL HIGHWAYS AUTHORITY OF INDIA & ORS. Citation : 2025 LiveLaw (SC) 115 The Supreme Court reaffirmed that arbitral awards should only be interfered with in cases of perversity, violation of public policy, or patent illegality. It emphasized that appellate courts cannot reassess the...

Tax Annual Digest 2024: Part III

Chewing Tobacco Packed In High-Density Polyethylene Bags Are 'Wholesale Package'; Cannot Be Taxed As Retail Product Under Excise Act : Supreme CourtThe Supreme Court recently held that pouches of chewing tobacco packed in High-Density Polyethylene (HDPE) bags would be considered a 'wholesale package' and could not be considered for imposing excise duty as per the provisions relating to retail sale price in the Central Excise Act, 1944. The bench of Justices AS Oka and Pankaj Mithal upheld the...

Arbitration Cases Weekly Round-Up [20th January-26th January 2025]

Supreme Court Can HC Appoint Sole Arbitrator When Arbitration Clause Provides For Unilateral Appointment Of Arbitrator ? Supreme Court To Consider Case Detail : M/S R.S. CONSTRUCTION vs. BUILDING CONSTRUCTION DEPARTMENT SLP(C) No. 000979 - / 2025 The Supreme Court on Monday ( January 20) agreed to consider the issue of whether the High Court can appoint a sole arbitrator under the Arbitration and Conciliation Act 1996 if the arbitration agreement between parties provides for ...

IBC Cases Weekly Round-Up [20th January To 26th January 2025]

Nominal Index: Umang Realtech Pvt. Ltd. vs. Mrs Daphne Reita Rajan Sharma & Anr.,RERA APPEAL 7/2024 M/s Jones Lang Lasalle Building Operations Pvt. Ltd. vs. M/s Celebration City Projects Pvt. Ltd., IA-3686/2022 in Company Petition No. (IB)- 652(PB)/2019 Assistant Commissioner CGST & Central Excise, Kadi Division Vs. Pradeep Kabra, RP of Cengres Tiles Ltd.', Company Appeal (AT) (Ins) No. 844 of 2024 Kotak Mahindra Bank Ltd. Versus Mohit Kumar Legal Heir of...