Husband Cannot Claim Capital Gains Exemption For Property In Wife's Name: Punjab & Haryana High Court

The Punjab and Haryana High Court on 12 August held that capital gains exemption under Section 54 of the Income Tax Act cannot be claimed where a residential property is sold and the proceeds are reinvested in another residential property purchased solely in the name of the taxpayer's wife. A Division Bench of Justices Deepak Sibal and Rupinderjit Chahal dismissed an appeal filed by Subh Karan Yadav, a retired government employee, against the order of the Income Tax Appellate Tribunal (ITAT)...

Gujarat High Court Quashes Reassessment Against Adani Exports For AY 2010-11

The Gujarat High Court has quashed reassessment proceedings against Adani Exports for AY 2010-11. It found that the Assessing Officer had relied on an unamended partnership deed while reopening the assessment, despite the assessee having specifically informed him that the deed had been amended to remove the obligation to pay interest on partners' capital.A Division Bench comprising Justice A.S. Supehia and Justice Vaibhavi D. Nanavati held that the amended partnership deed expressly provided...

GST Authority Finding In Assessment Proceedings May Affect Criminal Case: Allahabad High Court

The Allahabad High Court on 11 August held that where assessment proceedings under the Central Goods and Services Tax Act, 2017 end in a finding that a taxpayer has not violated the law, such finding may have a bearing on criminal prosecution arising from the same allegations, even though the two proceedings are independent. Justice Vikram D. Chauhan made the observation while granting bail to Javed Akhtar, who was accused of fraudulently availing input tax credit, noting that no proceedings...

CESTAT Taxability Appeals Lie Before Supreme Court U/S 35L Of Central Excise Act: Telangana High Court

The Telangana High Court has held that an appeal against a Customs, Excise and Service Tax Appellate Tribunal (CESTAT) order involving the taxability or classification of a service lies before the Supreme Court under Section 35L of the Central Excise Act, and not before the High Court under Section 35G. A Division Bench comprising Justices P. Sam Koshy and Narsing Rao Nandikonda dismissed an appeal filed by the Principal Commissioner of Central Tax & Customs against Mars International...

LOC Cannot Be Issued Against Director Merely For Company's Loan Default: Delhi High Court

The Delhi High Court on 10 August held that a Look Out Circular (LOC) cannot be issued merely because a person was a non-executive director of a company that failed to repay bank dues, particularly when the bank has already initiated legal proceedings to recover the amount. Justice Jasmeet Singh cancelled the LOC issued against Tushar Dey, a former independent and non-executive director of Birla Aircon Infrastructure Pvt Ltd (BAIPL), and directed the Bureau of Immigration to communicate the...

Merely Because No Income Was Booked, Business Expenses Cannot Be Disallowed: Gujarat High Court

The Gujarat High Court has recently ruled that expenses incurred on business projects cannot be disallowed merely because no income was booked against them for the relevant year. The court noted that if the Revenue's case was that no income had been booked, it had to determine whether the assessee had failed to account for that income or had not treated a particular receipt as income.“Merely because no income has been booked against the same, it would not result into disallowance of such...

No Income Tax On RFCTLARR Land Acquisition Compensation: Andhra Pradesh High Court

The Andhra Pradesh High Court on 7 August held that compensation paid for compulsory acquisition of land under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act) is exempt from income tax, except in cases covered by Section 46 of the Act. A Single Bench comprising Justice Tarlada Rajasekhar Rao set aside the executing court's orders permitting deduction of tax from compensation awarded to landowners and remanded the...

Transitioned CENVAT Credit Valid For Service Tax Appeal Pre-Deposit: Karnataka High Court

The Karnataka High Court on 4 August held that CENVAT credit transitioned to the Goods and Services Tax (GST) regime can be used to meet the mandatory pre-deposit requirement for a service tax appeal. A Division Bench of Justices S.G. Pandit and K. Manmadha Rao set aside the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) order rejecting a pre-deposit of Rs.79,77,301 made by debiting the Electronic Credit Ledger through Form GSTR-3B. The judges held: "The mandatory pre-deposit...

HUL Drags Beco To Delhi High Court Over Ads Claiming Surf Excel, Vim Cause Skin Allergies

The Delhi High Court on Wednesday issued notice to Beco in a product disparagement and trademark infringement suit filed by consumer goods giant Hindustan Unilever Limited (HUL)HUL moved the Court against Kwick Living (I) Private Limited, which runs the cleaning products brand Beco, alleging that Beco's advertisements disparage HUL's detergent brands Surf Excel and Vim by claiming they contain chemicals that cause skin irritation and allergies. Justice Anup Jairam Bhambhani heard extensive...

Delhi High Court Sets Aside Arbitral Award After Tribunal Relied On Pre-Contract Notes To Alter Contract Terms

The Delhi High Court has partly set aside an arbitral award after finding that the majority tribunal had relied on pre-contract cover notes and discussions to alter the terms of an executed insurance policy.Justice Om Prakash Shukla held that the tribunal could not travel beyond the policy and insert terms that were not part of the executed contract. The court observed, “The majority members of the Tribunal acceded their jurisdiction by travelling beyond the executed policy to insert words based...

Writ Against Highways Act Arbitration Award Not Entertainable When Statutory Remedy Available: Andhra Pradesh High Court

The Andhra Pradesh High Court has recently ruled that a party challenging an arbitral award under the National Highways Act, 1956 cannot ordinarily bypass the statutory remedy under the Arbitration and Conciliation Act, 1996. The party cannot directly approach the court under Article 226 of the Constitution“The N.H. Act and the Act, 1996 are complete code. The statute provides the remedy under Section 34 of the Act, 1996 to challenge the award of the arbitrator on specified grounds and any...

Delhi High Court Temporarily Restrains MVP Healthcare From Using 'House Of Doctors' Mark

The Delhi High Court has restrained MVP Healthcare Pvt. Ltd. from using “HOD House of Doctors” or any other mark deceptively similar to the H.O.D. and House of Diagnostics trademarks of the HOD Group.The group provides diagnostic and healthcare services.Justice Jyoti Singh passed the ex parte ad interim order while hearing a suit filed by House of Diagnostics LLP, HOD Healthcare Pvt. Ltd. and House of Diagnostics Healthcare Pvt. Ltd.The three entities constitute the HOD Group. They are engaged...