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IBC Overrides Tax Laws: NCLAT Declares Government Dues as Operational Debt
NCLAT upholds IBC’s supremacy over tax laws, ruling that government tax dues do not qualify as secured debt in insolvency proceedings.
Feb 82 min read
Literal v. Purposive Interpretation of Statutes: The Supreme Court, in a 2:1 Majority, Upholds Literal Interpretation of Section 31(4) of the IBC, With Dissent Favouring a Purposive Approach
A Supreme Court ruling reignites the debate on literal vs. purposive statutory interpretation, shaping the future of insolvency law.
Feb 78 min read
RBI’s Revised Penalty & Compounding Framework Under the Payment and Settlement Systems Act, 2007: Strict Yet Balanced
RBI introduces a revised framework for penalties & compounding under the PSS Act, ensuring fair enforcement & compliance clarity.
Feb 54 min read
Bombay High Court Reasserts Statutory Preconditions for Waiver of Interest under S. 220(2A) of the Income-tax Act, 1961
The Bombay High Court in Jitendra M. Doshi v. CCIT reaffirmed that a waiver of interest under Section 220(2A) of the Income-tax Act requires strict compliance with all three statutory conditions. The Court rejected the petitioner’s claim of financial hardship, citing lack of documentary evidence, inconsistent conduct, and non-cooperation. The judgment underscores the evidentiary threshold and taxpayer accountability under this discretionary relief provision.
Feb 45 min read
Delhi High Court Quashes Reassessment Notices for Non-Resident Entities
Delhi HC quashes reassessment of a non-resident entity, affirming that tax authorities must rely on specific, relevant, and timely evidence.
Feb 43 min read
Bombay High Court Upholds: Settlement with Creditors Alone Cannot Justify a Stay on Liquidation Proceedings Under the Companies Act
The Bombay High Court rules that creditor settlements alone do not justify a liquidation stay under Section 466 of the Companies Act.
Feb 43 min read
CBDT Issues Key Guidance on the Principal Purpose Test Under India’s DTAAs
CBDT clarifies the application of the Principal Purpose Test (PPT) under India's tax treaties to prevent treaty abuse and ensure compliance.
Feb 33 min read
The Impact of the Finance Act, 2021 on Reassessment: Delhi HC Sets Aside Reassessment Due to Non-Compliance with Sections 148A and 151 under the Income-tax Act, 1961
This write-up analyses the Delhi High Court's ruling in Rohit Kumar v. ITO, which invalidated a reassessment under the Income-tax Act due to procedural non-compliance post-Finance Act, 2021. The judgment affirms the binding nature of Sections 148A and 151, reiterating that digital signature dates determine notice validity and reassessment thresholds must be adhered to strictly.
Feb 36 min read
Judicial Scrutiny of Procedural Safeguards in CGST Arrests: Balancing Compliance & Enforcement
Introduction  In CGST v. Yogesh Gupta [i] , the Court of the Ld. Additional Chief Judicial Magistrate, Gurugram (‘ Ld. Court ’) examined...
Feb 33 min read
NCLT Mumbai: CIRP Application Dismissed Due to Pre-Existing Dispute and Bar Under Section 10A of the IBC
NCLT Mumbai dismisses CIRP application, citing a pre-existing dispute and the Section 10A COVID-19 moratorium under the IBC.
Feb 13 min read
CBDT Notifies Income-Tax (Second Amendment) Rules, 2025: Key Changes for VC Funds & IFSC Finance Companies
CBDT’s latest amendment prescribes conditions for VC Funds & IFSC Finance Companies under Sections 10(23FB) & 94B of the Income-Tax Act.
Feb 13 min read