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Jul 3, 20233 min read
[CESTAT] Adjudication liable to be set aside if cross-examination not granted
Customs, Excise and Service Tax Appellate Tribunal, Ahmedabad (‘CESTAT’), recently passed an order in the case of Indu Oversea Private...
Jul 3, 20232 min read
NFRA Imposes a Penalty on Auditors
NFRA imposes heavy fines and restrictions on auditors for misconduct and standards violations.
Jul 1, 20232 min read
Bombay HC stays LOC, lets petitioner travel out of country, imposes Rs 50,000 costs for late filing
[Bombay HC] – Stays the LOC and permits the Petitioner to travel out of the country but imposes costs of Rs. 50,000 for filing the...
Jul 1, 20233 min read
Bombay HC Exempts Directors from Income-tax Liability in Company Dues [Prakash B. Kamat v. PCIT]
[Bombay HC] Income-tax dues of a company cannot be recovered from the Director merely because of his directorship in a company. The...
Jun 30, 20233 min read
Provisional Attachment: 1-Year Limit on Bank Account Freeze - Bharat Parihar v. State of Maharashtra
[Bombay HC] Provisional attachment of a bank account cannot continue after the expiry of a year from the date of the original attachment....
Jun 26, 20233 min read
ITAT Upholds Disallowance On Bogus Purchases
Introduction In Silmohan Gems Pvt. Ltd. v. DCIT[i], the ITAT upheld the disallowance of purchases computed at 5% of the purchases and...
Jun 20, 20233 min read
No Addition Can Be Made in the Absence of Incriminating Material Found During the Search
Introduction The case of Manjeet Kaur Saran v. ACIT [i] involves a search and seizure operation conducted by the Income Tax Department....
Jun 19, 20233 min read
[ITAT – Delhi] Re-Assessment Order Passed Against a Non-Existent Entity is Void Ab Initio
Introduction Income Tax Appellate Tribunal – Delhi (‘ITAT’) in the case of S.S.S Glass Pv.t Ltd. v. ITO[i], quashed the reassessment...
Jun 16, 20233 min read
[Supreme Court] Permitting the Presence of an Advocate During Interrogation at a Visible but Not Audible Distance
SC affirms advocates can watch interrogations at a distance, balancing law enforcement with rights protection.
Jun 15, 20233 min read
[ITAT-Delhi] Addition Under S. 68 of the Income-tax Act Was Deleted as the Assessing Officer Found No Incriminating Material
Introduction The Hon’ble Income Tax Appellate Tribunal – Delhi (‘ITAT’) ACIT, Central Circle – 19 v. KRBL Foods Ltd[i]., upheld the...
Jun 12, 20235 min read
NFRA Cracks Down on Auditors with Fines and Bans -Rs 1 crore on CA Firm and 5 lakhs each on partners
In the recent case of M/s Sundaresha & Associates and CA C. Ramesh and CA Chaitanya G. Deshpande (Order No. NF-23/14/2022/05, NFRA M/s...
Jun 3, 20234 min read
SC Affirms Limitations of Section 66 of IBC Against Third Parties
Gluckrich Capital Private Limited v State of West Bengal Introduction On 19.05.2023, the Hon’ble Supreme Court rejected an application...
Jun 3, 20233 min read
SC Clarifies: Once NCLT is Satisfied of Default, Application Under Section 7 of IBC Must be Admitted
[SC] Once the NCLT is satisfied that there is a debt which is in default of payment, an application under section 7 of the IBC should be...
Jun 1, 20233 min read
[Delhi HC] S. 83 of the CGST Act Cannot Be Invoked to Secure the Revenue of Another Taxable Person
Delhi HC rules in favor of Zhudao Infotech, stating Section 83 of the CGST Act cannot be used to attach assets for others' tax liabilities.
May 25, 20233 min read
Supreme Court empowers Creditors: Guarantors Liable for Non-Corporate Borrowers’ Defaults under IBC
In the case of K. Paramasivam v. Karur Vysya Bank & Anr.[i], the Supreme Court has rendered a significant decision, affirming that...
May 25, 20234 min read
Upholding Accountability in Auditing: SC's Ruling on UOI v. Deloitte Haskins and Sells LLP
In Union of India v. Deloitte Haskins and Sells LLP [ i ] , the Hon’ble Supreme Court of India found Deloitte Haskins and Sells LLP...
May 23, 20233 min read
Allahabad HC: No vicarious liability of directors under IPC
No vicarious liability of directors under IPC; Court directs the accused to file discharge application before the Trial Court The Lucknow...
May 17, 20233 min read
Gujarat High Court Denies Protection: Petitioner's Bid to Escape Wilful Defaulter Tag Rejected
Introduction: The Gujarat High Court recently rendered a noteworthy judgment in the case of Jagdish Prasad Saboo vs IDBI Bank Limited....
May 11, 20234 min read
[SC] No service tax on corporate guarantees by parent companies on behalf of its subsidiaries
The Hon’ble Supreme Court has recently held in Commissioner v. M/s Edelweiss Financial Services Ltd., that no service tax would be levied...
Apr 22, 20233 min read
No Vicarious Liability: Jharkhand HC Quashes Charges Against Finance Advisor in TDS Remittance Case
Jharkhand HC rules financial advisors are not liable for a firm's TDS defaults.