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Madras High Court Authorizes AO to Reopen Assessment Contrary to Assessee’s Undertaking
HC allows AO to reassess based on ITAT's findings, spotlighting stringent standards for reassessment.
Feb 10, 20243 min read
Pursuit of Procedural Precision: ITAT Confirms CIT’s Revisional Jurisdiction in TPO Referral Case
Introduction Navigating through the complex maze of legal procedures, income tax appeals represent a critical intersection where the...
Feb 8, 20243 min read
Delhi High Court Orders Return of Seized Items After Finding No Legal Proceedings under PMLA
Introduction In a recent judgement in Mr. Mahender Kumar Khandelwal v. Directorate of Enforcement and Anr. [i] , the Delhi High Court (...
Feb 7, 20243 min read
Enhancing Voluntary Liquidation Process: Highlights of the IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2024
Introduction The Insolvency and Bankruptcy Board of India (‘IBBI’) has introduced amendments to the 2017 regulations governing voluntary...
Feb 6, 20243 min read
Understanding the Impact of the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024
Introduction The Insolvency and Bankruptcy Board of India ( ‘IBBI’ ) has enacted significant amendments through the IBBI (Bankruptcy...
Feb 6, 20242 min read
Flexibility for Insolvency Professionals Enhanced by IBBI
Introduction The Insolvency and Bankruptcy Board of India ( ‘IBBI’ ), deriving power from ss. 196, 208 read with s. 240 of the Insolvency...
Feb 6, 20242 min read
Ensuring Stability: Legal Perspectives on Revised IPA Regulations in India
Introduction On 31.01.2024, the Insolvency and Bankruptcy Board of India ( ‘IBBI’ ) introduced significant amendments to the IBBI (Model...
Feb 6, 20242 min read
Enhancing Creditor Involvement: Amendment Introduces Reg. 17A for Presentation and Communication of Repayment Plans
Introduction The Insolvency and Bankruptcy Board of India ( ‘IBBI’ ) recently introduced a crucial amendment [i] to the insolvency...
Feb 5, 20243 min read
Public Interest or Personal Grievance: Supreme Court Preserves Judicial Integrity and Dismisses Writ by a Heart Surgeon
Introduction In the case of K.M. Cherian v. Union of India [ i ] , the Petitioner, a distinguished heart surgeon and founder of Frontier...
Feb 5, 20243 min read
No Penalty for Technical Error Without Intent to Evade Tax: Allahabad High Court Quashes SGST Orders
Introduction In the matter of M/s Ashoka P.U. Foam (India) Pvt. Ltd. v. State of U.P. and Ors [i] , the Petitioner filed a writ petition...
Feb 3, 20243 min read
A Transfer Without Consideration: ITAT’s Landmark Verdict on Capital Loss
Introduction In the case of M/s Tata Sons Limited v. Commissioner of Income Tax-2 [i] , the Income Tax Appellate Tribunal, Mumbai (...
Feb 3, 20243 min read
Imposition of a Penalty on Grounds Not Mentioned in the Show Cause Notice Violates Principles of Natural Justice
Allahabad High Court rules SCN adherence mandatory, upholding justice principles.
Feb 2, 20243 min read