Weekly Round-up on Tax and Corporate Laws | 8th to 13th April 2024
This weekly newsletter analytically summarises the key stories reported at taxmann.com during the previous week from April 08 to 13, 2024, namely: a) No special drive to re-open cases of mismatch in HRA claims: CBDT; b) Elections ahead, not civil war; HC denies plea to delay CA exams due to Lok Sabha elections; c) Maximum […]
Elections Ahead, Not Civil War | HC Denies Plea to Delay CA Exams Due to Lok Sabha Elections
Case Details: Harish Chandar T v. ICAI – [2024] 161 taxmann.com 418 (Delhi) Judiciary and Counsel Details C. Hari Shankar, J. Alakh Alok Srivastava, Rishabh Bafna & Ms Anubha Shrivastava Sahai, Advs. for the Petitioner. Ramji Srinivasan, Sr. Adv., Ms Pooja M. Saigal, Nipun Gupta, Nikhil Sabri & Ms Namrata Saraogi, Advs. for the Respondent. Facts of the Case A writ […]
[Opinion] Intangible Assets [IA] Acquired Through Business Combination | Tax Implications
Anil Chachra – [2024] 161 taxmann.com 340 (Article) 1. Background Where a company wants to acquire the business of another company by way of amalgamation or demerger the assets or liabilities can be acquired either at fair value or at book value depending upon the applicability of Indian Accounting Standards [Ind AS] or accounting standards. […]
Appeal Against NCLAT’s Order Remanding Approved RP to NCLT Rejected as AA Passed Order Violating Sec. 419(3) of Co(s) Act | SC
Case Details: Bank of Baroda v. Suchi Paper Mills Ltd.- [2024] 161 taxmann.com 343 (SC) Judiciary and Counsel Details Dr Dhananjaya Y Chandrachud, CJI., J B Pardiwala & Manoj Misra, JJ. Gaurav Agrawal, Sr. Adv., Suresh Dutt Dobhal, Adv. & Nirmal Goenka, AOR for the Appellant. R. Venkataramni, AG, Chinmoy Sharma, Sr. Adv., Ms Preeti Goel, Anubhav Goel, Ms Priyanka Dhyani, Ms […]
GSTN Issued Advisory on Facility to Auto-populate the HSN-Wise Summary From E-Invoices Into Table 12 of GSTR-1
GSTN Update dated April 9th, 2024 The GSTN has issued an advisory to inform that a new feature to auto-populates the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 is now available on the GST portal. This allows for direct auto-drafting of HSN data into Table 12 based on e-Invoice data. Please note that […]
[Opinion] ROC Penalizes Co. Its Directors for Allotting Securities Without Approval Under ESOP Scheme Before the Vesting Period of One Year
Prof R Balakrishnan – [2024] 161 taxmann.com 273 (Article) Background of the case 1. In a recent adjudication order passed by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli, in respect of Ms Krazzy Fin Private Limited, the company and its directors were penalized for violations of section 62(1)(b) of the Companies Act 2013. […]
[Opinion] Service Permanent Establishment (Service PE) and Its Impact on Cross-border Taxation
Eshaan Singal – [2024] 161 taxmann.com 232 (Article) Service Permanent Establishment (Service PE) is a fundamental concept in the realm of international taxation, particularly within the framework of Double Taxation Avoidance Agreements (DTAAs). It pertains to situations where foreign enterprises engage in providing services, such as consultancy services, within a contracting state. The crux of […]
Complaint Over Cheque Bounce Issued From a Joint a/c and Signed Solely by Deceased Husband Was Abuse of Law | HC
Case Details: Neeta Gupta v. Suman Anand – [2024] 161 taxmann.com 83 (HC – Delhi) Judiciary and Counsel Details Manoj Kumar Ohri, J. Mohit Chaudhary, Adv. for the Petitioner. Sanjay Gupta, Adv. for the Respondent. Facts of the Case In the instant case, the complainant/petitioner filed a complaint against the accused/respondent under section 138 of the Negotiable […]
No Coercive Action Against Congress to Recover Rs. 3,500 Crores Till Lok Sabha Elections | SC
Case Details: Indian National Congress (I)/All India Congress Committee v. CIT – [2024] 161 taxmann.com 115 (SC) Judiciary and Counsel Details Mrs. B.V. Nagarathna & Augustine George Masih, JJ. Dr Abhishek Manu Singhvi, Vivek Tankha, Devadatt Kamal, Sr. Advs. Rohit Sharma, Jatin Lalwani, Nikhil Purohic, Harsh Pandey, Revanta Solanki, Amit Bhandari, Anubhav Kumar, Ajay Desai, Varun Chopra, Prasanna S., Nikhil Bhalla, Sumit Kumar, Vipul Tiwari, Vinod Kumar Srivastava, Advs. & Nishanth […]
HC Upholds Arrest of an MD by ED for Money Laundering Through a Complex Web of Cos. Having Common Control
Case Details: Neeraj Singal v. Directorate of Enforcement – [2024] 161 taxmann.com 82 (HC – Delhi) Judiciary and Counsel Details Vikas Mahajan, J. Kapil Sibal, Dr Abhishek Menu, Vikas Pahwa, Sr. Advs. Ms Ranjana Roy Gawai, Ujjwal Jain, Ms Shambhavi Kashyap, Adit Pujari, Aavishkar Singhvi, Garnil Singh & V. Wadhwa, Advs. for the Appellant. Zoheb Hossain, Vivek Gurnani, Baibhav, Ms Manisha Dubey, Pranjal Tripathi, Anuj Kumar & Sanket Sinha for […]