The Supreme Court, on February 12, noted that the Adjudicating Authority (AA), which is the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC), has the power to recall its order approving a resolution plan if the plan is not submitted
The Directorate General of Foreign Trade (DGFT) has recently issued Notification No. 60/2023 on February 13, 2024, announcing the implementation of the ‘Indian Trade Classification (Harmonised System) of Export Items, 2023’ for Chapter 01-39 of Schedule 2. This significant notification falls under the ambit of
Details of the case In the case of M/s Surya Business Private limited Vs the State of Assam, it was held that tax paid by the TP but was not appearing in 2A shall not be disallowed. Citations Suncraft Energy Private Limited and another vs.
Details of the case Pleading The present petition has been filed to assail the order dated 21.2.2023 passed by the Joint Director (CGST) (Appeals), Noida. “The operative portion of the order reads as below:- “10. In view of my above discussion & findings I, hereby
In a significant decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh addressed the case of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal ruled that once a resolution plan has been approved by the National Company Law Tribunal (NCLT), any
The Finance Ministry has issued a rebuttal to the Karnataka government’s allegations of discrimination in the distribution of central taxes, dismissing them as incorrect and misleading. This response comes shortly after the state’s Congress party staged a protest in the national capital. In a statement,
NCLT Bengaluru Bench: Resolution Plan Approval Process Must Not Lead to Endless CIRP In a recent ruling, the National Company Law Tribunal (NCLT) Bengaluru Bench addressed the case of Parag Finlease Pvt. Ltd. vs. Mr. Ratnakar Shetty, the Resolution Professional (RP) of Unishire Lifestyle Dwellings
Resolution Plan Approval by NCLT Renders Pending Service Tax Refund Appeal Abated, Rules CESTAT Chandigarh In a recent decision, the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) Chandigarh ruled on the matter of Ballarpur Industries Ltd. vs. CCE & ST, Panchkula. The tribunal held
Heading 1: Validity of Income Tax Search Upheld The Gujarat High Court has upheld the validity of search and seizure operations conducted by the Income Tax (I-T) department at the residence and office of lawyer Maulik Sheth. The search, carried out between November 3 and
Clarification on MSME Section 43B Impact: Payments made or due to vendors registered under MSME, as defined in the Micro, Small and Medium Enterprises Development (MSMED) Act 2006, are affected. To encourage timely payments to micro and small enterprises, such payments now fall under section
