The Bombay High Court (“BHC”) has in its judgement dated July 28, 2021, in the matter of M/s Edelweiss Asset Reconstruction v. M/s Tax Recovery Officer, Income-Tax Department and Others [Writ Petition (L) No. 7964 OF 2021], held that, the secured debt shall take priority over the ‘Government’ dues/tax dues. Facts M/s Classic Diamonds (India) […]
The Hon’ble Supreme Court (“SC”) has in its judgment dated July 26, 2021, in the matter of Orator Marketing Private Limited v. Samtex Desinz Private Limited [Civil Appeal No. 2231 of 2021] (“Judgement”) held that the definition of financial debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) does not exclude an […]
We are pleased to share with you the video link of our web series #TaxMantra on the contemporary topic of “Paradigm shift in reassessment regime – A new tangle? (Part-II)”. Stay tuned and keep watching our web series #TaxMantra.
The Director General of Foreign Trade (“DGFT”) has kept on hold the issuance of benefits by way of issuance of duty credit scrips under the various export promotion schemes as per the Foreign Trade Policy, 2015-20 vide issuance of a Trade Notice[1] on 8th July, 2021. Background:- Benefits are available to exporters under various schemes […]
The Bangalore Central Excise and Service Tax Appellate Tribunal (“CESTAT”) in the case of ICICI Econet and Internet Technology Fund vs. Commissioner of Central Tax, Bangalore, has ruled for the Venture Capital Funds (“VCF”) which are set-up as trusts that these trusts act as a service provider, thereby suggesting that arrangement between the contributor and the […]
The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has in its judgment dated July 07, 2021 (“Judgement”), in the matter of Anuj Tejpal v. Rakesh Yadav and Another [I.A. No. 815 of 2021 in Company Appeal (AT) (Insolvency) No. 298 of 2021], allowed withdrawal of corporate insolvency resolution process (“CIRP”) proceedings filed against the […]
