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Tax Alert – Supreme Court allows filing of revised return, belatedly, pursuant to an approved scheme of amalgamation

Corporate taxpayers are required to file their return of income on or before the due date prescribed under section 139(1) (30th September/30th November of the subsequent year). Further, after filing of the said return, if the taxpayer discovers any omission or any wrong statement therein, then a revised return can be filed only within the […]

GST Cafe – 02 January, 2020 – Recent Developments Under GST

We are pleased to share with you a copy of our latest publication – GST Café, a briefing on recent developments related to Goods and Services Tax (GST). The present newsletter provides an insight into the extension of filing declaration under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 and amendments/changes notified on 01.01.2020 under […]

Supreme Court: Constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 upheld

The Supreme Court of India (“SC”), on November 15, 2019 upheld the order approving the resolution plan submitted by ArcelorMittal India Private Limited (“ArcelorMittal”) for Essar Steel India Limited (“Essar”) and upheld the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. FACTS On August 02, 2017, the National Company Law Tribunal, Ahmedabad […]

Supreme Court: No automatic stay on challenges to arbitral awards

The Supreme Court of India (“SC”) in the case of Hindustan Construction Company Limited and Another v. Union of India and Others (decided on November 27, 2019) struck down the insertion of Section 87 to the Arbitration and Conciliation Act, 1996 (“1996 Act”), calling it “manifestly arbitrary” and in violation of Article 14 of the […]

Supreme Court: Court can permit the filing of a counter claim even after the written statement has been filed but not after the issues have been framed unless there are exceptional circumstances

The Supreme Court (“SC”) in the matter of Ashok Kumar Kalra v. Wing Commander Surendra Agnihotri and Others (decided on November 19, 2019) held that a counter claim against the original claim may at the court’s discretion be filed after the written statement has been filed but not after the issues have been framed. However, […]

Registrar of Companies cannot strike off the name of a company when there is litigation or insolvency proceedings pending by or against it – NCLT Ahmedabad

The National Company Law Tribunal, Ahmedabad (“NCLT Ahmedabad”) has by an order dated November 6, 2019 (“NCLT Order”), held that the Registrar of Companies cannot, during the pendency of Corporate Insolvency Resolution Process (“CIRP”), strike off the name of a company involved in pending litigation. FACTS M/s. J. R. Diamonds Private Limited (“Company”) was incorporated […]