Taxation Laws (Amendment) Ordinance, 2019 clarified by Circular No. 29 of 2019 The Taxation Laws (Amendment) Ordinance, 2019 (“the Ordinance”), promulgated by the President on 20.09.2019, had interalia introduced a new provision, viz., section 115BAA in the Income Tax Act, 1961 (“the Act”) providing for a lower rate of tax at 22% (plus applicable surcharge […]
With aim to provide fillip to the sluggish economy and promote growth and investment, the Government has by Ordinance made amendments in the Income Tax Act, 1961 (“the Act”) vide the Taxation Laws (Amendment) Act, 2019 which was promulgated by the President on 20.09.2019. Key features of the aforesaid amendments are as under: Section 115BAA […]
The Supreme Court in the case of Brilliant Alloys Private Limited v. Mr. S. Rajagopal and Others (decided on December 14, 2018) held that the application for corporate insolvency resolution process can be withdrawn even after issuance of invitation for expression of interest. FACTS The National Company Law Tribunal, Chennai (“NCLT”) on September 28, 2017 […]
The National Company Law Appellate Tribunal (“NCLAT”) in Lalit Mishra and Others v. Sharon Bio Medicine Limited and Others (decided on December 19, 2018) held that a resolution plan that discharged the liability of the corporate debtor to pay off its personal guarantors who were also the promoters was not discriminatory in nature. FACTS By […]
The Supreme Court in the case of Government of Haryana PWD Haryana (B and R) Branch v. M/s G. F. Toll Road Private Limited and Others (dated January 3, 2019) held that the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) does not disqualify a former employee from acting as an arbitrator, provided there are no […]
The Supreme Court in the case of M/s Simplex Infrastructure Limited v. Union of India (decided on December 5, 2018) held that administrative difficulties cannot be a valid reason to condone a delay above and beyond the statutory period prescribed under the Arbitration and Conciliation Act, 1996 (“Arbitration Act”). FACTS M/s Simplex Infrastructure Limited (“Appellant”), […]
