Aasma Mohammed Farooq and Ors. v. Union of India and Ors. Link to Judgement / MANU/DE/4514/2018 In this case a writ petition had been filed before the Delhi High Court (Court) challenging the provisions of Section 5(1), 5(5), 8(3), 8(5) and 8(6) of the Prevention of Money Laundering Act, 2002 (‘Act’). The Petitioners sought quashing […]
Case: Navdeep Singh vs. Assistant Director, Directorate of Enforcement Judgement Copy / MANU/PH/1764/2018 In this case before the High Court of Punjab and Haryana (Court), the petitioner, Navdeep Singh, had filed a petition for quashing of complaint under the Prevention of Money Laundering Act, 2002 (PMLA). Prior to this, there was specific information with the police […]
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and Others (decided on December 14, 2018) held that the application for corporate insolvency resolution process can be withdrawn even after issuance of invitation for expression of interest.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 […]
