The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
After getting rapped for accepting Vedanta group's bid that would give just 5 per cent of their outstanding loans, lenders to Videocon Industries on Monday approached the insolvency appellate tribunal NCLAT seeking fresh bids for the debt-laden consumer durable firm. Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders. SBI, the leading lender of Videocon Industries, has approached the National Company Law Appellate Tribunal (NCLAT) requesting for a rebidding of the 13 companies of the debt-ridden group, on account of strong observations against Rs 2,962 crore takeover bid by Anil Agarwal's Twin Star Technologies.
The proposals are mostly based on a report submitted by Justice B N Srikrishna in July 2018. The draft Bill has since gone through at least two updates based on inputs received from industry, report Yuvraj Malik and Peerzada Abrar.
The Delhi high court on Tuesday proposed to reduce from Rs 20 lakh to Rs 2 lakh the costs imposed on actress Juhi Chawla and two others by a single judge while dismissing her plea against 5G rollout, with a condition that she would have to do some work for public cause, considering that she is a celebrity and has presence in public.
The Supreme Court on Thursday took strong exception of an affidavit filed by the Union home secretary on a plea by gangster Abu Salem, challenging his life imprisonment in the 1993 Mumbai blasts case, and said it is an "attempt to lecture the judiciary".
The recent ruling by the Authority of Advance Rulings making back-office services provided by a company to global firms taxable under GST, has sent shockwaves through the information technology and business process outsourcing industry.
Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.
'As CIC, you have the power to comment on policy matters. 'If you have very strong beliefs and you know your rulings will be reported, you will express your beliefs.'
The top court was hearing a batch of pleas challenging the direction given by the Jammu and Kashmir high court.
Govt to scrap 8 appellate tribunals; National Company Law Appellate Tribunal to take over Competition Appellate Tribunal's duties
When the matter came up today, Justice Ramaswamy strongly condemned the action of the lawyers and remarked it was a very cheap practice, scandalising the judiciary.
IPO-bound hospitality major OYO has written to the Ministry of Tourism (MoT) requesting it to intervene and investigate the running of the Federation of Hotel and Restaurant Associations of India (FHRAI) and order eviction of erring executive committee members. The hotel aggregator urged the MoT to take necessary action against FHRAI's "illegally run" Executive Committee and its members who are working for self-interest instead of that of small hotel owners. The representation by OYO alleged that FHRAI's actions are detrimental to small hotel owners.
No decision has been taken yet by the government on giving immunity to political parties from providing information under the Right to Information Act as the six-week deadline by the Central Information Commission ends on Monday.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
The disclosure of files provided by India's second army chief General Sir Roy Bucher to Nehru Memorial Museum and Library about Jammu and Kashmir related to the period of 1947-49, which may throw light on Accession, is in 'national interest,' the central information commission has observed in an order.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
A high court judge in London on Monday granted fugitive diamond merchant Nirav Modi permission to appeal against a magistrates' court order in favour of extradition to India to face charges of fraud and money laundering before the Indian courts on mental health and human rights grounds. Justice Martin Chamberlain delivered his verdict remotely under COVID-19 rules to conclude that the arguments presented by the 50-year-old diamond merchant's legal team concerning his "severe depression" and "high risk of suicide" were arguable at a substantial hearing. He also noted that the adequacy of the measures capable of preventing "successful suicide attempts" at Arthur Road Jail in Mumbai, where Nirav Modi is to be detained upon extradition, also fall within the arguable ambit.
The Supreme Court on Wednesday granted bail to poet and activist P Varavara Rao on medical grounds in the Bhima-Koregaon case.
'That would once and for all teach all the film-makers of this country a fitting lesson!'
The chairperson of the Censor Board has sent her resignation to the government. So have some other members. They have alleged interference by the government and corruption in the board.
The case of the two Shiv Sena factions for legitimacy and the party symbol, 'Bow and Arrow', is now before the Election Commission. Whichever way the EC findings go, the other can be expected to move the Supreme Court. They would need a final verdict before the parliamentary polls, points out N Sathiya Moorthy.
A Supreme Court bench of Justice M R Shah and Justice Bela M Trivedi in a special sitting on Saturday upheld the Maharashtra government's plea and suspended the Bombay high court order acquitting former Delhi University Professor G N Saibaba in a case relating to his alleged Maoist links.
I-T dept has asked for Rs 5,357 crore ($865 million) alleging the company had suppressed its revenue for FY09 to evade taxes
PMO's stance came as part of a reply to the whistle-blower forest officer, Sanjiv Chaturvedi, after he dragged the PMO to the Central Information Commission for denying information under the RTI Act.
'Individuals can consider dividing ownership of properties between related persons to ensure that the sale transactions are below the Rs 50 lakh limit and therefore not subject to TDS.'
Selling property below market value can lead to litigation. Tinesh Bhasin offers tips on how to avoid it.
In 1985, Balbir Singh Sr had donated his medals and memorabilia to the then SAI Secretary on being told that they would be displayed in a show window at the then proposed National Sports Museum.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
Based on repeated appeals from Choksi, who is wanted in the Rs 13,000 crore bank fraud in Punjab National Bank and is holed in Antigua and Barbuda after fleeing from India in 2018, the CCF removed his name from the Red Notice list in November 2022, the CBI said in a statement.
They just wanted their angst noticed, and as a symbol of recognition, Jallikattu, restored without the annual ritual of court cases and adjournments, explains N Sathya Moorthy.
India is often viewed as an aggressive tax jurisdiction by domestic and overseas taxpayers, and making the charter as part of the Act may help restore confidence among taxpayers.
The government is also planning to set up specialised Benches for competition law to reduce the burden of the appellate tribunal, which is referred to on all matters from company law and IBC to competition law and the national financial reporting authority.
A Siliguri-based hotelier has challenged a National Company Law Appellate Tribunal (NCLAT) ruling that closed insolvency proceedings against OYO and one of its units, in the Supreme Court. The hearing is scheduled for September 13 before a two-judge Bench. Oyo did not immediately respond to a request for comment.
Domestic traders body CAIT on Thursday said that much against the declared spirit of GST as good and simple tax, it has become a "colonial taxation system" not compatible with the ground realities of business in India. Various amendments and introduction of rules under GST in the recent past have made the tax systems system much more complicated and put much compliance burden on the traders, it said in a statement. The Confederation of All India Traders (CAIT) added that it is not alone the centre but largely the state governments are more responsible for distorting the GST taxation system and bringing disparities and anomalies in it which has made it a more complex system and a "big headache" for the traders.
Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
The Enforcement Directorate (ED) on Wednesday issued show causes notices for alleged foreign exchange violations of Rs 3,805 crore (Rs 38.05 billion) to telecom firms and other entities as part of its investigation into the 2G spectrum allocation case.
Terming as "infructuous", the Supreme Court on Tuesday closed as many as 11 petitions, including the one filed by the National Human Rights Commission (NHRC), almost 20 years ago seeking an independent probe into the 2002 Gujarat riots cases.
Budget 2014-15 has done away with the tax sunset clause of March 2014.
The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances