National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal grants 10 days for written arguments in land lease dispute with Mack Star Marketing Pvt Ltd.
The Supreme Court admits a petition challenging GST imposition on transfer of development rights in joint development agreements, impacting real estate projects nationwide.
Several companies caught in the crosshairs of the GST authorities got a sense of relief last week after the Punjab & Haryana High Court stayed operation of a central board of indirect taxes & customs (CBIC) circular clarifying on the validity of the levy. CBIC's October 27, 2003, circular had clarified that a corporate guarantee, provided by one company to banks or financial institutions to help an associate company secure a loan, even without a consideration, should be considered supply of service between related parties under the Schedule I of the CGST Act, 2017.9
Critics argue that while such taxes exist in several advanced economies, they contribute minimally to overall tax revenues making them inefficient and cumbersome to administer.
The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional. India Steel Works plans to appeal at NCLAT for urgent relief. Tribunal prohibits legal actions against India Steel Works, restraining asset disposal. Stecol International approached NCLT after India Steel Works defaulted on dues of Rs 2.6 crore.
It suggested that interest income earned by the subscribers of green bonds may be exempt or, in the alternative, be subject to a concessional rate of tax.
Xiaomi Technology India's ability to continue as a going concern depends on the outcome of multiple regulatory and tax disputes and additional funds from the Chinese parent. However, the company doesn't see a threat "for the foreseeable future" based on legal opinions obtained and cash flow projections. Xiaomi has faced multiple investigations and legal proceedings launched by income tax authorities, the Directorate of Enforcement, and the customs department on matters such as alleged evasion of custom duty and irregularities in royalty payments.
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
The Supreme Court has ruled that interest-free or concessional loans given by banks to their employees will be considered "fringe benefits" or "amenities" and therefore taxable. The court argued that these benefits are unique to bank employees and are in the nature of a "perquisite," thus liable to taxation. The court upheld the income tax rule, but deemed the fixation of SBI's interest rate as the benchmark to be neither arbitrary nor unequal exercise of power.
In the past few years, Xiaomi has had to face multiple investigations and legal proceedings launched by the income tax authorities, the Directorate of Enforcement and the customs department on matters such as the alleged evasion of custom duty and irregularities in royalty payments. This has come amid heightened scrutiny of Chinese companies and their investments in the country after a rise in border tensions.
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