MahaRERA order overturned by appellate tribunal; developer’s concession claim rejected, ET LegalWorld
In a significant development related to a case of delayed possession, a MahaRERA order has been overturned by the Maharashtra Maharashtra Real Estate Appellate Tribunal (MREAT), ToI reported on October 21. The concessions given to the developers have been rejected, the report (by Sanjeev Devasia) said. The appellate tribunal order directed ITMC developers to pay […]
NCLAT upholds rejection of delayed claim, allows verification during plan implementation, ET LegalWorld
The National Company Law Appellate Tribunal, New Delhi upheld an adjudicating authority’s order which rejected a claim which was filed after four years from approval of the Resolution Plan by the Committee of Creditors. However, The appellate tribunal allowed appellants claim subject to verification while implementation of the plan. The adjudicating authority relied on M/S […]
Banks can claim deductions for broken period interest on securities traded as stock-in-trade: SC, ET LegalWorld
In a big relief to banks including SBI, the Supreme Court on Wednesday clarified that banks are allowed to claim deductions for broken period interest paid on securities traded as stock-in-trade. It rejected the income tax department’s stand that broken period interest on security held till maturity constitutes an investment and, therefore, should be treated […]
SC nod to real estate sector to claim input tax credits on construction costs, ET LegalWorld
In a big relief to the real estate sector, the Supreme Court on Thursday allowed the industry to claim input tax credits (ITC) on construction costs for commercial buildings meant for renting purposes. It said that if construction of a building is essential for supplying services like leasing/renting out, it could fall under the ‘plant […]
SC questions NCLAT verdict approving settlement of BCCI claim of Rs 158.9 cr by Byju’s, ET LegalWorld
The Supreme Court on Wednesday questioned the verdict of insolvency appellate tribunal NCLAT setting aside the insolvency proceedings against ed-tech major Byju’s and approving its Rs 158.9 crore dues settlement with the BCCI. Observing that the National Company Law Appellate Tribunal (NCLAT) did not apply its mind while closing the insolvency proceedings against the ed-tech […]
NCLAT rejects tax claim against RCom filed for assessment year after initiation of insolvency, ET LegalWorld
The NCLAT has set aside a petition filed by the state tax department claiming dues from Reliance Communications (RCom) observing that it was based on the assessment made after the initiation of insolvency resolution process against the debt-ridden firm. A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National […]
Hi-Tech Gears Limited receives GST demand order for excess ITC Claim, ET LegalWorld
Hi-Tech Gears Limited has received an order from Excise & Taxation Department, Gurugram (W), Haryana raising a demand aggregating to Rs. 9,09,982/- (Rupees Nine Lakh Nine Thousand Nine Hundred Eighty-Two Only) including interest and penalty, according to the exchange filling. The order has been passed in accordance with Section 73 and section 50 of the […]
GHCL Limited receives notice from GST Department for excess ITC Claim, ET LegalWorld
GHCL Limited has received a scrutiny notice on September 16, 2024 from GST department, Maharashtra for the financial year 2020-21. The GST department has alleged that the Company has made excess claim of ITC (Input Tax Credit) of Rs. 17.34 lacs and advised to file reply within 15 days from the receipt of the letter. […]
Automobile dealers can claim ITC on demo cars used for promoting sales: CBIC, ET LegalWorld
Automobile dealers using demonstration vehicles or demo cars for promoting sales can claim input tax credit (ITC) under the GST law, the CBIC has said. However, no ITC would be available if demo cars are used by dealers for their own purpose during the course of the business. In a circular, the Central Board of […]
Pre litigation mediation mandatory to file counter claim in commercial disputes: HC, ET LegalWorld
The Delhi High Court has held that the requirement of pre-litigation mediation under the Commercial Courts Act is mandatory in nature prior to the filing of counterclaims in commercial disputes. The court said the process of pre-institution mediation is mandatory for every suit involving a commercial dispute and no distinction can be drawn when it […]