A recent ruling has clarified that GST registrations cannot be cancelled retrospectively from a period for which GST returns have been filed. This is because Section 29 of the Central Goods and Services Tax Act, 2017, which permits authorities to cancel registrations from a retrospective date, cannot be exercised arbitrarily. In the case in question, […]
Category: JUDGMENT
Posted inBUSINESS
GST Department Challenges Karnataka High Court Ruling on Tax Rate for Online Gaming Platform
The Goods and Services Tax department has filed a special leave petition in the Supreme Court against a Karnataka High Court ruling in the case of Gameskraft Technologies Pvt. In May this year, the high court quashed a Rs 21,000-crore show cause notice by the GST Department against online gaming platform Gameskraft Technologies. The point of contention […]
Posted inBUSINESS, JUDGMENT
Cheque Dishonour – Concurrent Sentencing Rule Only When Cases Arise Out Of Single Transaction: Supreme Court
The Supreme Court observed that it is only when the conviction in a cheque case arise out of the single transaction, concurrent sentence would be merited. But when there are several transactions, the judgment in V.K. Bansal v. State of Haryana (2013) 7 SCC 211 cannot be relied upon, the bench of Justices Hrishikesh Roy and Pankaj Mittal observed. […]
Posted inJUDGMENT
Patanjali Ayurved
Baba Ramdev-led Patanjali Ayurved’s sale of shares of Patanjali Foods got oversubscribed more than two times at the end of the two-day offer on Friday. The non-retail portion was subscribed more than two times while the retail category received over three times subscription, according to latest data available on the BSE. The two-day Offer For […]
Posted inJUDGMENT
HDFC Bank allots over 311 cr shares to HDFC Ltd shareholders as part of share swap – ET LegalWorld
HDFC Bank on Friday said it has allocated over 311 crore new shares of the bank to shareholders of merged entity HDFC Ltd. The share allocation was done as per the swap ratio announced as part of the composite scheme of amalgamation. As per the scheme, every HDFC shareholder has got 42 shares of HDFC […]
Posted inJUDGMENT
BYD proposes $1 billion India plan to build EVs, batteries – sources – ET LegalWorld
China’s BYD Co has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint […]
Posted inJUDGMENT
Tesla looking to make about half million EVs annually in India- report – ET LegalWorld
Tesla is discussing an investment proposal with the Indian government to set up a factory with an annual capacity to produce about half a million electric vehicles, the Times of India reported on Thursday, citing government sources. The company, led by billionaire Elon Musk, is also looking at using India as an export base to […]
Posted inJUDGMENT
Tata Group in advanced stages to acquire Wistron
Tata Group is understood to be in advanced stages to acquire the Karnataka manufacturing unit of Taiwan-based Wistron, a contract manufacturer for Apple, to become the first Indian iPhone maker, sources said. The acquisition will be carried out through Tata Electronics, a wholly-owned subsidiary of Tata Sons, the promoter holding firm of salt-to-software conglomerate Tata […]
Posted inJUDGMENT
ZEE shareholders reject reappointment of Alicia Yi as independent director – ET LegalWorld
Shareholders of Zee Entertainment Enterprises Ltd (ZEEL) have rejected a proposal for reappointment of Alicia Yi as an independent director on the company board. The special resolution for reappointment of Alicia Yi got only 42 per cent votes in favour as compared to 57.97 per cent against it. “Based on the votes cast by the […]
Posted inJUDGMENT
Interest on Compulsory Convertible Debentures: Ruling in Favor of Revenue Deduction
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that interest on compulsory convertible debentures (CCDs) is allowable as a revenue deduction. The tribunal stated that CCDs are considered borrowed funds and continue to be debt until they are converted into shares. The case involved Religare Finvest Ltd. and the Deputy Commissioner of Income-Tax. The […]