Day: 25 January 2020

Sec 138 NI Act case cannot be quashed for mere Acceptance of Corporate Insolvency Resolution

Ajay Kumar Bishnoi Vs Tap Engineering (Madras High Court) Question is whether by operation of the provisions of Insolvency and Bankruptcy Code, 2016, the criminal prosecution initiated under Section 138 r/w.141 of the Negotiable Instruments Act, 1881 r/w. 200 of Cr.Pc, can be terminated. The categorical answer is “No”. In JIK  Industries Limited vs. Amarlal …

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Analysis of New SEBI SOP Circular vis-a-vis Existing Circular

Article analyses SEBI SOP Circular dated January 22, 2020 vis-a-vis SEBI SOP Circular dated May 3, 2018. Securities and Exchange Board of India (SEBI) has issued SOP Circular bearing reference number SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22, 2020 (hereinafter referred to as ‘New SOP Circular‘) in supersession of the Circular bearing number SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 3, 2018 …

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IGST on Ocean Freight as Ultra Vires & Unconstitutional : Gujarat HC

Synopsis: In a landmark judgment in the case of Mohit Mineral Pvt. Ltd. v. UOI [Special Civil Application No. 726/2018 decided on January 23, 2020], the Hon’ble Gujarat HC has declared levy of Integrated Goods and Services Tax (“IGST”) on ocean freight & corresponding notifications as ultra-vires the IGST Act, 2017 for lacking legislative competency …

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Tax Invasion is a Social Injustice to fellow citizens: CJI

Ministry Of Law & Justice Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India Tax Judiciary plays an important role in resource mobilization of the country; Artificial Intelligence is a new hope for Public Institutions; Inaugurates 79th Foundation Day Celebrations and All India Members’ Conference of the Income Tax Appellate Tribunal …

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Undisclosed foreign assets of more than Rs. 1000 crore detected

Ministry of Finance Income Tax searches lead to detection of undisclosed foreign assets of more than Rs. 1000 crore Posted On: 24 JAN 2020 6:03PM by PIB Delhi Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group …

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