The Hon'ble Gujarat high court has rules that : the Income Tax Department cannot retrospectively apply the 2012 amendment to Section 55A(a) to reopen legacy property valuation disputes. The Gujarat High Court has quashed a reassessment notice issued by the Income Tax Department in a long-running capital gains dispute, ruling that the wider powers introduced under Section 55A of th......

A Nagpur consumer commission has directed a life insurance company to pay over Rs.50 lakh to a widow, ruling that rejecting a claim when the deceased had already disclosed his alcohol consumption habit prior to buying the policy amounts to deficiency in service. Further, relying on Supreme Court orders that termed hypertension and diabetes mellitus as lifestyle diseases, the forum noted that the ......

Tax Deducted at Source (TDS) on payments made to partners by partnership firms and Limited Liability Partnerships (LLPs) is governed under Section 194T of the Income-tax Act, 1961 and provisions of Section 393(3) of the Income Tax Act, 2025. Introduced via the Finance (No. 2) Act, 2024, this mandatory provision became effective on 1 April 2025. Previously, payments to partners existed outside th......

Those Tenants paying more than Rs. 50,000 in monthly rent must deduct TDS before making the payment to their landlords as failing to comply with this rule can lead to penalty and other such consequences. Provisions of Section 194-IB of the Income-tax Act ,1961( Section 393 of Income Tax Act, 2025) applies to individuals and Hindu Undivided Families (HUFs) who are not required to get their account......

The IRDAI has imposed penalty of Rs. 1 Crore on ICICI Lombard General Insurance Co. Ltd. for violation of various provisions of IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017 and Guidelines on Corporate Governance for Insurers in India. LET’S ANALYSE S.No. Violation of  Provisions /Rules/Regulation/ Guidelines Observations Decision ......

Mis selling of insurance products  is one of the most burning problems in insurance sector. Insurance companies sold insurance products to innocent customers without risk assessment and their necessity. Even after strict warnings of IRDAI and Rules & Regulations applicable on sale of insurance products , mis-selling is going on. We know that these insurance companies are generally sale th......

Importance of the Case  This case, WBSEDCL vs Punjab National Bank, throws light on the intricacies of invoking a bank guarantee during the Corporate Insolvency Resolution Process (CIRP). It highlights the legal arguments surrounding the moratorium period and its implications on the rights of creditors. The case delves into the interaction between the Insolvency and Bankruptc......

Held That The IBC was not an Act for recovery of money claims, but an Act relating to the initiation of Corporate Insolvency Resolution Process. Resultantly, if a debt were to arise, which included interest and there was a default on repayment of such debt having a continuous course of action, the argument that the claim of the financial debtor stood barred by limitation could not be accepted. ......

As you are aware that degrading quality and changing environmental conditions are one of the most important concerns of today humanity. In recent years due to changes in geographical conditions , deforestation, bridges on rivers, large reservoirs for production of electricity etc., have changed and destroyed environmental harmony in the world. Surprising we have seen heavy rain in middle east, hea......

The NCDRC Held That Once goods reached its destination without being loss or damage, the liability of insurance company ends according to the terms and conditions of insurance policy. Brief facts The complainant obtained a marine cargo/ inland policy from the appellant company for period from 07.03.1996 to 06.03.1997, which inter alia, covered loss of or damage to the subject matter insured......

Brief Facts Mr. S from Indore purchased a Jeep Compass from its Authorised Dealer in Mumbai 24th April 2019 for a sum of Rs. 21,24,000. The vehicle bearing registration No. MP09-UA-1413 was insured comprehensively from 24th April 2019 to 23rd April 2020 with ABC Insurance Company. Mr. S went to RNT Marg for some official work on 23rd May 2019 where he parked and locked the car in a parki......

Held that A third party security holder will not be treated inferior in its claim than an Operational Creditor in CIRP. Regulatory Provisions: Section 52 – Secured Creditor in Liquidation Proceedings (1) A secured creditor in the liquidation proceedings may— (a) relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets by the liquidat......

As you are aware that a Trade mark may be defined as a lawfully protected abstract, word, symbol, colour, mark, slogan or a mixture of those related to an organization or a selected product that differentiates it from the others accessible within the market. We know that “ Passing Off” is an actionable wrong and treated as a common law tort, in which a person passes off his goods as t......

The Hon’ble High Court Has Held that until the parents are alive, a son has no right, title, or enforceable share in their residential flat. The Court held this while deciding on the matter posed before them by the petitioner who wished to be appointed the legal guardian of her husband's property, even though he had been in a vegetative state for a long time. Legal Provisions   C......

 As you are aware that the maxim 'ignorantia juris non-excusat,' or 'ignorance of the law is no excuse,' implies that the Court presumes that every party is aware of the law and hence cannot claim ignorance of the law as a defense to escape liability. This Latin maxim and its wide legal spillovers belong to the common law system. The law of limitation finds its root in the maxims “Inte......

Fact of the case The assessee company is engaged in the business of development of real estate, development of residential complex and malls. The assessee has filed the return of income for Assessment Year 2016-17 on 17.10.2016 with total income of Rs. 215,99,70,220/- and the assessee company also filed the revised return of income on 01.12.2017 and 11.12.2017 with the total income of R......

The National Company Law Tribunal (“NCLT”), Kolkata Bench - held that if a Guarantor pays the debt on behalf of the Principal Borrower, then it steps into the shoes of the Creditor and can initiate Corporate Insolvency Resolution Process ("CIRP") again the principal borrower. Brief facts: This petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 ......

As you are ware that the Maternity Benefit Act, 1961, notified on 12th December 1961 and main objective of the Act is “An Act to regulate the employment of women in certain establishment for certain period before and after childbirth and to provide for maternity benefit and certain other benefits”. Section 3(o) defines; “woman” means a woman employed, whether directly or t......

Held that If shares are registered in the name of KARTA of a HUF and HUF is shown as Registered and Beneficial Owner of shares in the Annual Accounts and Balance Sheet of the Company. Then HUF will be considered as beneficial owner of shares and provisions of Section 2(22)(e) will be applicable in case of any loan given to the HUF by a company in which HUF has substantial interest through its KAR......

Section 71 of the Companies Act, 2013 (1) A company  may issue debenture  with an option to convert such debentures into shares , either wholly or partly at the time of redemption: Provided that the issue of debentures with an option to convert such debentures into shares, wholly or partly, shall be approved by a special resolution passed at a general......