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[By Yash Jain and Jaskaran Singh Saluja] The authors are students at the Institute of Law, Nirma University, Ahmedabad. Introduction The Income Tax Appellate Tribunal (“ITAT”) is referred to as the ‘Mother Tribunal‘ for being the oldest tribunal in the country. For years the ITAT has been discharging its role admirably and effectively. In view to transforming the taxation regime, the Commissioner of Income Tax (“CIT”) was made...
[By Pranav Karwa and Gaurav Karwa] Pranav is a student at the National Law University, Jodhpur and Gaurav is a student at the West Bengal National University of Juridical Sciences. Recently, in the case of Manish Kumar v Union of India (“Manish Kumar Ruling”), the Supreme Court upheld the constitutional validity of all the provisos added to Section 7(1) of the IBC, 2016 (“Code”) via the IBC Amendment...
[By Varda Saxena] The author is a student at the Jindal Global Law School. Introduction The Consumer Protection Act (CPA) of 1986 was established to fulfill the obligations entailed under the General Assembly’s resolution[i] to adopt consumer protection regulations across signatory countries. Certain amendments to the Act were being deliberated in the parliament since 2014, and it was only in 2020 that the amendment bill came into force.[ii]...
[By Samridhi] The author is a student at Law Centre-1, Faculty of Law, University of Delhi. The Union Budget 2021-22 has brought with itself a further increase in the safe harbour limit provided to the real estate in instances where a sale is affected under the value which, as per Section 43CA and Section 50C, is ‘adopted, assessed or assessable by any authority of a State Government’ in...
[By Samridhi] The author is a student at Law Centre-1, Faculty of Law, University of Delhi. Status Quo On 24 November 2020, the Allahabad High Court delivered a judgment on an issue involving the revocation of the registration certificate by the Assistant Commissioner because the assessee had failed to file the returns for a period of six months. The Court while ruling in favour of the assessee noted...
[By Digvijay Ravindar Singh] The author is a student at the National Law School of India University, Bangalore. The concept of CSR differs between developing countries and developed countries with respect to its definition as well as implementation. Additionally, there is no comprehensive, “one size fits all” global corporate governance or CSR system based on western codes and regulations that can be implemented in emerging markets. As per...
[By Raj Shekhar and Krati GuptaI] Raj is a student at the National University of Study and Research in Law, Ranchi and Krati is a student at the Rajiv Gandhi National University of Law, Punjab. The US District Court in the Southern District of New York on 16th February 2021 declared that In the Re Citibank Wire Transfers case, the “discharge-for-value” principle stands applicable and the defendants (the...
[By Sourav Kumar and Jyotshna YashaswiI] Sourav is a student at the National Law School of India University, Bangalore and Jyotshna is a student at the Chanakya National Law University, Patna. Introduction In the previous few years, the country has witnessed several banks facing an extreme crisis due to the ballooning Non-Performing Assets (NPAs). In 2018, a fraud of almost $2 billion was discovered at the Punjab National...