Tribunals/Commissions/Regulatory Bodies Archives | Page 12 of 90

Case Briefs Tribunals/Commissions/Regulatory Bodies

CIT was right in deleting addition made on account of low Gross Profit rate by AO without any justified reasoning: ITAT

It is a well-accepted principal of tax jurisprudence that the Assessing Officer cannot sit on the armchair of a businessman assessee to replace his business strategy by his own whims and fancies

Case Briefs Tribunals/Commissions/Regulatory Bodies

NFRA imposes monetary penalty of Rs. 1.10 Crore on Auditors of Coffee Day Enterprises Ltd.

National Financial Reporting Authority: The National Financial Reporting Authority (‘NFRA’) has imposed monetary penalty of Rs. 1.10 Crore on 1 Auditor Firm

Case Briefs Tribunals/Commissions/Regulatory Bodies

Can Corporate Debtor raise issue of pre-existing dispute if there is no evidence of any lacuna prior to demand notice? NCLAT answers

“The Adjudicating Authority does not appear to have committed any error in holding the alleged disputes claimed by the Corporate Debtor to be feeble as it is not supported by credible evidence.” NCLAT

Case Briefs Tribunals/Commissions/Regulatory Bodies

Mula-Mutha Riverfront Project: NGT prohibits PMC from cutting any trees till July 31

The matter was further listed for hearing on 31-07-2023.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLAT modifies Rs Ten Lakh cost for being highly excessive

While speedily and effectively disposing off the present appeal, the NCLAT modified the imposed cost from Rs. 10,00,000/- to Rs. 1,00,000/- for the restoration of the company’s name in the register maintained by the ROC.

Case Briefs Tribunals/Commissions/Regulatory Bodies

No benefit to Corporate Debtor, if Criminal Proceedings were initiated after receipt of Demand Notice: NCLAT upholds NCLT’s order

While upholding NCLT’s order the NCLAT held that in the present case there is a debt which remained unpaid by the Operational Creditor.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Once a document admitted as evidence cannot be objected at a later stage: NCLAT

NCLAT held that once a document is relied upon as evidence and not objected to, it cannot be rejected or ignored.

Case Briefs Tribunals/Commissions/Regulatory Bodies

[Zee-Sony merger] NCLAT sets aside NCLT order directing stock exchange to reconsider approval

NCLAT set aside the NCLT’s order and remitted back the matter to NCLT to examine the same after hearing both the parties.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Whether an application filed under Section 7 IBC by Financial Creditor is barred by Section 10A IBC? NCLAT Answers

NCLAT held that benefit under S. 10-A of IBC can only be claimed when default occurs during prohibited period – ‘05-03-2020 to 25-03-2021’.

district consumer disputes redressal commission

Case Briefs Tribunals/Commissions/Regulatory Bodies

DCDRC holds Cochin Airport liable for service deficiency for not providing adequate rain cover on boarding ladder; directs compensation of INR 16,000 to passenger

The Commission held that CIAL’s inadequate rain coverage while boarding flight caused a great deal of agony to the complainant as he got drenched in the rain and suffered fever for 3 days.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Threshold limit includes both principal amount and interest under IBC; NCLAT set aside NCLT’s order

NCLAT held that the Adjudicating Authority committed error in rejecting the S. 7 application for not fulfilling ‘threshold’ when Deed of Guarantee mentions about the interest on default.

Case Briefs Tribunals/Commissions/Regulatory Bodies

DCDRC directs Apple India to either replace law student’s defective laptop or pay monetary compensation worth Rupees 2.3 lakhs

The Commission found Apple India to be liable for selling defective goods under the provisions of Consumer Protection Act, 2019

Case Briefs Tribunals/Commissions/Regulatory Bodies

NGT forms Joint Committee to probe allegations of environmental norms violations in constructions at CM Kejriwal’s residence

It was alleged that during the construction activities at 6 Flag Staff Road, Delhi, 20 trees were cut illegally as permissions for tree cutting were sought manipulatively.

central electricity regulatory commission

Case Briefs Tribunals/Commissions/Regulatory Bodies

CERC issues ‘Category IV’ licence to THDC India Ltd for inter-State trading in electricity in whole of India

In accordance with Regulation 3(3) of the Trading Licence Regulations, for a person applying for Category `IV`, a trading licence should have a net worth of Rs. 10 crore and should have maintained minimum current ratio and liquidity ratio of 1:1, as on date of audited balance sheet accompanying the application.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT admits Go Air insolvency plea

A creditor has limited grounds to object to S. 10 of IBC application.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NGT imposes 50 crores costs on Uttar Pradesh Aawas and Vikas Parishad and 3 other Housing Realtors for environment degradation

The Tribunal noted that while developing housing projects in Ghaziabad, the Project Proponents violated environmental norms for plantations and sewage treatment plan.

Case Briefs Tribunals/Commissions/Regulatory Bodies

Income Tax Appellate Tribunal directs Assessing Officer to charge assessee at gross profit rate of 6.5% on bogus purchases

ITAT said that the entire addition has been made by the AO as well as CIT based on guess work and estimation based on some alleged information received from Sales Tax Department of Maharashtra and from DGIT that “the assessee has taken bogus purchase bills without having taken any delivery of the goods”, without applying their mind.

Case Briefs Tribunals/Commissions/Regulatory Bodies

NCLT imposes exemplary cost of ₹ 5 Lakhs on Trimex Industries (P) Ltd for filing frivolous litigation

NCLT imposed cost to restain Trimex Industries (P) Ltd. from filing frivolous applications which consume Tribunal’s valuable resources and time.

Case Briefs Tribunals/Commissions/Regulatory Bodies

[Ludhiana Gas Leak]: NGT orders 20 lakhs compensation to heirs of 11 deceased; constitutes fact-finding Committee

The Tribunal constituted an eight-member fact-finding Joint Committee about the incident headed by Chairman of the State Pollution Control Board, Punjab.

district consumer disputes redressal commission [dcdrc], kamrup

Case Briefs Tribunals/Commissions/Regulatory Bodies

DCDRC directs 67K compensation for a movie goer who suffered a rodent bite while watching movie with her family in Galleria Cinema Hall

The Commission found that the management of Galleria Cinemas was negligent for not ensuring proper hygienic conditions for their viewers.