Category: Cases

IBBI directs IP to pay 10% of fee as penalty and undergo pre-registration course from IPA for contravening section 208

October 4, 2021 By newtaxindia Off

INSOLVENCY AND BANKRUPTCY BOARD OF INDIAMs. Kumudini Paranjape, In reDR. MUKULITA VIJAYAWARGIYA, MEMBERNO. IBBI/DC/75/2021AUGUST 9, 2021Section 208 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 7, of IBBI (Insolvency Professionals) Regulations, 2016 – Insolvency professionals – Functions and obligations of – Whether it…

Insolvency Regime to Strengthen Insolvency Laws in India

September 22, 2021 By newtaxindia Off

Introduction Over the years, the number of conglomerates, amalgamations, related-party transactions, amongst others, have exponentially risen in India, due to which the interconnectedness between different corporate bodies has increased. This has led to significant challenges in situations wherein the holding company of such group lands…

18% GST is Payable on Transfer of Lease Rights

August 21, 2021 By Damodhar C Off

The Tamil Nadu Authority of Advance Ruling (AAR) has ruled that 18% GST is payable on the transfer of lease rights. The applicant, India Pistons Ltd. stated that they were engaged in the manufacture of goods and was allotted 15.34 acres of land by the…

Applicability of GST on reimbursement levied along with rent

July 30, 2021 By Damodhar C Off

It is a well-established law that letting out of commercial properties is subject to GST, provided the basic exemption limit for registration is exceeded. However, the subject matter of litigation is the recovery of charges other than rent incurred by the landlord, viz. Reimbursement of…