Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad
1 month, 2 weeks ago

Reduction Of Share Capital Does Not Exempt Company From Fulfilling Other Statutory Obligations: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Ahmedabad comprising of Dr V.G Venkata Chalapathy and Chitra Hankare approved a Section 66 application of Companies Act, 2013 filed by the Mahan Industries, seeking confirmation in the reduction of its share capital. Background of the Case The following case involves an application filed by Mahan Industries under Section 66 of the Companies Act, 2013 for seeking confirmation in the reduction of its share capital. Judgement of the Court The Tribunal allowed the application for the reduction of the share capital filed by the Mahan Industries under Section 66 of the Companies Act, 2013. Case Title: Mahan Industries Limited Case Number: CP 8 of 2023 Tribunal: National Company Law Tribunal, Ahmedabad Coram: Mrs. Chitra Hankare, Hon'ble Member and Dr. Velamur G Venkata Chalapathy, Hon'ble Member For the Applicant: Mr. Nipun Singhvi, Adv.

Companies Act Companies Capital Company Act Reduction Share Capital Section 66 Mahan Industries  statutory  fulfilling  company  tribunal  reduction  nclt  does  tax  application  share  companies  ms  capital  obligations  exempt  mahan  act

History of this topic

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024
9 months ago

Direct Tax Cases Weekly Round-Up: 31 March To 6 April 2024

Live Law  

Delhi High Court Case Title: Valley Iron & Steel Co.Ltd Versus PCIT The Delhi High Court has held that income tax additions made towards unsubstantiated share capital are eligible for deduction under Section 80-IC of the Income Tax Act. Case Title: Senapati Santaji Ghorpade Sugar Factory Versus Assistant Commissioner of Income Tax The Bombay High Court has held that retrospective …

Indirect Tax Cases Weekly Round-Up: 25 February To 3 March 2024
10 months ago

Indirect Tax Cases Weekly Round-Up: 25 February To 3 March 2024

Live Law  

Delhi High Court Case Title: Apshara Garments Pvt. Bombay High Court Case Title: Shri Yogesh Rajendra Mehra Versus Principal Commissioner CGST & Central Excise Raigad The Bombay High Court has held that any deficiency in filing the appeal or application, like failure to file physical documents, cannot cause the appeal, which was registered on the online portal within the prescribed …

Direct Tax Cases Monthly Round Up: January 2024
11 months ago

Direct Tax Cases Monthly Round Up: January 2024

Live Law  

Supreme Court Case Title: Herbicides India Limited verses ACIT While setting aside the Rajasthan High Court orders, the Supreme Court restored the assessee's appeals by condoning the delay in filing the paper-book before High Court and observed that the assessee is entitled to have his appeals heard on merits. Madras High Court Case Title: Anamallais Bus Transports P. Ltd verses …

Companies Act | NCLT Permits 'Change' In Utilization Of Share Capital Reduction Amount By Invoking Powers Under Rule 11 Of NCLT Rules
1 year, 1 month ago

Companies Act | NCLT Permits 'Change' In Utilization Of Share Capital Reduction Amount By Invoking Powers Under Rule 11 Of NCLT Rules

Live Law  

The National Company Law Tribunal, Chennai Bench, comprising of Shri Sanjiv Jain and Shri Ravichandran Ramasamy, while invoking its powers under Rule 11 of the NCLT Rules, 2016 has permitted a company to 'change' the utilization of its reduced share capital amount by altering the amounts to be adjusted towards Negative Capital Reserves and the amounts returnable to Shareholders. Thereafter, …

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023
1 year, 1 month ago

Tax Cases Weekly Round-Up: 05 November To 11 November, 2023

Live Law  

Delhi High Court Case Title: BT Private Limited Versus UOI Citation: 2023 LiveLaw 1082 The Delhi High Court has held that a CENVAT credit refund cannot be denied in the absence of the self-assessed return having been questioned, reviewed or re-assessed. Case Title: Shreyash Retail Private Ltd Versus Deputy Commissioner Of Income Tax TDS Circle Citation: 2023 LiveLaw 1102 The …

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023
1 year, 4 months ago

Tax Cases Weekly Round-Up: 6 August To 12 August, 2023

Live Law  

Delhi High Court Case Title: PCIT Versus M/S Eltek Sgs Pvt. Case Title: Anokhi Realty Private Limited vs. Income Tax Officer 2023 LiveLaw 132 Case Citation: 2023 LiveLaw 132 The Gujarat High Court has quashed the income tax reassessment notice against a non-existent entity. Case Title: Commissioner Of Income Tax Versus Star Rays The Gujarat High Court has held that …

Director Proves Lack Of Control On Financial Affairs: Bombay High Court Quashes Income Tax Recovery
1 year, 6 months ago

Director Proves Lack Of Control On Financial Affairs: Bombay High Court Quashes Income Tax Recovery

Live Law  

The Bombay High Court has quashed the income tax recovery against the Director of a company on the grounds that the Director has sufficiently discharged the burden cast upon him in terms of Section 179 of the Income Tax Act.The bench of Justice K.R. The Bombay High Court has quashed the income tax recovery against the Director of a company …

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023
1 year, 7 months ago

Tax Cases Weekly Round-Up: 07 May to 13 May, 2023

Live Law  

Supreme Court Case Title: Heinz India Limited v The State of Kerala Citation: 2023 LiveLaw 411 The Supreme Court Bench has held that prickly heat powders fall under the category of ‘medicated talcum powder’ and not ‘medicine’ for the purpose of sales tax under Kerala General Sales Tax Act, 1963. Chhattisgarh High Court Case Title: M/s Nava Raipur Atal Nangar …

Tax Cases Weekly Round-Up: 9 April to 15 April, 2023
1 year, 8 months ago

Tax Cases Weekly Round-Up: 9 April to 15 April, 2023

Live Law  

Supreme Court Case Title: M/s US Technologies International Pvt Ltd vs. The Commissioner of Income Tax Citation : 2023 LiveLaw 285 The Supreme Court has ruled that no penalty is leviable under Section 271C of the Income Tax Act, 1961 on mere delay in remittance of the tax deducted at source after the same has been deducted by the assessee. …

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022
2 years, 2 months ago

Tax Cases Weekly Round-Up: 9 October To 15 October, 2022

Live Law  

Supreme court Case Title: Tata Motors Limited Versus Central Sales Tax Appellate Authority & Others Citation: 2022 LiveLaw 847 The Supreme Court has directed the state of Andhra Pradesh to transfer to Jharkhand the amount of central sales tax deposited by Tata Motors with respect to the sale of buses to the Andhra Pradesh State Road Transport Corporation. Versus Commissioner …

Discover Related