News
Execution proceedings – Delhi High Court formulates detailed affidavit of assets and income of judgement-debtor
06 August 2020
The Delhi High Court has formulated detailed formats of affidavit of assets and income of the judgement-debtor to be filed at the threshold of execution proceedings. The Court in its judgement dated August 5, 2020 also laid down detailed guidelines for the Executing Court. It observed that this will curb the delay and expedite disposal of execution proceedings.
Refund of credit accumulated on input services due to inverted duty structure, available
04 August 2020
The Gujarat High Court has allowed refund of accumulated credit of input services in case of inverted duty structure. Explanation (a) to Rule 89(5) of CGST Rules was read down to the extent it denied refund of ITC as accumulated on account of ”input services”.
E-Commerce – Consumer Protection (E-Commerce) Rules, 2020 notified
28 July 2020
Within few days of coming into force of major provisions of the Consumer Protection Act, 2019, the Department of Consumer Affairs in the Ministry of Consumer Affairs, Food and Public Distribution has issued Consumer Protection (E-Commerce) Rules, 2020 which have come into force from July 23, 2020.
Foreclosure charges are not liable to service tax – CESTAT Larger Bench
20 July 2020
The Larger Bench of the CESTAT has held that ‘foreclosure charges’ levied by banks and non-banking financial companies on premature termination of a loan can not be subjected to levy of service tax under Banking and Other Financial Services (“BoFS”).
Civil Court’s jurisdiction barred in copyright suit arising from insolvency resolution plan – NCLT to adjudicate
10 July 2020
In an interesting case of intersection of insolvency and copyright laws, the Delhi High Court has held that the suit for alleged infringement of copyrights, arising out of and/or is in relation to the insolvency resolution plan of a corporate debtor must be adjudicated by the NCLT and that the proceedings in the Civil Court are barred.
Loans on exorbitant interest rates covered under Extortionate Credit Transactions
06 July 2020
Observing that the short-term loans advanced by few Appellants on exorbitant rates of interest (40% to 60% per annum) were covered under Extortionate Credit Transactions as prohibited under Section 50(1) of the Insolvency and Bankruptcy Code, 2016, the NCLAT has set aside the entire transactions as illegal and void and held them as not entitled to any relief.
TRAN-1 – Delhi High Court decision in Brand Equity stayed by Supreme Court
22 June 2020
The Supreme Court of India has on 19-06-2020 stayed the Delhi High Court decision in the case of Brand Equity Treaties Ltd. v. Union of India (decision dated 05-05-2020). The High Court had held that an assessee can avail Input Tax Credit of the accumulated Cenvat credit as on 30-06-2017 by filing GST Form TRAN-1 beyond the period of limitation prescribed under Rule 117 of Central Goods and Services Tax Rules, 2017.
Every breach not justifiable merely on invocation of COVID-19 as a force majeure
15 June 2020
The Delhi High Court has recently held that every breach or non-performance cannot be justified or excused merely on the invocation of COVID-19 as a force majeure condition.
GST liability on director’s renumeration clarified
11 June 2020
Central Board of Indirect Taxes and Customs (CBIC) has clarified various circumstances when the renumeration paid to the director is liable to GST under reverse charge. Circular No. 140/10/2020-GST, dated 10-06-2020, issued for the purpose, observes that there were doubts as to whether the remuneration paid by companies to their directors...
CCI can entertain complaint in matters of exercise of patent rights
03 June 2020
Relying upon its decision in the case of Telefonaktiebolaget L.M. Ericsson, the Delhi High Court has rejected the contention that the remedies against alleged abuse of any rights by the patentee would fall exclusively within the remedies as provided under the Patents Act and, therefore, the jurisdiction of the Competition Commission of India (CCI) to entertain such disputes is impliedly excluded.