Business Failure Means Fraud in India? A Dangerous Presumption
In India, when a business collapses, it is not just seen as a commercial setback — it is often treated as a criminal act. The tendency to equate business failure with fraud has become a common narrative, reinforced by media scrutiny, political rhetoric, and institutional pressure. This conflation, however, poses a serious threat to entrepreneurship, […]
Personal Guarantee Proceedings in NCLT under IBC if underlying Debt is assigned under Resolution Plan
Hon’ble NCLT Ahmedabad recently in the matter of Personal Guarantors of Alok Industries Limited also dealing with question of whether petition under Section 95 of IBC filed by original creditor is maintainable if underlying Debt is assigned as per Resolution Plan. Hon’ble Judicial member of NCLT Ahmedabad has held that petition filed by original creditor […]
Online Gaming Taxation under Income Tax and GST Laws – CA Ramesh Sankhla on Tax Guru
The online gaming industry in India has witnessed exponential growth in recent years, driven by rapid digital penetration, affordable mobile internet, increased smartphone usage, and the rising popularity of fantasy sports, e-sports, skill-based contests, and real-money gaming platforms. This growth trajectory has transformed online gaming from a niche entertainment activity into a multi-billion-dollar sector, attracting […]
Income Tax search – whether addition of income can be made on the basis of entries found in diaries or books of accounts during income tax search
Before we move towards main question i.e. whether addition of income can be made on the basis of entries found in diaries or books of account during income tax search, we need to analysis whether entries in diaries found during search is fall under evidence as per Section 34 of Indian Evidence Act, 1872 Hon’ble […]
GST Dues are not secured creditor under IBC
Hon’ble National Company Law Tribunal (NCLT) Ahmedabad has provided landmark judgement vide its order dated 30/04/2025 in the matter of Assistant Commissioner of State Tax V/s Mr. Sunil Kumar Kabra Liquidator of Archon Engicon Ltd. that Unpaid GST due by the Corporate Debtor to the state is not the debt owed to the secured creditor […]
ZERO Capital Gains Tax for residents of Singapore / UAE on sale/redemption of Mutual Funds
Recently Income Tax Appellate Tribunal (ITAT) Mumbai bench in the matter of Anushka Sanjay Shah v/s ITO, held that capital gains earned by a non-resident (Singapore tax resident) from the sale/redemption of mutual fund units in India covered under Article 13(5) of the India-Singapore DTAA hence same are not taxable in India. ITAT also relied […]
Reverse Mortgage for Senior Citizens: A Financial Lifeline in Retirement
Introduction Retirement is a phase of life that should ideally be free from financial worries. However, many senior citizens find themselves struggling to meet their daily expenses, medical costs, and lifestyle needs due to a lack of a steady income source. While savings, pensions, and family support can help, they may not always be sufficient. […]
Personal Insolvency proceedings not shield to evade statutory liabilities
Hon’ble Supreme Court of India in the matter Saranga Anilkumar Aggarwal v/s Bhavesh Dhirajlal Sheth & Ors held that appellant cannot invoke insolvency proceedings as a shield to evade statutory liabilities. The objective of the IBC is to provide a mechanism for resolving financial distress, not to nullify obligations arising under regulatory statutes. Hon’ble Supreme […]
Writ petition under Article 226 before Hon’ble High Court is not maintainable for personal insolvency case under IBC when matter pending before Hon’ble NCLT -: Hon’ble Supreme Court of India
Hon’ble Supreme Court of India in the recent judgement dated 20.02.2025 in the case of Bank of Baroda v/s Farooq Ali Khan & Ors. held that when statutory tribunals are constituted to adjudicate and determine certain questions of law and fact, the High Courts do not substitute themselves as the decision-making authority while exercising judicial […]
THE INCOME-TAX BILL, 2025
Income tax bill 2025 – to be introduced in Lok Sabha for approval.