modified and cl.....Tags : Prudential guidelines, stressed assets, modification
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Taxability of surplus on sale of shares and securities - Instructions in order to reduce litigation(29.02.2016)
The Central Board of Direct Taxes issued instructions in situations when Assessing Officers hold whether surplus generated from sale of listed shares .....
Tags : capital asset, shares, determination, litigation
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Disclosure of divergence in the asset classification and provisioning by banks(31.10.2019)
1. Under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR Regulations') a listed entity shall dis.....
Tags : Disclosure, Divergence, Asset classification
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ITAT, Mumbai: Non-Disclosure of Foreign Asset in ITR Not Valid Reason for Imposition of Penalty(08.04.2022)
Income Tax Appellate Tribunal (ITAT), Mumbai has observed that non disclosing of a foreign asset in the income tax return, by itself, is not a valid r.....
Tags : Income Tax Appellate Tribunal, foreign asset, income tax return, Black Money Act, assessee
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Karnataka HC Upholds Constitutional Legality of Proviso (v) to S.14(1) SARFAESI Act(14.04.2022)
Karnataka High Court has upheld the Constitutional legality of proviso (v) Section 14(1) of the Securitization and Reconstruction of Financial Assets .....
Tags : Karnataka High Court, Constitutional legality, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
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CCI Approves Pramerica's Acquisition of Deutsche MF Business(10.11.2015)
Competition Commission of India (CCI) has approved acquisition of Deutsche Bank's asset management business in India by global fund house Pramerica As.....
Tags : Competition Commission of India , Deutsche MF Business, Pramerica Asset Managers Pvt Ltd.
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SC Restores Disproportionate Assets Case against IAS Officer(24.10.2016)
Supreme Court has restored a disproportionate assets case against a UP-cadre IAS officer, K Dhanalakshmi, while setting aside an order of Delhi High .....
Tags : Supreme Court, IAS officer, Delhi High Court, Disproportionate Assets Case
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Delhi HC Reserves Judgment over Virbhadra Singh in Disproportionate Assets Case(16.12.2016)
Delhi High Court has reserved its verdict on plea of Himachal Pradesh Chief Minister Virbhadra Singh and his wife Pratibha Singh, seeking quashing of .....
Tags : Delhi High Court, Virbhadra Singh, disproportionate assets
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ITAT: Depreciation allowable on Toll Collection Rights(15.06.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench has held that the depreciation under Section 32 of the Income Tax Act, 1961 is allowable on toll coll.....
Tags : ITAT, Toll Collection, Capital Asset
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Share Application Money as transferred by the assessee is ‘Capital Asset’ for the purpose of Income Tax Act, 1961(15.12.2020)
In facts of present case, as a part of corporate restructuring undertaken by the assessee group, it was decided that, shares of certain group entities.....
Tags : Assessment, Share money, Capital Assets
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Clarification pursuant to Circular dated September 11, 2020-Regarding Asset Allocation of Multi Cap Schemes of Mutual Funds(13.09.2020)
SEBI's 2017 circular on scheme categorization sought to achieve two objectives:
- True to Label schemes: The portfolio should reflect the na.....
Tags : Clarification, Asset Allocation, Multi Cap Schemes
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District Magistrate or Chief Metropolitan Magistrate can appoint an advocate and authorise him/her to take possession of the secured assets under Section 14(1A) SARFAESI Act(25.02.2022)
The seminal question involved in present cases is whether it is open to the District Magistrate or the Chief Metropolitan to appoint an advocate and a.....
Tags : Possession, Secured assets, Authorization
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Asset classification and income recognition following the expiry of Covid-19 regulatory package(07.04.2021)
The Hon'ble Supreme Court of India has pronounced its judgement in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and ot.....
Tags : Asset classification, Income recognition
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Disclosure requirement for Asset Management Companies(25.08.2022)
1. SEBI has amended the definition of "associate" as per clause (c) of sub-regulation (1) of regulation 2 of SEBI (Mutual Funds) Regulations, 1996 vid.....
Tags : Disclosure requirement, Asset Management
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Proceedings under the SARFAESI Act cannot be continued against corporate debtor, once the CIRP is initiated and the moratorium is ordered(18.05.2022)
Present appeal challenges the judgment passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi ( “the NCLAT”), thereby dismi.....
Tags : Sale, Assets, Corporate Debtor
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CBDT Issues Guidelines on 1% TDS on Virtual Digital Assets from 1st July(23.06.2022)
Central Board of Direct Taxes (CBDT) has issued guidelines to levy one percent TDS on the virtual digital assets under Section 194S of the Income Tax .....
Tags : CBDT, Virtual Digital Assets, Income-Tax Act
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Bombay HC Gives Government ‘Last Chance’ to File Report in Kripashankar Assets Case(10.01.2017)
Bombay High Court gave Government a last chance to submit a report on its probe into alleged disproportionate assets of former Mumbai Congress chief K.....
Tags : Bombay High Court, Kripashankar Singh, Mumbai Congress, disproportionate assets
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CBDT Notifies Exclusion of Non-Fungible Token as Virtual Digital Asset(04.07.2022)
Central Board of Direct Taxes (CBDT) has notified that the Non-fungible token (NFTs) shall not be treated as Virtual Digital Assets for the purpose of.....
Tags : CBDT, NFT, Virtual Digital Assets
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Supreme Court Asks Karnataka Government to Wait For One Week in Jayalalithaa DA Case(06.02.2017)
Supreme Court has asked Karnataka Government to wait for another week for judgment on appeals filed by State against acquittal of Former Tamil Nadu Ch.....
Tags : Supreme Court, Karnataka Government, Jayalalithaa, disproportionate assets
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Supreme Court: Chief Judicial Magistrates Competent to Deal With Applications U/s 14 SARFAESI Act(24.09.2019)
In an important ruling, SC has held that a Chief Judicial Magistrate is equally competent to deal with the application moved by the secured creditor u.....
Tags : Supreme Court, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, Chief Judicial Magistrate
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Delhi HC Issues Notice on Plea by Decree Holder Seeking Attachment of Assets of Judgment Debtor(25.08.2021)
Delhi High Court has issued notice on a plea by a decree holder (KLA Const. Technologies) seeking attachment of moveable and immovable assets of the j.....
Tags : Delhi High Court, Attachment of Assets of Judgment Debtor
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Scheme for Sustainable Structuring of Stressed Assets(13.06.2016)
The Reserve Bank of India formulated a scheme for resolution of large stressed accounts. The Scheme for Sustainable Structuring of Stressed Assets, or.....
Tags : rbi, stressed asset, resolution, sustainable, scheme
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Disclosure in the "Notes to Accounts" to the Financial Statements - Divergence in the asset classification and provisioning(01.04.2019)
Please refer to our circular DBR.BP.BC.No.63/21.04.018/2016-17 dated April 18, 2017, on the captioned subject, requiring disclosures by banks where di.....
Tags : Disclosure, Financial Statements, Asset classification
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Opportunity to decide NPA classification on account-basis slips by(11.04.2016)
A borrower having repaid all of the principal sum but with more than 20 per cent of interest remaining cannot escape the provisions of the SARFAESI Ac.....
Tags : non-performing asset, classification, multiple accounts, borrower
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No right of representation for borrowers in proceedings by lender seeking assistance to take possession(06.08.2015)
In an application by a creditor seeking assistance to take possession of the secured asset, under Section 14 SARFAESI Act, 2002, there is no requireme.....
Tags : Assistance, secured creditor, asset, notice
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Relaxations for Listed Companies having stressed assets(23.06.2020)
SEBI has decided to relax the pricing methodology for preferential issues by listed companies having stressed assets and exempt allottees of preferent.....
Tags : Relaxations, Listed Companies, Stressed assets
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Approval of plan for transfer of assets by Air India Limited to AI Assets Holding Limited(25.01.2022)
The Central Government hereby approves the following as plan approved by the Central Government for transfer of assets by Air India Limited to AI Asse.....
Tags : Approval, Transfer, Assets
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Maintenance of CRR/SLR on Foreign Currency Assets/Liabilities- Reference rate for INR/USD and exchange rate of other major currencies(02.08.2018)
Please refer to our circular DBOD.No.Ret.BC.113/12.01.001/2011-12 dated June 29, 2012 on Maintenance of CRR on FCNR(B) Scheme advising banks to be gui.....
Tags : Maintenance, CRR/SLR, Foreign Currency Assets, Liabilities
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Delhi HC: Charges Can be Framed Only on Material, Not on Speculation(09.08.2022)
Delhi High Court while quashing a trial court order that had framed charges against a chartered accountant in a disproportionate assets case, has held.....
Tags : Delhi High Court, Charges, Disproportionate Assets Case
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Judges of Supreme Court Decide to Make their Asset Declaration Public(04.04.2025)
Supreme Court judges have agreed to make declaration of their assets publicly available as a step towards transparency and boosting public confidence .....
Tags : Supreme Court, Asset Declaration Public, Public Confidence
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CCI Approves Reliance Capital-Goldman Sachs Deal(06.01.2016)
Competition Commission of India (CCI) has approved Reliance Capital Asset Management (RCAM) acquisition of Goldman Sachs' onshore asset management bu.....
Tags : Competition Commission of India, Reliance Capital Asset Management
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Hyderabad High Court Rejects Plea Seeking Declaration of Jayalalithaa's Assets as Public Properties(21.12.2016)
Hyderabad High Court has dismissed a plea filed by a city-based organisation seeking declaration of late J Jayalalithaa's assets located in Telangana .....
Tags : Hyderabad High Court, Jayalalithaa's assets
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Punjab and Haryana HC Refuses to Stay Langah's Conviction in DA Case(22.12.2016)
Punjab and Haryana High Court has refused to stay SAD senior leader Sucha Singh Langah's conviction in a disproportionate assets (DA) case.
Tags : Punjab and Haryana HC, Sucha Singh Langah, disproportionate assets
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Mad HC Takes Suo Moto Revision Against Minister Ponmudi’s Acquittal in Disproportionate Assets Case(10.08.2023)
Madras High Court has Suo Moto taken up revision against the Trial Court verdict that acquitted Tamil Nadu Higher Education Minister K Ponmudi and his.....
Tags : Madras High Court, Suo Moto, Disproportionate Assets
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Ori. HC: In Maintenance Proceedings it is Mandatory to File Affidavit Disclosing Assets(14.02.2025)
Orissa High Court while directing fresh disposal of a maintenance case, has stated that it is mandatory to file affidavit disclosing assets while maki.....
Tags : Orissa High Court, Maintenance Proceedings, Disclosing Assets
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IBC bars jurisdiction of civil courts in respect of any matter in which NCLT or NCLAT is empowered by Code to pass any Order(18.11.2019)
The present civil appeals have been filed by the Appellant-Resolution Professional appointed by the National Company Law Tribunal for the Corporate De.....
Tags : Auction, Assets, Interim order, Jurisdiction
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Company Court to not wield power at winding-up under SARFAESI(29.12.2015)
Provisions of the Companies Act, 1956 in respect of dues of workmen and their protection are incorporated under the Securitisation Act, 2002 and legal.....
Tags : Sarfaesi, companies act, conditions, secured asset
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When a public functionary is required to perform a public function within a time frame, the same will be held to be directory unless specified(05.11.2020)
The challenge in the present appeal is to an order passed by the High Court, whereby it was held that Section 14 of the Securitisation and Reconstruct.....
Tags : Secured Assets, Possession, Time limit
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Only expressly created statutory first charges under Central and State laws can take precedence over claims of secured creditors(04.12.2019)
Present appeal arises out of judgment passed by High Court. Vide the impugned judgment, the High Court has directed the issuance of a recovery certifi.....
Tags : Sale, Secured assets, Proceeds
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Committee on Asset Reconstruction Companies invites views and suggestions from stakeholders(28.04.2021)
As part of the Statement on Developmental and Regulatory Policies released along with the Monetary Policy Statement on April 7, 2021, the Reserve Bank.....
Tags : Committee, Asset Reconstruction Companies, Stakeholders
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System-based asset classification - UCBs(12.08.2020)
1. Please refer to the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 1, 2015 containing consolidated instructions on income re.....
Tags : Asset classification, UCBs, Income Recognition
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SC: Time Limit Stipulation Mandating DM to Deliver Possession of Secured Asset Only Directory(06.11.2020)
Supreme Court has held that time limit stipulation in Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Secur.....
Tags : Supreme Court, Delivery of Possession of Secured Asset
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NCLAT: IRP Has Authority to Take Possession of Assets Owned by Corporate Debtor(20.05.2025)
NCLAT New Delhi bench has held that Interim Resolution Professional (IRP) has the authority to take possession of assets owned by the Corporate Debtor.....
Tags : NCLAT New Delhi, Corporate Debtor, Possession of Assets
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Delhi HC: Larger Bench to Decide Whether Section 149(1)(c) of IT Act Applies Retrospectively(04.06.2025)
A larger bench of Delhi High Court is set to decide whether Section 149(1)(c) of the Income Tax Act, 1961 providing an extended period of reassessment.....
Tags : Delhi High Court, Section 149(1)(c), Foreign Assets
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Madras HC Directs TNSEC to Submit Assets Declarations of all Elected Councillors(01.12.2016)
Madras High Court has directed Tamil Nadu State Election Commission (TNSEC) to submit statements of declaration of assets made by all Elected Councill.....
Tags : Madras High Court, Tamil Nadu, Election Commission, Assets Declarations
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Bom. HC: Writing Off Bad Debt Can’t be Considered as Asset u/s 153A(1) of IT Act(07.09.2023)
Bombay High Court has held that writing-off of a bad debt cannot fall within the ambit of “income, represented in the form of an asset” under Section .....
Tags : Bombay High Court, Bad Debt, Asset, Income-Tax Act
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SC Publishes Assets and Liabilities of Judges on its Website(06.05.2025)
Supreme Court has published the list of assets and liabilities of the Judges on its website in order to show transparency and boosting public confiden.....
Tags : Supreme Court, Liabilities of Judges, Assets
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Income Tax Department detects Foreign Assets in recent search(29.07.2019)
Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana & Himachal Pradesh).
<.....
Tags : Search, Detection, Foreign Assets
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Application to regularize assets held abroad to be sent to RBI(10.02.2016)
The Reserve Bank of India notified consideration of applications at its Central Office in Mumbai seeking regularisation of assets held abroad by a per.....
Tags : Rbi, foreign asset, black money, regularisation
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Central Government notifies the transfer of capital asset from NTPC Limited to NTPC Green Energy Limited(15.06.2022)
In exercise of the powers conferred by clause (viiaf) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies t.....
Tags : Notification, Transfer, Capital asset
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Firm and Decisive Government Action taken to preserve value and assets of IL and FS(01.10.2018)
IL&FS, incorporated in 1987, is a large Systemically Important Non-Deposit Accepting Core Investment Company (CIC-ND-SI). It has numerous infrastructu.....
Tags : Assets, Preservation, Decisive Action
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Cassette - swaps in ATMs(12.07.2021)
1.Please refer to circular RBI/2017-18/162/DCM (Plg.) No.3641/10.25.007/2017-18 dated April 12, 2018 on the captioned subject wherein banks were advis.....
Tags : Cassette, Swaps, ATMs
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Enhancing Credit Supply for Large Borrowers through Market Mechanism(12.05.2016)
The Reserve Bank of India released a paper on Framework for enhancing .....Tags : rbi, large borrower, risk, asset
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Statute
Lokpal and Lokayuktas (Amendment) Act, 2016(27.07.2016)
The Lokpal and Lokayuktas (Amendment) Bill, 2016 has received Presidential assent on 29th July, 2016 and has become Lokpal and Lokayuktas (Amendment).....
Tags : Public servants, Assets, Declaration, Time Limit
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Lokpal and Lokayuktas (Amendment) Act, 2016(27.07.2016)
The Lokpal and Lokayuktas (Amendment) Bill, 2016 has received Presidential assent on 29th July, 2016 and has become Lokpal and Lokayuktas (Amendment).....
Tags : Public servants, Assets, Declaration, Time Limit
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Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016(13.06.2016)
The Enforcement of Security Interest and Recovery of Debt Laws a.....Tags : sarfaesi, debt act, central registry, asset reconstruction
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