Articles by FCS Deepak Pratap Singh

LIC policyholders are not entitled to dividend from surplus fund

FCS Deepak Pratap Singh 21 April 2022 at 08:48

THE BOMBAY HIGH COURT has refused ad-interim relief to stall the proposed Initial Public Offering (IPO) by the country's oldest and largest insurer –Life Insurance Corporation of India, with a rider that any IPO before the court finally decides the challenge would be subject to the outcome of the petition.

Some important judgments on Income Tax, GST, IBC and other corporate laws

FCS Deepak Pratap Singh 16 April 2022 at 17:39

Important judgments on Income Tax, GST, IBC and other corporate laws has been listed in this article

Income Tax Questions & Answers Series Consolidated

FCS Deepak Pratap Singh 16 April 2022 at 08:05

As we are aware that Income of a resident in India from sources anywhere in world will be taxable under provisions of Income Tax Act, 1961. In case a person, who is a non-resident in India during previous year and he earns any income from India, then taxability of that Income will be decided on the basis of source of income as well as residence of assessee.

Whether provisions of Section 143A of NIA, 1881 is prospective or retrospective

FCS Deepak Pratap Singh 16 April 2022 at 08:04

Negotiable Instruments Act,1881 is an Act to define and amend the law relating to Promissory Notes, Bills of Exchange and Cheques.

Whether mere endorsement of the Bank "payment stopped" is sufficient to entertain the complaint u/s 138 of NI Act?

FCS Deepak Pratap Singh 14 April 2022 at 07:45

A well appreciated and welcome decision from the Apex Court in which court held that the object of Chapter XVII, which is intituled as "OF PENALTIES IN CASE OF DISHONOUR OF CERTAIN CHEQUES FOR INSUFFICIENCY OF FUNDS IN THE ACCOUNTS" and contains Sections 138 to 142, is to promote the efficacy of banking operations and to ensure credibility

Whether operational creditor includes a purchaser of goods and services

FCS Deepak Pratap Singh 14 April 2022 at 07:45

In a recent judgment, the Supreme Court of India, while keeping up the efforts of plugging various loopholes in the Insolvency & Bankruptcy Code, 2016 ("Code"), decided an interesting legal issue relating to the scope of Section 5(20) of the Code, which provides the definition of "operational creditor".

Impact of waiver of loan or liability on depreciation claim

FCS Deepak Pratap Singh 13 April 2022 at 12:02

When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capital asset is waived in a year subsequent to the year of acquisition,

SC: A "Going concern sale" on an "as is where basis" means sale of both assets & liabilities

FCS Deepak Pratap Singh 13 April 2022 at 08:46

A 'going concern sale' on an 'as is where basis' does not dissolve the corporate debtor, rather, it forms a part of the liquidation estate wherein the entire business, including assets and liabilities, including all contracts, licences, concessions, agreements, benefits, privileges, rights, or interests, is transferred to the purchaser.

A debt not being part of resolution plan would not be legally actionable

FCS Deepak Pratap Singh 12 April 2022 at 08:56

Once the resolution plan was approved, all claims stood frozen and a claim which did not form a part of the final resolution plan would not be legally actionable.