Articles by FCS Deepak Pratap Singh

Whether a German Company can file application under Sec 9 of IBC 2016

FCS Deepak Pratap Singh 17 March 2022 at 08:58

The Respondent, a German Company (Operational Creditor) filed an application under Section 9 of the Insolvency & Bankruptcy Code,2016 against Indian Company, M/s. Excel Metal Processors Ltd., alleging that the " Corporate Debtor" has committed default in making payment to an extent of US$1,258,2019.42 inclusive of interest @15% p.a.

Whether several independent units can constitute "A residential house"

FCS Deepak Pratap Singh 16 March 2022 at 08:49

Any person will construct his house according to his need and on the basis of future requirements. The house build may consist of one unit or it may consist of several separate units.

Assignment of marine insurance policies

FCS Deepak Pratap Singh 16 March 2022 at 08:49

A contract of marine insurance may by its express terms or by usage of trade be extended so as to protect the insured against losses on inland waters or any land risk which may be incidental to any sea voyage.

Whether income tax attachment order will be considered as bar on sale of assets of a company in liquidation under IBC 2016

FCS Deepak Pratap Singh 14 March 2022 at 08:43

Leo Edibles & Fats Limited Vs. Tax Recovery Officer (Central)- Hyderabad [2018] 99 taxmann.com 226/259 Taxmann 387 Andhra Pradesh & Telangana High Court.

Supreme Court lays down guidelines for operation & safety of locker

FCS Deepak Pratap Singh 12 March 2022 at 09:00

A customer for security of his /her valuables approaches the banks and ask for safe deposit lockers. It is duty of the banks same as bailee to provide security and safety to the valuables kept in safety lockers of their customers.

Whether statement in proposal form amounts to a warranty or is merely descriptive of the risk insured?

FCS Deepak Pratap Singh 11 March 2022 at 09:03

A Proposal form is the most essential and fundamental document required for an insurance contract between a prospective customer and the insurance company. It includes the customer’s necessary information like name, address, age, education, occupation etc. It can also include the person’s medical history.

Income from unsold flats shall be treated as business income

FCS Deepak Pratap Singh 10 March 2022 at 08:44

INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NOTIONAL VALUE OF RENT.

Monetary penalties to be imposed by an insolvency professional agency on its members

FCS Deepak Pratap Singh 09 March 2022 at 08:55

For individuals insolvency and bankruptcy matters there were three laws dominating in India and the last recourse if the Court of Laws. The process adopted earlier for resolution of matters were painful for creditors /financiers ad the defaulting persons were taking advantage of loopholes of these laws, rules and regulations.

Whether sub-leasing of properties will be taxable in PGBP or income from house property

FCS Deepak Pratap Singh 05 March 2022 at 08:46

Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22).

Assessment under provisions of Section 153A of IT Act, 1961

FCS Deepak Pratap Singh 04 March 2022 at 12:15

SOME IMPORTANT FACTS RELATED TO ASSESSMENT UNDER SECTION 153A OF THE INCOME TAX ACT, 1961