Tax Updates - Daily Update

Contractual self-help repossession of a hypothecated vehicle remains subject to fair-recovery safeguards, including prior notice, an opportunity to cure default, peaceful possession and a transparent sale process. A repossession clause permitting possession without notice, unrestricted entry to locate the vehicle, unspecified recovery or sale procedures, and unilateral waiver of...

Scheduled-offence status under the Prevention of Money Laundering Act depends on an underlying offence and is necessary to establish proceeds of crime and support a money-laundering investigation. Section 2(2) extends a Central enactment listed in the Schedule to its corresponding law applicable in Jammu and Kashmir. Although Section 13(1)(d) of the Central Prevention of Corrupt...

Section 6(3) of FEMA continued to govern foreign-remittance contraventions committed while it was in force despite its subsequent omission. Delayed reporting of foreign investment and delayed share allotment constitute civil regulatory breaches for which liability does not require mens rea unless the statute so provides; later compliance and claimed bona fides do not make the de...

Pre-existing dispute over an outcome-based professional fee may prevent Section 9 insolvency proceedings where contemporaneous correspondence shows a substantive contest about contractual success, fee entitlement, and finality of the underlying GST proceedings. Setting aside of the GST order relevant to fee computation, questions about the capacity in which representation was pr...

Provident-fund and gratuity dues are excluded from the liquidation estate and cannot be distributed through the insolvency waterfall; a successful resolution applicant must discharge those dues, including statutory interest on arrears. Statutory interest compensates delayed contributions, whereas damages for delay are penal in nature. The expression "may recover" in Section 14B ...