Supreme Court of India

Section 245H(1A) Settlement Commissioner can grant further time for payment

Sandeep Singh Vs Union of India And Ors (Supreme Court)

We find from the provision that the Settlement Commissioner is free to grant further time for payment, under Section 245H(1A) of the Income Tax Act, 1961 5. Having heard the learned senior counsel for the appellant and learned Additional Solicitor General appearing for the respondents, we are of the view that in the facts and circumsta...

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NI Act: Section 143A is prospective in nature: SC

G.J. Raja Vs Tejraj Surana (Supreme Court in India)

G.J. Raja Vs Tejraj Surana (Supreme Court in India) The provisions contained in Section 143A have two dimensions. First, the Section creates a liability in that an accused can be ordered to pay over upto 20% of the cheque amount to the complainant. Such an order can be passed while the complaint is not yet […]...

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Homebuyers’ Rights as Financial Creditors under IBC upheld by SC

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court)

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) Homebuyers’ Rights as Financial Creditors under IBC upheld by Supreme Court A Major Win for Homebuyers! The August 9 verdict of the Supreme Court, validating the amendment in the Insolvency and Bankruptcy Code (IBC), conferring the righ...

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Receipts of subscriptions pursuant to collective investment schemes is capital receipt

The Peerless General Finance And Investment Company Ltd. Vs CIT Tax (Supreme Court of India)

The Peerless General Finance And Investment Company Ltd. Vs CIT (Supreme Court of India) Receipts of subscriptions pursuant to collective investment schemes is to be treated as capital receipts even if it is shown as income in books of accounts Conclusion: Receipts of subscriptions in the hands of the assessee-company should be treated as...

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Notice u/s 142(1) to amalgamating entity after amalgamation void: SC

Pr. CIT Vs Maruti Suzuki India Limited (Supreme Court)

Issuing of notice under section 142(1) in the name of amalgamating company despite of the fact that AO was already known that amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, that jurisdictional notice in the name of amalgamating company was invalid....

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Section 35AC(7) is prospective | Plea of equity/hardship not legally sustainable: SC

Prashanti Medical Services & Research Foundation Vs UOI (Supreme Court of India)

Assessee's contention that assessee-charitable trust were not able to receive more amount by way of donation for their project in the third financial year 2017-2018 due to insertion of sub-section (7) of Section 35AC and therefore, Court may consider appropriate to invoke powers under Article 142 of the Constitution and allow assessee to ...

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SC judgment on ITC benefit on Sales made outside the state

M/s. TVS Motor Company Ltd. Vs. State of Tamil Nadu and Others (Supreme Court of India)

M/s. TVS Motor Company Ltd. Vs. State of Tamil Nadu and Others (Supreme Court of India) A reading of Section 8(1) of the CST Act would show that classification is contained in the Central Act itself which treats sale to a registered dealer outside the State in one category and sale to an unregistered dealer […]...

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ALP of corporate guarantee cannot be determined by comparing with bank guarantee

CIT Vs M/s. Glenmark Pharmaceuticals Ltd. (Supreme Court of India)

CIT Vs M/s. Glenmark Pharmaceuticals Ltd. (Supreme Court of India) Hon;ble Supreme Court Upheld the Judgment of Hon;ble HIgh Court and held that Arm’s length price of corporate guarantee could not be determined on the basis of comparison with bank guarantee and as such, High Court rightly affirmed the view taken by ITAT deleting the [&h...

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Speculation loss from share trading cannot be set off against F&O profits

Snowtex Investment Limited Vs Pr. CIT (Supreme Court)

Loss occurred to assessee as a result of its activity of trading in shares (a loss arising from the business of speculation) was not capable of being set off against the profits which it had earned against the business of futures and options since the latter did not constitute profits and gains of a speculative business....

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Supreme Court Requests Govt to amend Section 80DD

Ravi Agrawal Vs Union of India (Supreme Court)

Ravi Agrawal Vs Union of India (Supreme Court) The petitioner may be justified in pointing out that there could be harsh cases where handicapped persons may need the payment on annuity or lumpsum basis even during the lifetime of their parents/guardians. For example, where guardian has become very old but is still alive, though he [&helli...

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