Supreme Court of India

RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India)

Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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Financial assistance for property purchase cannot be sole factor to hold transaction as benami

Smt. P. Leelavathi (D) by LRs Vs V. Shankarnarayana Rao (D) by LRs (Supreme Court of India)

Properties were purchased by the defendant with some financial assistance from his father, however, the same cannot be sole determinative factor to hold the transaction as benami in nature.The plaintiff has miserably failed to establish and prove the intention of the father to purchase properties for and on behalf of the family, which wer...

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SC refuses to stay HC order Quashing Criminal Proceedings against Chidambaram family

Principal CCIT Vs Nalini Chidambaram

Principal CCIT Vs Nalini Chidambaram (Supreme Court of India) Learned counsel for the petitioners prays for interim stay of the judgment of the High Court on the ground that the said judgment may be acted upon in other similar cases. While, we decline the prayer for stay, as the same would amount to grant of […]...

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HC cannot dismiss Revenue’s appeal in limine holding that no substantial question of law involved

Pr. CIT Vs Nokia India Pvt. Ltd. (Supreme Court of India)

High Court was not justified in dismissing the appeal on the ground that the appeal did not involve any substantial question of law as it had to decide validity of s. 148 notice, whether notice based on change of opinion, assessed reasons to believe and findings recorded by ITAT on merits whether was legally sustainable. ...

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No limitation on amount of premium that can be charged on Share Capital: SC

PCIT Vs Chain House International (P) Ltd (Supreme Court)

PCIT Vs Chain House International (P) Ltd (Supreme Court of India) In this case Supreme Court upheld the Judgment of Madhya Pradesh High Court. Madhya Pradesh High Court held that The question raised by the revenue in regard to issuing the share at a premium is purely a question of fact. It is a prerogative […]...

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SC explains legal effect of dismissal of a SLP by a speaking/ non-speaking order

Khoday Distilleries Ltd. Vs Sri Mahadeshwara Sahakara Sakkare Karkhane Ltd. (Supreme Court of India)

The doctrine of merger is not a doctrine of universal or unlimited application. It will depend on the nature of jurisdiction exercised by the superior forum and the content or subject-matter of challenge laid or capable of being laid shall be determinative of the applicability of merger. The superior jurisdiction should be capable of reve...

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Turnover tax payable on ‘total turnover’ under section 6B of KST Act

M/s. Achal Industries Vs State of Karnataka (Supreme Court of India)

Except the deductions provided under the first proviso to Section 6B(1) nothing else can be deducted from the total turnover as defined under Section 2(u2) for the purpose of levy of turnover tax under Section 6B of the Act....

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AO can extend time limit for filing auditor’s report even if assessee made no application for extension

CIT Vs Ram Kishan Dass (Supreme Court of India)

Provisions of Section 142(2C) as they stood prior to the amendment which was enacted with effect from 1 April 2008 by the Finance Act, 2008 did not preclude the exercise of jurisdiction and authority by AO to extend time for the submission of the audit report directed under sub-section (2A), without an application by assessee. Thus, AO wh...

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No exempt income, No disallowance u/s 14A & Rule 8D: SC

PCIT Vs M/s Oil Industry Development Board (Supreme Court)

PCIT Tax Vs M/s. Oil Industry Development Board (Supreme Court) Hon’ble supreme court held that in the absence of any exempt income, disallowance under Section 14-A of the Act of any amount was not permissible. FULL TEXT OF THE SUPREME COURT JUDGEMENT Delay condoned. In view of the decision of this Court in Commissioner of Income [...

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SC upheld presumption of investment out of interest free funds

CIT Vs M/s Reliance Industries Ltd (Supreme Court)

Presumption that investment is made out of interest free funds is possible when Interest free funds is available with the assessee....

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