Supreme Court of India

Company includes partnership firm | Section 141 | Negotiable Instruments Act

G Ramesh Vs Kanike Harish Kumar Ujwal & Anr. (Supreme Court of India)

G Ramesh Vs Kanike Harish Kumar Ujwal & Anr. (Supreme Court of India) In terms of the explanation to Section 141, the expression ‘company’ has been defined to mean any body corporate and to include a firm or other association of Sub-section (1) of Section 141 postulates that where an offence is committed under Section [&he...

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Sec 68 No additions if assessee proves identity of share applicants: SC

Pr. CIT Vs M/S. E Smart Systems Pvt. Ltd. (Supreme Court)

Pr. CIT Vs M/s. E Smart Systems Pvt. Ltd. (Supreme Court ) Supreme Court in this Case upheld the Judgment of Hon’ble Delhi High Court and dismissed the Special Leave Petition filed by Income Tax Department. High Court  held that AO did not dispute the veracity of the documents produced. Furthermore, the two individuals who [&hellip...

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NCLAT order allowing re-opening of books and re-casting of financial statements of IL&FS valid: SC

Hari Sankaran Vs Union of India & amp (Supreme Court of India)

Hari Sankaran Vs Union of India & amp (Supreme Court of India) Civil Appeal No. 3747 of 2019 titled Hari Sankaran vs. Union of India & Others filed by Ex-Director of Infrastructure Leasing & Financial Services Limited before the Apex Court has been dismissed by the Hon’ble Court. The Civil Appeal No.3747/2019 was fil...

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GST: SC stays Gujarat HC decision which held Section 140(3)(iv) ultra-vires

Union of India Vs Filco Trade Centre Pvt Ltd (Supreme Court)

Union of India Vs Filco Trade Centre Pvt Ltd (Supreme Court) The instant petition was filed challenging the Constitutional vires of Section 140(3)(iv) of CGST Act, 2017 – The Gujarat High Court held that no just, reasonable or plausible reason is shown for making such retrospective provision taking away the vested rights – cla...

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Interest payable on differential duty payable due to retrospective price escalation

M/s. Steel Authority of India Ltd. Vs Commissioner of Central Excise (Supreme Court)

M/s. Steel Authority of India Ltd. Vs Commissioner of Central Excise (Supreme Court) Larger Bench of Supreme Court has held that interest for delayed payment of Central Excise duty is liable to be paid on the differential excise duty payable due to retrospective price escala Earlier, doubting the correctness of the Supreme Court decision ...

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SC to clarify position of law on power to arrest under GST

Union of India Vs Sapna Jain & Ors. (Supreme Court of India)

As the accused-respondents have been granted the privilege of pre-arrest bail by the High Court by the impugned orders, at this stage, we are not inclined to interfere with the same. However, we make it clear that the High Courts while entertaining such request in future, will keep in mind that this Court by order dated 27.5.2019 passed i...

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Homeopathic Hair Oil exempted from Tax till 1995-96 under APGST Act, 1957: SC

Commissioner of Commercial Taxes Vs M/s. Aswini Homeo Pharmacy (Supreme Court)

Commissioner of Commercial Taxes Vs Ms Aswini Homeo Pharmacy (Supreme Court) The fact that the respondent is using the Homeopathic Pharmacopoeia referred to earlier in manufacturing of the hair oil has not been traversed by the appellant. Neither has the Commissioner dealt with that contention of the respondent nor was such a plea taken b...

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SC denies bail in Circular Trading / Fraudulent GST ITC Claim case

P.V. Ramana Reddy Vs Union of India & Ors. (Supreme Court of India)

Supreme Court has upheld Telangana High Court judgment in the case of P.V. Ramana Reddy Vs Union of India & Ors. that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion....

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S. 43B Conversion of outstanding interest into loan not amount to payment

CIT Vs M/s Gujarat Cypromet Ltd. (Supreme Court of India)

CIT Vs. M/s Gujarat Cypromet Ltd. (Supreme Court of India) The conversion of outstanding interest into loan does not amount to actual payment of the interest in order to qualify for deduction in view of the retrospective insertion of Explanation 3C to Section 43B of Income Tax Act, 1961. FULL TEXT OF THE SUPREME COURT […]...

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HC cannot hear appeal bipartite without framing any substantial question of law

Pr. CIT Vs M/s Yes Bank Ltd. (Supreme Court of India)

Pr. CIT Vs M/s Yes Bank Ltd. (Supreme Court of India) The main issue involved in this appeal, as rightly taken note of by the High Court in para 6, was with regard to the applicability of Section 35-D of the Act to the respondent­ assessee(Bank). It was, however, not decided. In our view, the […]...

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