The Hon’ble Supreme Court observed while allowing the appeal that as per Circular No. 760 dated 13th January 1998, the CBDT have stated that in case of transactions which are, in substance, in the nature of hire-purchase, the receipts of hire charges would not be in the nature of interest and hence assessee were liable to pay interest under Interest-Tax Act, 1974.
IFB Agro Industries Limited Vs Sicgil India Limited (Supreme Court of India) Recently, the Supreme Court in the landmark case of IFB Agro Industries Limited v. Sicgil India Limited and Ors held that NCLT does not have the power to exercise rectificatory jurisdiction under the section 59 of the Companies Act, 2013 for the matters […]
Shekhar Resorts Limited Vs Union of India (Supreme High Court) An interesting question arose before Hon’ble Supreme Court of India when the appellant had filed an application under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 within the due date as prescribed and the application was accepted and necessary forms were issued for payment of […]
As relates Section 5 of the Limitation Act showing ‘sufficient cause’ is the only criterion for condoning delay. ‘Sufficient Cause’ is the cause for which a party could not be blamed.
SC upholds Central Government decision on demonetisation of 500 & 1000 rupee notes by a Majority of 4:1 in the case of Vivek Narayan Sharma Vs. Union Of India.
CIT Vs Swapnil Finance Pvt. Ltd. (Supreme Court of India) It is reported by learned counsel appearing for the respective parties that tax effect in both the appeals for the relevant Assessment Years – 1995-96 and 1996-97 would be less than Rs. 2 Crores which is the monetary limit to prefer an appeal before this […]
Education cess paid by the respondent-assessee would not be allowed as an expenditure under Section 37 read with 40 (a) (ii) of the Income Tax Act, 1961.
Cure Sma Foundation of India Vs Union of India (Supreme Court) By way of this petition filed under Article 32 of the Constitution of India in the nature of Public Interest Litigation (PIL), the following prayers/reliefs are sought : (a) Pass a writ of and/or writs in the nature of mandamus directing the respondent to […]
Supreme Court held that where the plain literal interpretation of a statutory provision produces a manifestly absurd and unjust result which could never have been intended by the Legislature the Court may modify the language so as to achieve the obvious intention of the Legislature.
SC observed that It appears that no serious efforts seem to have been made to reach out to the real guilty/culprits who are in business of manufacture and transportation of such illegal liquors.
