Courts: Supreme Court of India
Read latest Supreme Court of India judgments and orders on Income Tax, GST, Customs, Company Law and other taxation, corporate and commercial laws.
Making unsustainable claims do not amount to furnishing inaccurate particulars and Penalty u/s. 271 (1) (c) cannot be imposed
Interest earned by co-operative credit society on surplus funds invested in short-term deposits with banks and in govt. securities not eligible for deduction u/s. section 80P
Supreme Court rules write off of debt is sufficient for claiming bad debts
Taxpayer not required to demonstrate that the debt has become bad debt once it is written off in the books of account: SC
Bad debts need not be proven to be irrecoverable u/s 36(1)(vii). It is sufficient if they are written off
No capital gains when partner retires – SC
Allowability of reduction of depreciation as per Income-tax Rules while computing book profit under section 115J
Interest on surplus funds is “other income” and not eligible for deduction U/s. 80P of Income Tax Act, 1961
Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989
EPCG Scheme- Section 15(1)(b) would be applicable only when the goods are cleared from the warehouse u/s. 68 of the Cust
Issue of S.143(2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue
Income cannot be reassessed on a mere change of opinion
Advance Against Depreciation (AAD) is not a reserve so section 115JB not applicable
AO deemed to have applied his mind if facts are on record
Supreme Court of India brings together Supreme Court judgments and orders published on TaxGuru concerning taxation, corporate, commercial and regulatory laws. The archive covers Income Tax, GST, Customs, Company Law, insolvency, constitutional and other legal issues relevant to taxpayers, businesses and professionals. Readers can research authoritative rulings on statutory interpretation, substantial questions of law, constitutional issues and appeals from High Courts and tribunals. Chartered Accountants, advocates, tax professionals, companies and legal researchers can use this category to follow important Supreme Court jurisprudence relevant to taxation and business laws.
