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Supreme Court of India

Standard of Pre-Existing Dispute under IBC is not Equivalent to Principle of ‘Preponderance of Probability’

November 24, 2022 4266 Views 0 comment Print

Pre-existing dispute under IBC must be employed cannot be equated with even principle of preponderance of probability which guides a civil court at the stage of finally decreeing a suit.

Breach of condition of notification cannot be said to be a dispute with respect to valuation

November 23, 2022 633 Views 0 comment Print

Commissioner of Central Excise Customs And Service Tax Mysore Vs Such Silk International Ltd. (Supreme Court of India) High Court has dismissed the appeal filed by the Department under Section 130 of the Customs Act as not maintainable by observing that as the dispute can be said to be a dispute with respect to valuation […]

TDS not deductible on NCDs & FDR of value less than Rs. 5000: SC

November 23, 2022 3348 Views 0 comment Print

SC held that that on non-convertible debentures and fixed deposit of the value less than Rs.5,000/-, there shall not be any TDS leviable.

Diversion of imported gold to Domestic Market instead of Export- SC Grants bail to accused

November 23, 2022 903 Views 0 comment Print

It is alleged that rather than exporting gold jewellery in terms of the obligation, the jewellery was diverted in the domestic market and in the process the offences were committed by the appellant.

Real income cannot be determined based on only income tax returns in matrimonial conflict

November 21, 2022 2133 Views 0 comment Print

Supreme Court of India held that income tax returns do not necessarily furnish an accurate guide of the real income particularly when parties are engaged in a matrimonial conflict. Hence, it is for the Family Court to determine what would be the real income based on a holistic assessment.

SC denies Section 80-IB deduction on manufacturing of polyurethane foam

November 18, 2022 1494 Views 0 comment Print

Polyflex (India) Pvt. Ltd. Vs CIT (Supreme Court) SC ruling denying 80IB claim to manufacturer of intermediary product for the end product falling under entry 25 of 11th schedule of Income Tax Act, 1961. Sub- Whether deduction u/s 80IB can be claimed by a manufacturer of an item which falls under entry 25 of the […]

Compensation to be determined at same rate at which landlord would have let out to any other tenant

November 16, 2022 3825 Views 0 comment Print

Supreme Court held that determination/ award of compensation for use and occupation of the premises should be at the same rate at which the landlord would have been able to let out the premises and earn the rent if the tenant would have vacated the premises.

SC ruling on Section 194H TDS on actual gross fare charged by travel agents

November 15, 2022 14700 Views 0 comment Print

Singapore Airlines Ltd. Vs CIT (Supreme Court) Whether an airline is responsible for deducting tax at source in respect of supplementary commission which an agent is paid on the difference between the actual fare and the net fare- Section 194H of Income-tax Act, 1961 analyses including whether liability to deduct when the tax can be […]

Exclusion of an industrial area from limits of municipal council would not cease it to be a ‘local area’: SC

November 14, 2022 2331 Views 0 comment Print

SC held that the exclusion of an industrial area or areas from the limits of municipal councils or municipalities under the state laws in exercise of statutory power or by virtue of a declaration under proviso to Article 243-Q, would not result in that area ceasing to be a local area within Entry 52 of List II.

No addition in the hands of non-Resident merely based on ‘base note’

November 14, 2022 1362 Views 0 comment Print

DCIT Vs Manish Vijay Mehta (ITAT Mumbai) Undisputedly, in this case, the assessee is a nonresident from A.Y. 2001­-02 and has been working as an employee in Belgium. He is having the income of interest on fixed deposits in India and is filing the return of income since A.Y. 2003-04 showing residential status as non-resident. […]

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