Access significant and up-to-date high court judgments for legal insights and precedent. Stay informed about the latest legal decisions and their impact on various areas of law.
Corporate Law : The Allahabad High Court ruled that ordinary land disputes involving allegations of cheating cannot attract the Gangsters Act with...
Goods and Services Tax : The debate examines why GST penalties under Section 122(1A) may survive a direct challenge under Article 20(2). The key takeaway i...
Corporate Law : The Court directed trial courts to award just and reasonable compensation to survivors irrespective of conviction, acquittal, or a...
Goods and Services Tax : The Court held that recovery from third parties cannot be initiated when only a proposed demand exists and no final tax liability ...
Corporate Law : The Karnataka High Court held that projects obtaining partial occupancy certificates before RERA came into force are exempt from b...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : Supreme Court ruled that CoC and RP can surrender financially burdensome assets voluntarily, clarifying moratorium under section 1...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Goods and Services Tax : The Kerala High Court held that a composite show cause notice issued for multiple assessment years was legally unsustainable. The ...
Corporate Law : The Delhi High Court held that import restrictions could not apply to consignments that had arrived before the relevant notificati...
Goods and Services Tax : The Kerala High Court held that issuing one show cause notice for multiple financial years is not legally sustainable. While quash...
Custom Duty : The High Court held that prolonged custody and anticipated delay in trial cannot independently justify bail in cases involving com...
Custom Duty : The Delhi High Court discharged contempt proceedings after the petitioner tendered an unconditional apology and undertook not to r...
Income Tax : The Court held that membership cannot be granted where the underlying flats do not exist and are merely refuge areas. It ruled tha...
Corporate Law : Bombay High Court implements "Rules for Video Conferencing 2022" for all courts in Maharashtra, Goa, and union territories, effect...
Income Tax : CBDT raises monetary limits for tax appeals: Rs. 60 lakh for ITAT, Rs. 2 crore for High Court, and Rs. 5 crore for Supreme Court, ...
Corporate Law : The Delhi High Court mandates new video conferencing protocols to enhance transparency and accessibility in court proceedings. Rea...
Income Tax : Income Tax Department Issues Instructions for Assessing Officers after Adverse Observations of Hon. Allahabad High Court in in Civ...
Obviously therefore, the Assessing Officer of the searched person during the pendency of the assessment proceedings, could not have arrived at the satisfaction that the income was that of the present assessee and not the persons originally searched.
In the circumstances, we find no reason or justification to entertain the request for setting aside the order of the Tribunal dated 28 May 2007, particularly after the lapse of time that is prescribed in the statutory remedy available under Section 254(2). The petition has been filed almost five and a half years after the order of the Tribunal with no reasonable or cogent explanation for the delay. As we have noted already, there is no merit in the alternate submission that the order of the Tribunal dated 28 May 2007 left open all the grounds of appeal. Plainly that was not so.
Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002
The petitioners have approached this Court seeking various reliefs, including quashing of Ext.P2 circular. The main ground of challenge of the order is that the Securities and Exchange Board of India has no power to issue the notification. The circular is for the benefit of the investors. It ensures transparency or openness as distributors have been asked to disclose the commissions they are entitled to, under different competing schemes of various mutual funds so that the investor can make a considered choice. Conflict of interest is avoided or at least informed to the investor. Distributor is required to disclose commission, if any, payable to him by the mutual fund on the investment made by the investor. Thus the circular does not bar payment of commission by a mutual fund but mutual funds cannot charge upfront load.
The Tribunal by its order dated 17 December 2010 restored the proceedings back to the Assessing Officer. The Assessing Officer gave effect to the order of the Tribunal by passing an order dated 27 December 2010 which states that it has been made under section 254. The Assessing Officer re-computed the loss at Rs.16.82 crores. In this view of the matter, once the Assessing Officer had given effect to the order of the Tribunal, his successor in office had no jurisdiction to pass a fresh order dated 27 December 2011.
Even otherwise, we are of the firm view that the insertion of words or assessable by amending Section 50C with effect from 01.10.2009 is neither a clarification nor an explanation to the already existing provision and it is only an inclusion of new class of transactions namely the transfers of properties without or before registration. Before introducing the said amendment, only the transfers of properties where the value adopted or assessed by the stamp valuation authority were subjected to Section 50C application. However after introduction of the words “or assessable” after the words “adopted or assessed”, such transfers where the value assessable by the stamp valuation authority are also brought into the ambit of Section 50C. Thus such introduction of new set of class of transfer would certainly have the prospective application only and not otherwise. Hence the assessee’s transfer admittedly made earlier to such amendment cannot be brought under Section 50C.
Directors of the Software Technology Parks of India have the authority of the Inter-Ministerial Standing Committee and that all approvals granted by the STPI Directors are therefore deemed to be valid. The position is also clear from a letter dated 6.5.2009 issued by the Central Board of Direct Taxes to the Joint Secretary, Ministry of Commerce and Industry wherein a distinction has been drawn between the provisions of section 10A and 10B of the Income Tax Act, 1961 and in which it has been clarified that a unit approved by the Director under the Software Technology Parks scheme will be allowed exemption only under Section 10A as a STPI unit and not under 10B as a 100% export oriented unit.
The preponderance of the judicial opinion of all the High Court including this Court is that at the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look into the activities, where such activities have not or are in the process of its initiation. Where a trust, set up to achieve its objects of establishing educational institution, is in the process of establishing such institutions, and receives donations, the registration under Section 12AA cannot be refused, on the ground that the Trust has not yet commenced the charitable or religious activity.
The Seller shall transfer to the Buyer all the rights, interest and benefits that the Seller has in the Leased Assets at closing to and in favour of the Buyer on the same terms and conditions as enjoyed by the Seller in respect of such Leased Assets and shall be responsible to get all requisite paper work/ documentation executed by the concerned Lessor/s so as to perfect the title of the Buyer as lessee of such Leased Assets at closing”
The assessee company consequent upon a scheme of demerger as per the provisions of The Companies Act took over entire business (web portal) owned by the holding company. The assessee has written off the bad debts related to the previous years before the takeover of the business from the holding company.
