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.
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 Allahabad High Court held that Magistrates and police officers may be personally liable for compensation where unlawful preven...
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 Telangana High Court dealt with the legality of issuing multiple show cause notices for the same tax period without adjudicati...
Goods and Services Tax : The issue was whether a GST appeal filed within limitation could be dismissed merely because the mandatory pre-deposit was not mad...
Goods and Services Tax : The issue was whether a taxpayer could pursue a statutory appeal after approaching the High Court against a GST demand order and s...
Goods and Services Tax : The Madras High Court held that failure to file the annual return in Form GSTR-9 attracts late fee under Section 47(2) of the CGST...
Goods and Services Tax : The High Court held that healthcare services remain exempt even when delivered through another hospital under a revenue-sharing ar...
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...
The intent and purport of the CBDT circular No.4/2007 dated 15.06.2007 is to demonstrate that a tax payer could have two portfolios, namely, an investment portfolio and a trading portfolio. In other words, the assessee could own shares for the purposes of investment and/or for the purposes of trading.
We may however clarify that public interest litigation affecting the administration of justice, at the instance of the Advocates practicing in the court/fora and representing litigants before that court/fora can be entertained in as much as those lawyers would have locus to the extent of being directly affected by the functioning of the said courts/foras.
Only aspect mentioned in the reasons recorded is about the requirement of inclusion or non-inclusion of cenvat/modvat credit in closing stock. The Assessing Officer stated in his reasons inter alia that on perusal of break up the loans and advances in the balance-sheet, it was found that the assessee had at the end of previous year a particular amount of cenvat credit not utilised and that the assessee had not credited the said amount to the profit & loss account.
In the present case, there is no unilateral act of the assessee of making any entry in respect of the trading liabilities in its books of account. Therefore, a sine qua non for attracting section 41 in the present case, is that the assessee should have obtained a benefit by way of remission or cessation of a particular amount in the previous year corresponding to the assessment year in question.
It is a undisputed finding of fact that the collected bagasse has been used by the assessee to make briquettes for fuel as that indeed is the business of the assessee. The reliance upon the circular No.772, dated 23-12-1998 by the revenue is misplaced. The aforesaid Circular does not restrict its benefits only to local bodies.
Even though the Tribunal had not given any finding as regards the primary purpose, yet a reading of the order of the Assessing Officer shows that he had considered the clauses in the trust deed to arrive at the finding that the primary objects of the trust are charitable in nature and that the property given was impressed with the character of trust property.
The petitioner has been claiming that he is dealing in hedging besides in the wholesale business of gold and silver ornaments. To insure against price fluctuations, he has been hedging in such metals in MCX. The claim of the assessee, therefore, had to be examined in terms of clause (a) to sub-section (5) to section 43 of the Act. If for some reason such claim was not sustainable,
Undisputedly, the assessee company earned income of Rs. 4,65,00,000/- only by way of Engineering fees. Another amount of Rs 4,65,00,000/- had been received as tooling advance. This latter amount was to be paid to the vendors of M/s. Mahindra and Mahindra Ltd. This payment was a reimbursement.
The tribunal took the view that the addition made was only on the basis of the discrepancy in the TDS Certificate and not on the basis of any finding that some extra charges were received by the assessee, but had not been accounted for.
A reading of Regulation 3 of the CLB Regulations makes it clear beyond any doubt that the Chairman of the CLB is empowered by the Board to constitute the Benches of the Board as per the composition of Benches prescribed under Section 10E (4B) of the Act.
