Goods and Services Tax : The Finance Act, 2025 retrospectively amended Section 17(5)(d) of the CGST Act after the Supreme Court allowed ITC on certain comm...
Corporate Law : The Supreme Court held that liabilities arising from corporate guarantees qualify as financial debt under Section 5(8) of the Inso...
Corporate Law : The Supreme Court ruled that a shortfall payment clause in a Deed of Hypothecation can qualify as a contract of guarantee under th...
Corporate Law : The Supreme Court expressed serious reservations about earlier rulings denying bail in UAPA cases, holding that smaller benches ca...
Income Tax : The article explains the Supreme Court’s landmark 2024 ruling that broken period interest on debt securities is capital in natur...
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...
Corporate Law : SC clarifies limits of High Court's writ powers in IBC cases and recognises Indian CIRP as foreign main proceeding in cross-border...
Corporate Law : Justice BR Gavai sworn in as India's 52nd Chief Justice. Focus areas include addressing case pendency and improving court infrastr...
Corporate Law : Key IBC case law updates from Oct-Dec 2024, covering Supreme Court and High Court decisions on CoC powers, resolution plans, relat...
Goods and Services Tax : The Supreme Court stayed further proceedings arising from a Section 74 GST order while examining whether writ petitions can be ent...
Finance : The Supreme Court refused relief to borrowers who defaulted from the very first instalment after availing an ₹8.09 crore loan. T...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Income Tax : SC examined nature of amounts received from an AOP and upheld findings that receipts constituted profit share rather than revenue ...
Income Tax : The Supreme Court dismissed the challenge to a Delhi High Court ruling that quashed reassessment proceedings under Sections 148A(d...
Corporate Law : The Bill seeks to amend Articles 15 and 16 to allow reservation for backward classes proportionate to their population identified ...
Fema / RBI : RBI directs banks, NBFCs, and other entities to implement Supreme Court’s accessibility guidelines for digital KYC, ensuring inc...
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 : No restrictions on joint bank accounts or nominations for the queer community, as clarified by the Supreme Court and RBI in August...
Corporate Law : Supreme Court of India introduces new procedures for case adjournments effective 14th February 2024, detailing strict guidelines a...
Uttar Pradesh State Road Transport Corporation Vs National Insurance Co. Ltd. & Ors. (Supreme Court) SC holds that Insurance Companies are liable to pay compensation even if the vehicle is under contact and under control of State Transport Corporation and the insurance policy has been purchased by its actual owner It is common knowledge that […]
Kum. Akshatha Vs Secretary B.N.M. Education Institution and Anr. (Supreme Court of India) School Tours & School picnics are very common in schools and the students are always desirous for going in school Tours/Picnics as the students find these excursions informative, educative, and thrilling. However, there are some untoward incidents wherein the touring students suffer […]
The declaration of Court in para 53(iv) of MBA-III should prevail and the term of Chairperson of a Tribunal shall be five years or till she or he attains the age of 70 years, whichever was earlier and the term of Member of a Tribunal should be five years or till she or he attained the age of 67 years, whichever is earlier.
Franklin Templeton Trustee Services Private Limited and Another Vs Amruta Garg and Others (Supreme Court of India) Prior-consent from the unitholders if necessary even when the trustees ‘decide to wind up’ a scheme under Regulation 39(2)(a), would inevitably delay the publication of public notices as envisaged by Regulation 39(3). Therefore the cease and freeze legal […]
Hon’ble SC has in the case of UNION OF INDIA & ORS v/s M/S VISHNU AROMA POUCHING PVT. LTD. & ANR in SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 1434/2021 has come down heavily on the lethargy on part of the revenue department in late filing of appeals, even when so much computerization have been achieved. […]
State of Uttar Pradesh & Ors Vs Dr. Manoj Kumar Sharma (Supreme Court of India) It is common knowledge that the Executive has become autocratic and deliberately disobey/discard the declarations of law and directions of the Courts. Consequently, when such matters crop up before the High Courts, they summon the highhanded officials to explain the circumstances […]
Sakthi Metal Depot Vs CIT (Supreme Court of India) the building which was acquired by the assessee in 1974 and in respect of which depreciation was allowed to it as a business asset for 21 years, that is upto the assessment year 1995-96, still continued to be part of the business asset and depreciable asset, […]
DIRECT TAXES UPDATES Recent circulars/ notifications/ rules/ clarifications/News ♦ CBDT issues Notification extending various Income Tax due date extended to the 30th September, 2021) (including for imposition of penalty under Chapter XXI, Linking of Aadhhar with PAN, for assessment or reassessment completion under section 153 or section 153 B the Income-tax Act. Notification No. 74/2021-Income […]
We have compiled a list of genuine reasons as to why the examination committee and the board of studies must consider an extension of attempts for Old course students, the reasons have been reproduced below in a point-wise manner:
No transfer of the capital asset within the meaning of section 2(47) of the Income Tax Act , 1961 when a transfer is made by book entries only without a registered sale deed executed in favour of the transferee. as held in CIT vs Kedarnath Poddar & Co., in the Calcutta High Court (1993) 201 […]
