Corporate Law : सुप्रीम कोर्ट ने Justdial लिमिटेड बनाम पीएन विग्नेश मा...
Corporate Law : SC slams High Court for 'playing it safe' on bail in Manish Sisodia's case, emphasizing that bail should be the norm, not the exce...
Corporate Law : Supreme Court quashes rape case, ruling consensual relationship. Calls for legal reforms to prevent misuse of penal laws against m...
Corporate Law : सुप्रीम कोर्ट ने राज्य बार काउंसिलों द्वारा अत्य...
Goods and Services Tax : Explore critical GST case laws from July 2024, including SCN issuance, personal hearing rights, appeal delays, and more. Essential...
Corporate Law : SC rules on Special Court jurisdiction; NCLAT redefines financial debt; HC upholds IBBI regulations and addresses various insolven...
Excise Duty : Supreme Court admits Ecoboard Industries Ltd.'s appeal on excise duty for intermediate products, questioning Tribunal's duty impo...
Excise Duty : Case Title: M/s. Marwadi Shares and Finance Ltd. Vs. Union of India & Ors.; Special Leave to Appeal (C) No(s). 27124/2023; Dat...
Goods and Services Tax : Explore Supreme Court's scrutiny of whether supplying cranes for services like loading, unloading, lifting, and shifting qualifies...
Goods and Services Tax : Explore the case of Pradeep Kanthed v. Union of India where the Supreme Court issues notice to the Finance Ministry regarding the ...
Income Tax : Supreme Court rules Vodafone Idea is not liable for TDS on payments to foreign telecom operators. The decision aligns with earlier...
Corporate Law : Supreme Court overrules India Cement case, ruling that MADA judgment should not be applied retrospectively to avoid disrupting pas...
Goods and Services Tax : Supreme Court held that the Purchase Price as defined u/s. 2(18) of the Gujarat Value Added Tax Act, 2003 would not include purcha...
Corporate Law : Supreme Court held that Banks/ Non-Banking Financial Companies (NBFCs) are obliged to adopt restructuring process of MSME as conte...
Corporate Law : Supreme Court held that State Bar Councils (SBCs) cannot charge an enrolment fee or miscellaneous fees above the amount prescribed...
Corporate Law : Supreme Court of India introduces new procedures for case adjournments effective 14th February 2024, detailing strict guidelines a...
Corporate Law : Explore the updated FAQs on the implementation of the EPFO judgment dated 04.11.2022. Understand proof requirements, pension compu...
Income Tax : Comprehensive guide on CBDT's directives for AOs concerning the Abhisar Buildwell Supreme Court verdict. Dive into its implication...
Income Tax : Supreme Court's circular outlines guidelines for filing written submissions, documents, and oral arguments before Constitution Ben...
Corporate Law : The establishment M/s Radhika Theatre, situated at Warangal, Telangana was covered under ESI Act w.e.f. 16.01.1981 on the basis of...
Excise duty to be computed on the basis of manufacturing cost plus profit where the goods are sold at a price below the cost of production : It was held that commercial cost of manufacturing the cars was not reflected in the assessable value declared by the assessee.
In our view, the judgement of this Court in the case of Modi Industries Limited v. Commissioner of Income Tax, 1995 (6) S.C.C. 396 = (2002-TIOL-446-SC-IT) correctly holds that Advance Tax or TDS loses its identity as soon as it is adjusted against the liability created by the Assessment Order and becomes tax paid pursuant to the Assessment Order.
The assessee had disclosed full details in the Return of Income in the matter of its dealing in stocks and shares. According to the assessee, the loss incurred was a business loss, whereas, according to the Revenue, the loss incurred was a speculative loss. Rejection of the objections of the assessee to the re-opening of the assessment by the Assessing Officer vide his Order dated 23rd June, 2006, is clearly a change of opinion. In the circumstances, we are of the view that the order re-opening the assessment was not maintainable.
This Appeal is directed against the judgment and order dated 14th August, 2006, passed by the Calcutta High Court in A.C. No.54 of 2005 dismissing the Appeal on the ground that in the absence of any specific finding whatsoever as to the rate of rent and the period of default committed by the respondent-tenant, the proceedings under the Companies Act, 1956, for winding-up was not maintainable.
The assessee claims deduction for expenses incurred to earn amounts which are exempted from tax. The case involves the interpretation of Section 14A of the Income Tax Act, 1961 . The Kolkata High Court has said that no substantial question of law arises in this case. There is no judgment of the Kolkata High Court on the interpretation of Section 14A of the Act. Section 14A has been introduced in the Act to say that expenses incurred to earn the amount, which is exempted from tax, would not be entitled to a deduction. This point has not been considered in the impugned judgment of the Kolkata High Court.
The SC has extended the deadline for builders to pay VAT from August 31 to October 31. If they do so, they are not entitled to pay penalty and 15% interest on delayed payment of VAT, according to the SC interim order. The builders must register with the sales tax department by October 15 before paying VAT. The VAT money will be collected and kept in a separate account of the state government. If the state loses the case, the developers will get back their money along with interest. The date for the final SC ruling is not known as yet.
In the present case, the Assessing Officer, as a matter of fact, came to the conclusion that no amount was actually paid on account of goodwill. This is a factual finding. The Commissioner of Income Tax (Appeals) [‘CIT(A)’, for short] has come to the conclusion that the authorised representatives had filed copies of the Orders of the High Court ordering amalgamation of the above two Companies; that the assets and liabilities of M/s. YSN Shares and Securities Private Limited were transferred to the assessee for a consideration;
This is a typical case of the abuse of the process of the legal system by unscrupulous litigants. The person entitled in law to the possession of any immovable property, which is in the occupation of some other persons whether a tenant, licencee or trespasser can evict such tenant, licencee or trespasser by obtaining a decree for eviction from a competent civil court.
Complaint filed in anticipation of the accrual of the cause of action under clause (c) of the proviso to section 138 would be a premature complaint. The complainant will have no legal justification to file such a complaint for the cause of action to do so would not accrue to him till such time the drawer of the cheque fails to pay the amount covered by the cheque within the stipulated period of 15 days from the date of the receipt of the notice.
AAR ruling should in the first instance be challenged before the High Court instead of directly in the Supreme Court. To avoid the matter remaining pending in the High Court for years, which would defeat the objective of enabling the applicant to get an expeditious ruling, the matter should be heard directly by a Division Bench of the High Court and decided as expeditiously as possible;