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...
SEBI Vs Ajay Agarwal (Supreme Court of India) FACTS Securities and Exchange Board of India (Appellant) initiated investigations against Trident Steel (company) on receipt of a complaint by a BSE member relating to public issue of the company. The complaint alleged misstatement of facts by the Company in the prospectus issued in furtherance of the […]
The Court ordered the absolute Confiscation of Peas and Pulses but if the importer concerned opted for re-export, within another period of two weeks from today, such a prayer for re- export might be granted by the authorities after recovery of the necessary redemption fine and subject to the importer discharging other statutory obligations. If no such option was exercised within prescribed time, the goods should stand confiscated absolutely.
The Hon’ble Apex Court upheld the provisions of the Insolvency and Bankruptcy Code relating to insolvency of personal guarantors that were brought into force in 2019. Further the notification has been issued by MCA on 15.11.2019 which has notified the provision of IBC w.r.t. to personal guarantors. However, validity of the same has been challenged by IBBI on 20.11.2019 which is confined to impugned notification.
Revenue has to give due regard to the orders of the higher appellate authorities which are binding on them Utmost regard should be paid by the adjudicating authorities and the appellate authorities to the requirements of judicial discipline and the need for giving effect to the orders of the higher appellate authorities which are binding […]
SC allowed service of notices/summons/ document via WhatsApp, Telegram in addition to e-mail The Hon’ble Supreme Court in Re: Cognizance for Extension of Limitation [Suo Moto W.P. (C) No. 3/2020 dated on July 10, 2020] w.r.t. I.A. No. 48461/2020 observed that service of notices, summons and exchange of pleadings/documents, is a requirement of virtually every […]
Rearing of the silk worms is not Agriculture Income as defined u/s 2(1A) of the Income Tax Act , 1961 . Sericulture is not Agricultural activity and hence income derived from rearing silkworms is not Agricultural Income as defined in section 2(1A) of the Income Tax Act, 1961. Let us understand what is Sericulture and […]
Recent circulars/ notifications/ rules/ clarifications/News ♦ Furnishing & upload of Form No. 34BB on Income Tax E-filling Portal (Notification No. 05 of 2021-Income Tax 24/05/2021) ♦ CBDT notifies Rule 11UAE Computation of Fair Market Value of Capital Assets for the purposes of section 50B of Income-tax Act, 1961 (Notification No.68/2021 [G.S.R. 338(E)] 24/05/2021) ♦ CBDT […]
KAPURCHAND SHRIMAL VERSUS COMMISSIONER OF INCOME-TAX, AP Whether an order of assessment passed under the Indian I.T. Act, by the ITO without holding an enquiry into the validity of the claim made within a reasonable time is liable to be merely cancelled in appeal by the Income-tax Appellate Tribunal without a further direction to the […]
The resurgence of COVID-19 pandemic recently headed different regions/states of India into lockdown which escalated difficulties in instituting the cases and filing applications in the courts at all levels. The Supreme Court Advocate on Record Association (SCAORA) took note of such a daunting situation before the litigants and filed the interlocutory application before the Supreme […]
Modi Industries Limited vs CIT (Supreme Court) Having regard to the scheme of the Act and use of the phrase `regular assessment’ in various sections of the Act – we are of the view that in Section 214, `regular assessment’ has been used in no other sense than the first order of assessment passed under […]
