Goods and Services Tax : Supreme Court upheld Section 69 GST arrest powers, requiring recorded reasons, CrPC safeguards, CBIC instructions and limiting arr...
Income Tax : The Supreme Court held excise duty paid by buyers formed part of turnover, discussed colourable devices, and distinguished legitim...
Corporate Law : A non-speaking dismissal of an SLP does not affirm the High Court's reasoning or constitute law under Article 141. The doctrine of...
Corporate Law : The Supreme Court ruled that summoning hotel booking records and call detail records to prove adultery does not violate privacy, a...
Corporate Law : The Supreme Court agreed to examine allegations that bank dues were settled at steep discounts through ARCs, while clarifying that...
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...
Income Tax : Supreme Court modified compensation by reassessing a self-employed deceased’s annual income after considering ITRs and business ...
Corporate Law : SC allowed the appeal and granted NDPS bail after holding that a case for bail was made out, subject to Trial Court conditions....
Corporate Law : SC held a Ministers statement binds the Government only if it reflects the Governments view and declined to issue speech guideline...
Corporate Law : Supreme Court granted bail under the PMLA, noting prolonged custody, documentary evidence, delayed trial, parity with co-accused, ...
Corporate Law : Supreme Court set aside the High Court's PMLA bail order for failure to apply Section 45 twin conditions and remanded the matter f...
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...
K.P. Varghese Vs. ITO (Supreme Court of India); 1981 AIR 1922, 1982 SCR (1) 629; 04/09/1981 Relevant portion of the judgment of Honorable Supreme Court of India is reproduced below : Now it is true that the speeches made by the Members of the Legislature on the floor of the House when a Bill for […]
It is open to the Court to examine whether the reasons for the formation of the belief have a rational connection with or relevant bearing on the formation of the belief and are not extraneous or irrelevant for the purpose of the section.As explained by the Hon,ble Supreme Court of India in the following judgement […]
Palak Agarwal Vs. CBDT & Anr. (Madhya Pradesh High Court) FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT It is well know that Representations by the taxpayers and tax professionals association doesn’t make any difference to CBDT and CBIC and they act only when they receive Instruction from our Courts. 1. A Division Bench of […]
Expenditure on introducing the Casa balance conversion system in the spinning plant of the assessee was not allowed as ‘development rebate’ by the Income-tax Officer and the Appellate Commissioner. The Appellate Tribunal after inspecting the factory and considering the literature.
Lalit Kumar Jain Vs Union of India (Supreme Court) 1. Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. 2. A bench of Justices L Nageswara Rao and Ravindra Bhat delivered the judgement. The ruling […]
Reopening U/S 147 Not Valid If Certain Safeguards Not Followed By Revenue As Provided In section 147,148 And 151 of Income Tax Act, 1961 The important safeguards provided in sections 147,148 and 151 has not to be treated lightly by the concerned Assessing Officer and CIT as held in Chuggamal Rajpal Vs. S.P.Challia & others […]
Commissioner Of Income- Tax vs Smt. Indira Balkrishna (Supreme Court) Section 2(31)(v) of the Income Tax Act ,1961 with Explanation “Person” includes an association of persons or a body of individuals , whether incorporated or not ,with Explanation as under : For the purpose of this clause , an association of persons or a body […]
An abstract rule, principle or test can not determine the character of a transaction, depends on facts and circumstances. CIT Vs. R V Gupta , Delhi High Court Also decided the question of distinction between a capital sale and an adventure in the nature of trade was considered by the Supreme Court in G. Venkataswami […]
ACIT Vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. (Supreme Court) Assessment order or an intimation u/s 143(1) of the Income tax Act , 1961 as it stood prior to amendment wef 1.4.1989 and thereafter and further amendments made . A broad analysis has been extracted from the judgement of the Hon’ble Supreme Court of India […]
Messrs Mehta Parikh & Co vs The Commissioner Of Income-Tax, Bombay (Supreme Court of India), Date Of Judgment: 10/05/1956, Equivalent citations: 1956 AIR 554, 1956 SCR 626 Bench: Natwarlal H. Bhagwati | Sudhi Ranjan Das (CJ) | T.L. Venkatarama Aiyyar Income-tax-Income from undisclosed sources-Assessment. Assessee’s explanation based on accounts supported by affidavits Accounts accepted as […]
