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...
In a recent ruling Supreme Court in the case of TRF Ltd. on the issue of whether a taxpayer, while claiming deduction of bad debts in its return of income, is required to establish that the debts have, in fact, become irrecoverable. The SC held that post the amendment to Section 36(1)(vii) (Section) of the Indian Tax Law (ITL), for claiming deduction of bad debts
The Supreme Court has dismissed the appeal of Hindustan Petroleum Corporation which had terminated its dealership agreement with Super Highway Services, a retail dealer. The action was taken after a check on the private company’s stock of high speed diesel for its quality. The dealer moved the Patna high court, which set aside the termination.
In order to claim a bad debt as a deduction under section 36(1)(vii) of the Income tax Act (Act) it has been a long drawn controversy between the Taxpayer and the Revenue whether in addition to write-off the debt in the books of account, it is obligatory on the Taxpayer to establish that such debt has become a bad debt, especially after the amendment brought in by the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 1 April 1989.
In the case of TRF Limited vs. CIT (Supreme Court) Supreme Court had to consider whether after the amendment to s. 36 (1) (vii) w.e.f. 1.4.1989, an assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable or whether writing off the debt as irrecoverable in the accounts was sufficient. HELD deciding in favour of the assessee:
Where a partner retires from a partnership and the amount of his share in the net partnership assets after deduction of liabilities and prior charges is determined on taking accounts in the manner prescribed by the relevant provisions of the partnership law there is no element of transfer of interest in the partnership assets by the retired partner to the continuing partners.
The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates.
The assessee, a co-op credit society, was engaged in providing credit facilities to its members and also marketing the agricultural produce of its members. The assessee had surplus funds which it invested in short-term deposits with banks and govt securities. The question arose whether the said interest earned on the said deposits was “business profits”
If an appointment is made illegally or irregularly, the same cannot be the basis of further appointment. An erroneous decision cannot be permitted to perpetuate further error to the detriment of the general welfare of the public or a considerable section of the public, the SC observed while allowing the appeal, Union of India vs Kartick Chandra Mondal. In this case, some persons who were casual employees working in a government department between 1981 and 1983 were ordered to be re-engaged by the administrative tribunal.
A person who writes a will cannot provide that if there was a dispute among the successors, it should be resolved through arbitration. It would be merely an expression of a wish by the testator that the dispute should be settled by arbitration and cannot be considered as an arbitration agreement among the legatees, the SC stated in the case, Vijay Kumar Sharma vs Raghunandan Sharma. In this case, two sons of the testator sued each other over the will, one of them alleging it was a fake.
When there are two partners, and one of them dies, the firm is automatically dissolved even if there is clause in the partnership deed that the firm will continue in existence. In the case, Mohd Laiquiddin vs Kamala Devi one party claimed that the partnership continued though one partner had died.