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...
Corporate Law : Supreme Court dismissed a miscellaneous application challenging its signed order, holding it not maintainable and imposing ₹2,00...
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 : 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...
Merely because assessee company had filed all primary evidence, it could not be said that onus on assessee to establish credit worthiness of investor companies stood discharged u/s 68 of the Income Tax Act, 1961.
Supreme Court allows appeal, criticizes High Court’s technical view on delay. Directs consideration on merits due to pending similar issue in the High Court.
Reading of Section 80HH along with Section 80A would clearly signify that such a deduction has to be of gross profits and gains, i.e., before computing the income as specified in Sections 30 to 43D of the Act.
Deduction under section 80-IC was allowable to assessee @ 100% for a period of 5 years and for remaining 5 Assessment Years @ 25% (or 30% where the assessee is a company) as once assessee had started claiming deduction under Section 80-IC and the initial Assessment Year had commenced within the aforesaid period of 10 years, there could not be another initial Assessment Year thereby allowing 100% deduction for the next 5 years also.
SC held that once the court has drawn presumption of existence of legally enforceable debt as per Section 139 of the NI Act, factors like source of funds are not relevant if the accused has not been able to rebut the presumption.
Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on private placement basis.
Assessee company failed to prove genuineness of investor – provisions of section 68 of the Income-tax Act attracted – Supreme Court The Apex court in the case of NRA Iron and Steel Pvt Ltd (SLP 29855 of 2018) held that the assessee company is under a legal obligation to prove the source of receipt of […]
In case of warranty for the supply of free spare parts, once the replacement was made and the defective part was returned to the manufacturer, whether sales tax would be payable on such a transaction relating to the spare part, based on a credit note, which may be issued for the said purpose to dealer by the manufacturer was referred to Larger Bench to decide.
CIT Vs Jagannath Gupta Family Trust (Supreme Court of India) In case of order passed by High Court on cancellation of Trust Registration in which high court held that one Bogus Donation cannot prove that activities of Trust are not genuine but high court has ignored the fact that Trust has pleaded that proceedings for […]
TAX UPDATES – DECEMBER 2018 NEWS 1. CBDT vide Notification dated 06th December, 2018 notifies the norms for conversion of Branch of Foreign Banks in India into Subsidiary Company. [Notification No. 85/2018/F.No.370133 /34/2016-TPL] 2. CBDT vide Notification 06th December, 2018 further clarifies that no tax deduction at source u/s 194A of the Income Tax Act, […]
