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...
A short question which arises for determination in this Special Leave Petition is: whether the High Court was entitled to condone the delay of 16 days in filing the Reference Application by the Commissioner under Section 35H(1) of the Central Excise Act, 1944?
Challenge in this appeal is to the judgment of a Division Bench of the Gujarat High Court dismissing the appeal filed by the present appellant. The appeal was filed under Section 260A of the Income Tax Act, 1961 (in short the Act). The question relates to the effect of Section 43A of the Act.
If the income tax department fails to appeal against judgments against it by high courts on a certain legal question for several years, is it barred from raising the question later? No, said the Supreme Court in Commissioner of Income Tax vs J.K. Charitable Trust.
India Cine Agencies Vs CIT, Madras Income tax – Sec 32AB benefits – assessee converts jumbo rolls of photographic films into small rolls of various sizes – claims Sec 32AB, Sec 80HH and Sec 80I benefits – AO says it is neither manufacture nor production
Explore the Supreme Court judgment on Corporation Bank vs. Saraswati Abharansala regarding excess Sales Tax collection. Learn how the retrospective effect of a notification led to a rate reduction, compelling the state to refund the excess amount. Discover the legal implications, the court’s interpretation, and the directive for the state to refund the tax with interest. Stay informed about key legal precedents and the principles of statutory construction.
Haleema Zubair, Tropical Traders Vs. State of Kerala (Supreme Court of India)- The business activities relating to transaction of M/s. Poseidon Food Company unless otherwise proved cannot bring the appellant within the purview of definition of `dealer’. If she was not a dealer, the professional fees earned by her would not be exigible to payment of sales tax; only because the appellant happens to be the proprietress of M/s. Tropical Traders also.
PNB Finance Ltd. v. CIT – Where the Banking Undertaking, inter alia, included intangible assets like goodwill, tenancy rights, manpower and value of banking licence, it was not possible to compute capital gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable under section 45 of the Income-tax Act.
Whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed. merely because in some cases revenue has not preferred an appeal that does not operate as a bar for the revenue to prefer an appeal in another case where there is just cause for doing so or it is in public interest to do so or for a pronouncement by the higher court when divergent views are expressed by the different High Courts. In this case, it is accepted by the learned counsel for the appellant-revenue that the fact situation in all the assessment years is same. According to him, if the fact situation changes then the revenue can certainly prefer an appeal notwithstanding the fact that for some years no appeal was preferred.
It was held that the order was passed in exercise of power of superintendence under Article 227 of the Constitution of India, 1950 against which the Letters Patent Appeal is not maintainable. The High Court was not justified in holding that the Letters Patent Appeal was not maintainable.
CIT vs. Sarabhai Holdings (Supreme Court) – Income Tax – Penalty – law permits the contracting parties to lawfully change their stipulations – What is material in the tax jurisprudence is the evasion of tax, not the beneficial lawful adjustment therefor . In the commercial world, the parties are always free to vary the terms of contract and, therefore, the assessee and the vendee had no legal impediment in modifying the terms of their contract. Merely because by Resolution the assessee agreed to defer the payment of interest, would not mean that it tried to evade tax.
