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...
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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...
Explore the Supreme Court judgment in CIT vs. Sunil J. Kinariwala (Appeal 1899/2002) dated 10/12/2002. Delve into the legal intricacies surrounding the assignment of income, diversion by overriding title, and the impact on taxation. Gain insights into the arguments presented, court decisions, and the broader implications of this significant case in tax law.
We have read the order of the High Court (see [2000] 241 ITR 124) and the statement of case. Given the facts and circumstances, we do not think that any interference with the order of the High Court is called for. 2. The civil appeals are dismissed.
Hanuman Prasad Bagri & Ors vs Bagress Cereals Pvt. Ltd. & Ors (SC) Sections 397 & 398 of the Companies Act, 1956 [hereinafter referred to as the Act] was filed before the Calcutta High Court on grounds of oppression and mismanagement. The learned Company Judge held that the Petitioners grievance in regard to ouster from the management of the company is legitimate and justified; that respondent No.3 had manoeuvred the matters in such a manner to result in the ouster of the Petitioner No.1 from the management of the Company.
Explore the Supreme Court judgment in the case of CIT Vs. Smt. Sandhya Rani Dutta, addressing pivotal questions on Hindu personal law. The ruling asserts that, according to the Dayabhaga School, a male presence is essential for the constitution of a Hindu Undivided Family (HUF). Delve into the detailed analysis of the case, where the court examines whether female heirs can form a joint Hindu family by agreement and impress upon inherited property the character of joint family property. Gain insights into the court’s interpretation and its impact on income tax assessments for the assessees involved.
These appeals have been filed against the common order dated 15th November, 1999 of the Customs, Excise and Gold (Control) Appellate Tribunal which, while confirming the order of the Commissioner of Customs held that drawings, designs etc. relating to machinery or industrial technology were goods which were leviable to duty of customs on their transaction value at the time of their import.
Sale price means the amount payable to a dealer as consideration for transfer of goods on hire purchase. The word sale occurring in Sec. 2(h) must have the meaning ascribed to it as in Section 2(g) when the word sale includes transfer of goods on hire purchase, then whatever is the amount which is paid/payable to the dealer on such a transfer would be included within the meaning
Law is settled- If a business liability has definitely arisen in the accounting year, the deduction should be allowed although the liability may have to be quantified and discharged at a future date. What should be certain is the incurring of the liability. It should also be capable of being estimated with reasonable certainty though the actual quantification may not be possible
The High Court relying on Section 22 of the Income Tax Act, 1961 (hereinafter referred to as the Act) and following the judgment of Allahabad High Court in the case of C.I.T., U.P. v. Wheeler Club Limited {(1963) 49 ITR 52} and some observations of the Delhi High Court in the case of C.I.T., Delhi-II v. Delhi Gymkhana Club Ltd. (155 ITR 373)
Shri C.S. Vaidyanathan, Shri Ashok Desai, Shri V. Gauri Shankar, Dr. D.P. Pal, Shri Joseph Vellapally, Shri K.N. Shukla, Shri Pallav Shishodia, Shri A.P. Medh, Ms. Priya Hingorani, Shri B.K. Prasad, Shri S.N. Terdol, Shri S. Rajappa, Ms. Hemantika Wahi, Shri N.L. Garg, Shri C.V. Subba Rao, Shri Ranbir Chandra, Ms. Sumita Hazarika, Shri S.K. Dwivedi, Shri Tarun Gulati
The appellant-assessee is a private limited company. During the assessment year 1981-82 (accounting year ending on March 31, 1981), the assessee had purchased for the use of its staff seven low income group houses from the Housing Board. The assessee had made part payments and was in turn made allotment of the houses followed by delivery of possession
