Corporate Law : The Supreme Court held that individuals investing for financial returns rather than home ownership cannot invoke Section 7 of the ...
Goods and Services Tax : The Supreme Court declined immediate intervention but expressly left open the challenge to the validity of Section 16(2) of the CG...
Goods and Services Tax : The Supreme Court ruled that whenever money is staked on an uncertain outcome, the activity amounts to betting and gambling for GS...
Goods and Services Tax : The Supreme Court ruled that once money is staked on an uncertain outcome, the activity becomes betting and gambling regardless of...
Goods and Services Tax : The Supreme Court held that adjudicatory proceedings cannot survive when authorities rely on undisclosed material or deny meaningf...
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 : SC dismissed Revenue’s plea after Gujarat HC held that even proposed additions would not alter MAT liability, defeating escapeme...
Income Tax : The Supreme Court declined to interfere with the Bombay High Court's view that a later judicial pronouncement cannot constitute a ...
Income Tax : The High Court upheld denial of Section 10(38) exemption after concurrent findings established that the share transactions lacked ...
Corporate Law : The Supreme Court examined whether personal insolvency proceedings under the IBC could halt cheque dishonour cases under Section 1...
Goods and Services Tax : The Supreme Court issued notice in a challenge to West Bengals entry tax regime concerning goods meant for export. Interim protect...
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...
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
Common questions involved in these appeals are whether the job rendered by a photographer in taking photographs, developing and printing films would amount to a works contract as contemplated under Article 366(2A)(b) of the Constitution read with Section 2(n) of the M.P.General Sales Tax for the purpose of levy of sales tax on business turnover of the photographers.
Answers given by the High Court that (i) the assessee who made the payments to the three non-residents was under obligation to deduct tax at source under Section 195 of the Act in respect of the sums paid to them under the contracts entered into; and (ii) the obligation of the respondent-assessee to deduct tax under Section 195 is limited only to appropriate proportion of income chargeable under the Act, are correct.
CIT V Keshri Metal Pvt Ltd. (1999) 237 ITR 165 SC- Under the provisions of Section 154 there has to be a mistake apparent from the record. In other words, a look at the record must show there has been an error, and that error may be rectified. Learned counsel for the revenue has not been able to satisfy us that it shows any apparent error upon the record.
The current Section 44AB of the IT Act has been challenged by the Appellant on behalf of the Income Tax Practitioners. The Appellant contends that the Income Tax Practitioners should be entitled to be authorized representatives and that they are excluded for auditing accounts which violates their Fundamental Rights, specifically Article 14 and 19 of the Constitution.
It must be remembered that in every case of delay there can be some lapse on the part of the litigant concerned. That alone is not enough to turn down his plea and to shut the door against him. If the explanation does not smack of mala fides or it is not put forth as part of a dilatory strategy the court must show utmost consideration to the suitor.
Civil Appeals Nos 6082, 6083, 6084, 6085 and 6086 of 1990 and 5516 of 1997 (Appeals from the judgment and order dated March 29, 1983 of the Madras High Court in Tax Cases Nos 1065-69 of 1977 and 1070-74 of 1977),
SEN, J. The point that falls for determination in this case is whether a sum of Rs. 79 lakhs representing Debenture Redemption Reserve was includible in computing the capital of the assessee Company for the purpose of Companies (Profits) Surtax Act, 1964. The High Court took the view that the amount set apart to redeem the debentures has to be treated as ‘provision’ and not as ‘reserve’.
