Category: Supreme Court

Tender condition to submit income tax return of the “previous financial year” would not mean Financial Year for which time for filing ITR has not expired – SC In a recent judgment, Hon’ble Supreme Court has held that auction notice requiring bidders to submit income tax return of …

Mere repetitive use of the word “Arbitration” in agreement without any substantive part relating to arbitration is not a valid arbitration agreement – Supreme Court In a recent judgment, the Hon’ble Supreme Court Mere use of the word “Arbitration” in the title of the clause without any corresponding …

Failure to disclose conviction u/s 138 of NI Act, 1881 in election nomination form and affidavit, election was rendered void despite subsequent acquittal – SC In a recent judgment, Hon’ble Supreme Court has held that failure to disclose conviction u/s 138 of the Negotiable Instruments Act, 1881 in …

Audit Objections can be basis for reopening but mere quoting audit objection ignoring reply of assessee is non application of mind – SLP dismissed In a recent judgment Hon’ble Supreme Court dismissed the Special Leave Petition of the Revenue upholding High Court order quashing of order u/s 148A(d) …

Investigating Officer not to issue summon to advocate representing accused to know details of the case, unless it is covered under exceptions u/s 132 of BNSS. In a recent judgment, Hon’ble Supreme Court has issued directions that Investigating Officer shall not issue a summons to an Advocate who …

Notice can not be issued under clause (b) of Section 148A without first making inquiry under section 148A(a) of the Income Tax Act, 1961. In a recent judgment, Hon’ble Supreme Court dismissed the SLP of the Income Tax Department against the judgment of the Hon’ble High Court which …

Non-redemption does not result in preference shareholders becoming creditors or debt of the company – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-redemption does not result in preference shareholders becoming creditors or debt of the company. Preference shares can be redeemed only out …

Even if search held invalid, information or material gathered may be relied upon by revenue only in a proceeding which is not illegal In a recent judgment, Hon’ble Supreme Court has declined to interfere with the judgment of High Court holding that even if the search is held …

In slump sale acquisition, purchaser to claim depreciation on lump sum consideration irrespective of WDV in the books of accounts of seller company. In a recent judgment, Hon’ble Supreme Court had dismissed the SLP against the judgment of the Gujarat High Court holding that in a slump sale …

Benefit of ITC accrued under UP VAT Act to dealers after introduction of GST Act 2017 though having closing stocks – SC admits Petition Supreme Court admits Petition on the issue whether after the introduction of the Goods and Services Tax Act from 1st July 2017, the registered …