Category: Supreme Court

Section 292BB of the Income Tax Act, 1961 does not preclude Assessee raising objection for non issuance of notice u/s 143(2) of the Act In a recent judgment, Hon’ble Supreme Court has held that Section 292BB of the Income Tax Act, 1961 does not preclude an assessee from …

Expression “reason to believe” in Section 147 means cause or justification. The AO need not have finally ascertained the fact by legal evidence or conclusion. In a recent judgment, Hon’ble Supreme Court has held that the expression “reason to believe” in Section 147 of the Income Tax Act, …

CoC after approving Resolution Plan can’t seek withdrawal of the same on improved financial position of the Corporate Debtor – SC In a recent judgment, the Hon’ble Supreme Court has held that an improved profitability alone cannot be a reason to refuse approval if the Resolution Plan meets …

Bank was liable to pay compensation to borrower as it did not verify the progress of construction before loan disbursals to builder – SC In a recent judgment, the Hon’ble Supreme Court confirmed the award of compensation to be paid to borrower by the bank holding that the …

No timeline mentioned in PMLA to forward the arrest order and the material in possession to the Adjudicating Authority. It has to be expeditiously and simultaneously – SC In a recent judgment, Hon’ble Supreme Court has held that there is no timeline mentioned in PMLA to forward the …

Flower bed area could not be included in the definition of “built up area” to calculate eligible limit of 1000 sq.ft. u/s 80IB(10).  In a recent judgment Hon’ble Supreme Court has dismissed the SLP of the Revenue against the judgment of the Hon’ble High Court that flower bed …

Calculation of functional disability depends on assessing the victim’s earning capacity in the open, competitive market – Supreme Court In a recent judgment, Hon’ble Supreme Court while increasing the compensation under MC Act 1988 held that the calculation of functional disability depends on assessing the victim’s earning capacity …

Supreme Court recommends action against Commissioner of Customs who relied upon non-existent AI generated case laws. Supreme Court recommends action against Commissioner of Customs who relied upon case laws that were either non-existent or had fake citations and some of the case laws did not lay down the …

Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order passed u/s 143(3) there is Nil demand? Supreme Court admits Petition In a recent case, the Hon’ble Supreme Court had admitted a SLP against the judgment of the …

In GST Notice u/s 74, allegations should emanate from itself, a bland statement of ‘fraud or concealment of facts” not sufficient – SC In a recent judgment, Hon’ble Supreme Court has held in a SCN u/s 74 of GST Act 2017, allegations should emanate from the notice itself. …