Category: Supreme Court
Mining Royalty is not a tax – Supreme Court Nine Judges Bench approves decision In Kesoram Industries and held that observation in India Cement to the effect that royalty is a tax was incorrect. In a recent judgment, the Hon’ble Supreme Court has held that Mining Royalty is …
Payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable – SC In a recent judgment, the Hon’ble Supreme Court has held that payment by corporate guarantor does not extinguish liability of corporate debtor to pay the entire amount payable. A …
Customs duty payable even after confiscated goods redeemed after payment of fine – SC In a recent judgment, Hon’ble Supreme Court had held that the owner of goods has a liability to pay customs duty, even after confiscated goods are redeemed after payment of fine under Section 125 …
Claiming depreciation on revalued cost of assets after conversion of partnership firm into company Supreme Court dismissed Special Leave Petition of Income Tax Department In a recent order, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Income Tax Department challenging claim of …
ICAI competent to impose restriction on number of tax audits u/s 44AB per year – Supreme Court settles the pending controversy. In a recent judgment, the Hon’ble Supreme Court has upheld the competence of ICAI to impose a restriction on the maximum number of tax audits that could …
No enduring benefit arises when software project was abandoned due to change in technology. Supreme Court dismisses SLP of Department In a recent case, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) of the Revenue against the judgment of the Hon’ble High Court of Karnataka …
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In a recent judgment, the Hon’ble Supreme Court has held that Trade Tax Department was not justified in retaining refund amount beyond the stipulated period and then adjusting refund …
Education Cess cannot be allowed as an expenditure in view of the subsequent amendments in the Income Tax Act, 1961 – Supreme Court In a recent judgment, the Hon’ble Supreme Court had allowed the appeal of the Revenue observing that in view of the subsequent amendments in the …
Special Court presided by a Sessions Judge or an Additional Sessions Judge will have jurisdiction to try the complaint under the IBC 2016 In a recent judgment, the Hon’ble Supreme Court has held that Special Court presided by a Sessions Judge or an Additional Sessions Judge will have …
Disallowance u/s 40A(3) for bearer cheque Payments. CBDT 1977 Circular relied upon by assessee does not exits with amendment to Rule 6DD. Supreme Court dismisses SLP In a recent judgment, the Hon’ble Supreme Court has dismissed the Special Leave Petition (SLP) filed by the assessee against the order …