Category: Supreme Court

Provisions of Section 50C were not applicable as land was sold by the secured lenders to recover from dues, SC dismissed the Special Leave Petition. In a recent judgment, the Hon’ble Supreme Court has dismissed SLP against the decision of Delhi High Court holding that revision u/s 263 …

Banks are obliged to adopt restructuring process of MSME Loans on its own. Framework contained in the Notification dated 29.05.2015 is mandatory in nature – Supreme Court  In a recent judgment, Hon’ble Supreme Court has held that Banks are obliged to adopt restructuring process of MSME Loans on …

Supreme Court reprimands Income Tax Department for filing SLPs with considerable delays Supreme Court reprimands the Income Tax Department for filing Special Leave Petitions with considerable delays only to seek an imprimatur of the Apex Court ABCAUS Case Law Citation:ABCAUS 4171 (2024) (07) SC In A recent judgment, …

Issue of notice u/s 148 before approval by CIT is void ab initio- Supreme Court dismissed SLP  In a recent judgment, Hon’ble Supreme Court dismissed the Special Leave Petition of the Revenue against the judgment that Issue of notice u/s 148 before grant of approval by CIT was …

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 …