Category: Supreme Court
Entire income of trust cannot be taxed for violation of Section 12A exemption conditions. Supreme Court dismisses SLP of Department. Denial of exemption u/s 11 should be limited only to amount diverted ABCAUS Case Law CitationABCAUS 3527 (2021) (07) SC Important case law relied referred:CIT vs. Fr. Mullers …
Supreme Court on postponement of CA exams – Read Court’s Directions on Opt out option The Supreme Court though did not ordered postponement of upcoming CA exams, however directed that opt out option to appear in next exam shall be available to all students. It has been also …
Provisions of personal guarantors to corporate debtors under IBC 2016 under notification dated 15th November, 2019 is legal and valid – Supreme Court The Central Government, vide notification dated 15th November, 2019, brought into force provisions relating to the personal guarantors (PGs) to Corporate Debtors with effect from …
Supreme Court struck down West Bengal Housing Industry Regulation Act 2017 (HIRA) as unconstitutional being repugnant to the RERA ABCAUS Case Law CitationABCAUS 3501 (2021) (05) SC Important case law relied referred:Tika Ramji vs State of UP 1956 SCR 393ITC Ltd. vs Agricultural Produce Market Committee (2002) 9 …
Deduction u/s 80-IA of the Income Tax Act not limited to head ‘business income’ only. – Supreme Court. Sub section (5) limited to determination of quantum treating ‘eligible business’ as only source of income. ABCAUS Case Law CitationABCAUS 3499 (2021) (04) SC Important case law relied referred:Cloth Traders …
SC restores order extending limitation period till further orders for all judicial or quasi-judicial proceedings. Earlier, in 2020, the Supreme Court took suo motu cognizance of the situation arising out of COVID-19 Virus and passed order to direct that the period of limitation in filing petitions/ applications/ suits/ appeals/ …
Seat of arbitration outside India – Supreme Courts important judgment on application of New York Convention and foreign award under Part II of the Arbitration and Conciliation Act, 1996 ABCAUS Case Law CitationABCAUS 3489 (2021) (04) SC Important case law relied referred:Mankastu Impex (P) Ltd. v. Airvisual Ltd., …
Appellate Tribunal cannot sit in appeal on commercial wisdom of the ‘Committee of Creditors’ and to annul the resolution plan. SC dismissed SLP ABCAUS Case Law CitationABCAUS 3488 (2021) (04) SC Important case law relied referred:Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & …
Consideration received on Family Settlement chargeable to capital gain tax in absence of ‘preexisting right’ in property. SLP dismissed by SC ABCAUS Case Law CitationABCAUS 3487 (2021) (04) SC Important case law relied referred:Commissioner of Income-tax, Mumbai vs. Schin P. AmbulkarKale and others vs. Deputy Director of Consolidation …
Supreme Court issues directions for speedy trial of offences for dishonour of cheques u/s 138 of Negotiable Instrument Act 1881 ABCAUS Case Law CitationABCAUS 3486 (2021) (04) SC Important case law relied referred:Vijay Dhanuka & Ors. v. Najima Mamtaj & OrsMeters and Instruments Private Limited and Another v. …
