Category: Supreme Court

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 …

Mounting auto rickshaw body on chassis, amounts to new product coming into existence liable to purchase tax under U.P. Sales Tax Act. In a recent judgment, the Hon’ble Supreme Court held that upon mounting a fabricated auto rickshaw body on a three wheeler chassis, a new product comes …

High Court order upholding direction for Registration u/s 12A without applying determinative tests laid down by Apex Court set aside In a recent judgment, Hon’ble Supreme Court set aside the judgment of Allahabad High Court in granting registration u/s 12A without applying determinative tests laid down by Apex …

In the absence of satisfaction recorded in the assessment order regarding penalty proceedings under Section 271D, no penalty could be levied In a recent judgment, Hon’ble Supreme Court declined to interfere with Gujarat High Court judgment holding that in the absence of any satisfaction recorded regarding penalty proceedings …

Once registration u/s 12A of Income Tax Act is granted, the grant of registration under Section 80G of the Act cannot be refused In a recent judgment, Hon’ble Supreme Court declined to interfere with the view taken by Chhattisgarh High Court that when a institution stands registered as …

Non resident assessee need not have a permanent establishment in India to be said to carry on business in India In a recent judgment, Hon’ble Supreme Court has held that did not it is not necessary for a non resident assessee to have a permanent establishment in India …

ITC can not be denied to purchaser who had paid due taxes on invoice raised where the seller did not deposit the collected tax with the Government. In a recent judgment, Hon’ble Supreme Court has held that Input Tax Credit can not be denied to the registered purchaser …