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Search Results for "Income Tax Act"

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Supreme Court

Supreme Court Refers Matter to Larger Bench on Automatic Vacation of Stay Orders Under Article 142 of the Constitution. The Court expressed reservations about directions in Asian Resurfacing that interim stay orders automatically lapse after six months, holding that such automatic vacation without judicial application of mind could cause miscarriage of justice.

29 Feb 2024

The Supreme Court, in a judgment authored by Justice Abhay S. Oka, addressed the correctness of directions issued in Asian Resurfacing of Road Agency ...

Supreme Court

Supreme Court Decides Tax Deduction at Source Liability for Cellular Mobile Service Providers Under Income Tax Act, 1961 - The Court clarified that obligation under Section 194-H requires principal-agent relationship between payer and payee as per Section 182 of Contract Act, 1872, and payments must be for services in buying/selling goods or asset transactions, not being securities.

28 Feb 2024

The Supreme Court delivered a common judgment addressing appeals by the Revenue and assessees, who were cellular mobile telephone service providers, c...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

23 Jan 2024

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

Supreme Court

Supreme Court Dismisses Appeals in Electricity Procurement Dispute, Upholding High Court's Direction for Power Purchase from Successful Bidders. The Court affirmed that the Request for Proposal process under Section 63 of the Electricity Act, 2003, is binding, and the reduction of procurement quantum from 1000 MW to 500 MW was invalid, requiring adherence to original bid outcomes.

8 Jan 2024

The dispute originated from Rajasthan's initiative to procure 1000 MW of electricity through a competitive bidding process under Section 63 of the Ele...

Supreme Court

Supreme Court Allows Assessee's Appeal in Income Tax Deduction Case Under Section 80-IB for Duty Drawback and DEPB Receipts. Court Held That Duty Drawback and DEPB Receipts Are Profits Derived From Business Under Section 80-IB of Income Tax Act, 1961, as They Reimburse Manufacturing and Exporting Costs, Following Meghalaya Steels Limited and Topman Exports Precedents.

10 Apr 2023

The Supreme Court of India heard an appeal by an assessee, a partnership firm engaged in manufacturing and exporting wooden handicraft items, against ...

Supreme Court

Supreme Court Dismisses Revenue's Appeal in Income Tax Act Case Upholding Revisional Jurisdiction. Commissioner Validly Set Aside Assessment Order as Payment to Shareholders Was Not 'Cost of Improvement' Under Capital Gains Computation Under Sections 48 and 263 of Income Tax Act, 1961.

6 Apr 2023

The dispute arose from an income tax assessment concerning the sale of a property named 'Paville House' by the respondent assessee, a company engaged ...

Supreme Court

Supreme Court Upholds Borrowers' Right to Hearing in RBI Fraud Classification Directions. The Court held that principles of natural justice, specifically audi alteram partem, must be read into the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions 2016 to prevent arbitrariness, as classification entails serious civil consequences under Clauses 8.9.4 and 8.9.5.

27 Mar 2023

The civil appeals arose from challenges to the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directio...

Supreme Court

Supreme Court Upholds Revenue in Income Tax Act Limitation Dispute Over Block Assessment. Limitation period for block assessment under Section 158BE commences from date of last Panchnama drawn, not date of last authorization, as per Explanation 2 to Section 158BE of Income Tax Act, 1961.

24 Mar 2023

The dispute arose from block assessment orders passed under the Income Tax Act, 1961, following search operations. The assessees challenged the assess...

Supreme Court

Supreme Court Allows Review Applications in Land Acquisition Cases Based on Overruled Precedent. Court held review maintainable under Article 137 of Constitution of India as subsequent Constitution Bench decision in Indore Development Authority overruled earlier Pune Municipal Corporation decision, altering law and providing sufficient reason for review, with matters restored for fresh consideration on merits.

17 Mar 2023

The Supreme Court dealt with a group of review applications filed by the Government of NCT of Delhi and Delhi Development Authority under Article 137 ...

Supreme Court

Supreme Court Dismisses Appeals in Corporate Insolvency Case Involving Land Ownership and Development Rights Dispute. Court Upholds NCLAT Order Protecting Licensee's Possession of 10000 Sq.Ft. While Preserving Corporate Debtor's Development Rights as Intangible Assets Under Insolvency and Bankruptcy Code, 2016.

14 Mar 2023

The appeals arose from a common order of the National Company Law Appellate Tribunal dismissing two independent appeals filed against an order of the ...

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