Income Tax Act, 1961

Supreme Court clarifies penalty provisions under Section 271AAA of the Income Tax Act in search cases: K. Krishnamurthy vs. The Deputy Commissioner of Income Tax (2025)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 132, Income Tax Act, 1961 with Section 142(1), Income Tax Act, 1961 with Section 271AAA, J.B. Pardiwala, Judges, Manmohan J.

Introduction Date of the Judgment: February 13, 2025 Citation: 2025 INSC 208 Judges: J.B. Pardiwala and Manmohan J. When can tax authorities impose penalties following a search operation? The Supreme Court of India addressed this question in a recent case concerning Section 271AAA of the Income Tax Act, 1961. The court clarified the scope and […]

Supreme Court clarifies penalty provisions under Section 271AAA of the Income Tax Act in search cases: K. Krishnamurthy vs. The Deputy Commissioner of Income Tax (2025) Read Post »

Supreme Court Clarifies “First Offence” in Income Tax Compounding Cases: Dobaria vs. CCIT (2025)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 139, Income Tax Act, 1961 with Section 276CC, J.B. Pardiwala, Judges, Sanjay Karol

Date of the Judgment: February 7, 2025 Citation: 2025 INSC 155 Judges: J.B. Pardiwala, J., Sanjay Karol, J. When does the failure to file an income tax return become an “offence” under Indian law? The Supreme Court of India addressed this critical question in Vinubhai Mohanlal Dobaria v. Chief Commissioner of Income Tax, clarifying the

Supreme Court Clarifies “First Offence” in Income Tax Compounding Cases: Dobaria vs. CCIT (2025) Read Post »

Supreme Court Clarifies Capital Loss on Share Reduction: Jupiter Capital Case (2025)

/ Capital Gains, Companies Act, 2013, Companies Act, 2013 with Section 66, Income Tax Act, 1961, Income Tax Act, 1961 with Section 2(47), Income Tax Act, 1961 with Section 45, J.B. Pardiwala, Judges, R. Mahadevan

Date of the Judgment: January 2, 2025 Citation: 2025 INSC 38 Judges: Justice J.B. Pardiwala and Justice R. Mahadevan Can a reduction in share capital lead to a capital loss for tax purposes? The Supreme Court of India recently addressed this question in a case involving Jupiter Capital Pvt. Ltd. The court clarified that a

Supreme Court Clarifies Capital Loss on Share Reduction: Jupiter Capital Case (2025) Read Post »

Supreme Court quashes FIR against HDFC Bank in Income Tax violation case (22 October 2024)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 132(3), Income Tax Act, 1961 with Section 275A, Indian Penal Code, 1860, Indian Penal Code, 1860 with Section 409, Indian Penal Code, 1860 with Section 420, Offences Related to Property

Supreme Court quashes FIR against HDFC Bank in Income Tax violation case (22 October 2024) LEGAL ISSUE: Whether an FIR against a bank and its officials for allegedly violating an Income Tax restraint order by allowing a customer to operate a bank locker can be quashed if the FIR does not disclose the necessary ingredients

Supreme Court quashes FIR against HDFC Bank in Income Tax violation case (22 October 2024) Read Post »

Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024)

/ Banking Regulation Act, Income Tax Act, 1961, Income Tax Act, 1961 with Section 28, Income Tax Act, 1961 with Section 37, Profits and gains of business or profession, Statutory Liquidity Ratio

Supreme Court Clarifies Deduction of Broken Period Interest for Banks Date of the Judgment: 16 October 2024 Citation: 2024 INSC 781 Judges: Abhay S. Oka, J., Pankaj Mithal, J. Can banks deduct the interest paid for the broken period on securities purchased as a business expense? The Supreme Court of India recently addressed this question,

Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024) Read Post »

Supreme Court Upholds Time Limit for Revised Income Tax Returns: Shriram Investments vs. Commissioner of Income Tax (2024)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 139(5), Income Tax Act, 1961 with Section 254, Supreme Court Judgments, Tax Assessment, Tax Law Precedents

Supreme Court Upholds Time Limit for Revised Income Tax Returns: Shriram Investments vs. Commissioner of Income Tax (2024) Date of the Judgment: October 4, 2024 Citation: 2024 INSC 760 Judges: Abhay S. Oka, J., Augustine George Masih, J. Can an assessing officer consider a claim made in a revised income tax return if that return

Supreme Court Upholds Time Limit for Revised Income Tax Returns: Shriram Investments vs. Commissioner of Income Tax (2024) Read Post »

Supreme Court Upholds ICAI’s Power to Limit Tax Audits, Grants Relief for Past Violations: Shaji Poulose vs. Institute of Chartered Accountants of India (2024) INSC 451 (17 May 2024)

/ Chartered Accountants Act, 1949, Chartered Accountants Act, 1949 with Sections 15, 22 and 30, Constitutional Law, Constitutional Law with Article 19(1)(g), Constitutional Law with Article 19(6), Fundamental Rights, Income Tax Act, 1961, Income Tax Act, 1961 with Section 44AB, Professional Misconduct, Regulations and Development, Special Audit, Tax Audit

Supreme Court Upholds ICAI’s Power to Limit Tax Audits, Grants Relief for Past Violations Date of the Judgment: 17 May 2024 Citation: (2024) INSC 451 Judges: Justice B.V. Nagarathna and Justice Augustine George Masih. Can a professional body like the Institute of Chartered Accountants of India (ICAI) limit the number of tax audits a chartered

Supreme Court Upholds ICAI’s Power to Limit Tax Audits, Grants Relief for Past Violations: Shaji Poulose vs. Institute of Chartered Accountants of India (2024) INSC 451 (17 May 2024) Read Post »

Supreme Court Upholds Tax on Concessional Loans for Bank Employees: All India Bank Officers’ Confederation vs. Central Bank of India (2024)

/ Constitutional Law, Constitutional Law with Article 14, Fundamental Rights, Income Tax Act, 1961, Income Tax Act, 1961 with Section 17, Income Tax Rules, 1962, Income Tax Rules, 1962 with Rule 3, Perquisites, Tax on Concessional Loans, Taxation of Salary, Valuation of Perquisites

Supreme Court Upholds Tax on Concessional Loans for Bank Employees: All India Bank Officers’ Confederation vs. Central Bank of India (2024) LEGAL ISSUE: Whether the tax on interest-free or concessional loans provided by banks to their employees is valid. CASE TYPE: Tax Law Case Name: All India Bank Officers’ Confederation vs. The Regional Manager, Central

Supreme Court Upholds Tax on Concessional Loans for Bank Employees: All India Bank Officers’ Confederation vs. Central Bank of India (2024) Read Post »

Supreme Court clarifies tax deduction on commission for telecom services: Bharti Cellular vs. Assistant Commissioner of Income Tax (2024)

/ Commission or Brokerage, Contract Law, Income Tax Act, 1961, Income Tax Act, 1961 with Section 194H, Independent Contractor, Indian Contract Act, 1872 with Section 182, Principal-Agent Relationship, Tax Deduction at Source

Supreme Court Clarifies Tax Deduction on Telecom Services: Bharti Cellular vs. ACIT (2024) Date of the Judgment: February 28, 2024 Citation: 2024 INSC 148 Judges: Sanjiv Khanna, J. and S.V.N. Bhatti, J. Can telecom companies be required to deduct tax at source on income earned by their distributors? The Supreme Court of India recently addressed

Supreme Court clarifies tax deduction on commission for telecom services: Bharti Cellular vs. Assistant Commissioner of Income Tax (2024) Read Post »

Supreme Court sets aside reassessment orders in Income Tax case: M/s Mangalam Publications vs. Commissioner of Income Tax (23 January 2024)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 139, Income Tax Act, 1961 with Section 143, Income Tax Act, 1961 with Section 147

Supreme Court sets aside reassessment orders in Mangalam Publications case LEGAL ISSUE: Whether reassessment under Section 147 of the Income Tax Act, 1961 is valid when the original assessment was completed under Section 143(3) and the reassessment is based on a change of opinion. CASE TYPE: Income Tax Case Name: M/s Mangalam Publications, Kottayam vs.

Supreme Court sets aside reassessment orders in Income Tax case: M/s Mangalam Publications vs. Commissioner of Income Tax (23 January 2024) Read Post »

Supreme Court clarifies deduction under Section 80IA of Income Tax Act: Jindal Steel & Power Ltd. vs. Commissioner of Income Tax (2023)

/ Deductions Under Income Tax Act, 1961, Electricity (Supply) Act, 1948, Electricity (Supply) Act, 1948 with Section 43, Electricity (Supply) Act, 1948 with Section 43A, Income Tax Act, 1961, Income Tax Act, 1961 with Section 143(3), Income Tax Act, 1961 with Section 80IA

Supreme Court on Section 80IA of Income Tax Act: Recomputation of Deduction (2023) LEGAL ISSUE: Recomputation of deduction under Section 80IA of the Income Tax Act, 1961, specifically regarding the determination of market value for electricity generated by captive power plants. CASE TYPE: Income Tax Case Name: Commissioner of Income Tax vs. M/s Jindal Steel

Supreme Court clarifies deduction under Section 80IA of Income Tax Act: Jindal Steel & Power Ltd. vs. Commissioner of Income Tax (2023) Read Post »

Supreme Court overturns NCLT order on revaluation of assets in insolvency case: Ramkrishna Forgings Limited vs. Ravindra Loonkar (2023)

/ Corporate Insolvency Resolution Process, Income Tax Act, 1961, Income Tax Act, 1961 with Section 79, Insolvency and Bankruptcy Code, 2016, Insolvency and Bankruptcy Code, 2016 with Section 30, Insolvency and Bankruptcy Code, 2016 with Section 31

Supreme Court overturns NCLT order on revaluation of assets in insolvency case: Ramkrishna Forgings Limited vs. Ravindra Loonkar (2023) LEGAL ISSUE: Whether the National Company Law Tribunal (NCLT) can order a revaluation of a corporate debtor’s assets after the Committee of Creditors (CoC) has approved a resolution plan. CASE TYPE: Insolvency and Bankruptcy Law Case

Supreme Court overturns NCLT order on revaluation of assets in insolvency case: Ramkrishna Forgings Limited vs. Ravindra Loonkar (2023) Read Post »

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