Supreme Court Clarifies Registration of New Trusts under Section 12AA of the Income Tax Act LEGAL ISSUE: Whether a newly registered trust can be granted registration under Section 12AA of the Income Tax Act, 1961, based solely on its objects, without having undertaken any activities. CASE TYPE: Income Tax Law Case Name: M/S. Ananda Social […]
Supreme Court Upholds Disallowance of MODVAT Credit as Deduction: Maruti Suzuki India Ltd. vs. Commissioner of Income Tax (2020) LEGAL ISSUE: Whether unutilized MODVAT credit can be claimed as a deduction under Section 43B of the Income Tax Act. CASE TYPE: Income Tax Case Name: Maruti Suzuki India Ltd. vs. Commissioner of Income Tax Judgment
Supreme Court Allows Revised Income Tax Returns Post-Amalgamation: Dalmia Power Ltd. vs. ACIT (2019) LEGAL ISSUE: Whether revised income tax returns can be filed after the statutory deadline due to company amalgamation proceedings. CASE TYPE: Income Tax Law Case Name: M/S Dalmia Power Limited & Anr. vs. The Assistant Commissioner of Income Tax Circle 1,
Supreme Court Clarifies Capital Gains Tax on Property Transfer: Seshasayee Steels vs. ACIT (2019) LEGAL ISSUE: Determining the point of transfer for capital gains tax on immovable property under the Income Tax Act, 1961, specifically concerning agreements to sell and subsequent compromise deeds. CASE TYPE: Income Tax Law Case Name: M/s Seshasayee Steels P. Ltd.
Supreme Court Upholds Tax on Share Buybacks: Genpact India vs. Deputy Commissioner of Income Tax (2019) LEGAL ISSUE: Whether a company is liable to pay additional income tax on buyback of shares under Section 115QA of the Income Tax Act, 1961, even when the buyback is part of a scheme of arrangement approved by the
Supreme Court Clarifies Notice Requirements under Section 143(2) of the Income Tax Act LEGAL ISSUE: Whether a notice issued under Section 143(2) of the Income Tax Act, 1961, is valid if sent to the address available in the PAN database, even if the assessee has changed their address and not updated it with the Income
Supreme Court Upholds Auction Cancellation in Property Sale Case: Sankalp Recreation vs. Union of India (2019) LEGAL ISSUE: Whether the cancellation of an auction process by the government, despite a highest bid above the reserve price, is valid. CASE TYPE: Civil Appeal, Property Law, Auction Law. Case Name: Sankalp Recreation Private Limited vs. Union of
Supreme Court Upholds Pre-emptive Purchase of Land Under Income Tax Act: Krishna Kumar Rawat vs. Union of India (2019) Date of the Judgment: 29 July 2019 Citation: 2019 INSC 760 Judges: Abhay Manohar Sapre, J., Dinesh Maheshwari, J. Can the government compulsorily purchase a property if it believes the sale price is significantly undervalued? The
Supreme Court Upholds Prospective Application of Section 35AC(7) of the Income Tax Act in Charitable Trust Case (2019) LEGAL ISSUE: Whether the newly inserted sub-section (7) of Section 35AC of the Income Tax Act, 1961, which disallows deductions for certain charitable donations, applies retrospectively to projects approved before its enactment. CASE TYPE: Income Tax Law
Supreme Court on Assessment Order in the Name of Non-Existent Company: PCIT vs. Maruti Suzuki (2019) LEGAL ISSUE: Whether an assessment order issued in the name of an amalgamated company, which ceased to exist, is valid under the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Pr. Commissioner of Income Tax, New
Supreme Court Upholds Review of Order in Property Dispute Case: Sunil Vasudeva vs. Sundar Gupta (2019) LEGAL ISSUE: Whether the High Court was justified in reviewing its earlier order to restore a writ petition concerning a property sale. CASE TYPE: Civil, Property Dispute Case Name: Sunil Vasudeva & Ors. vs. Sundar Gupta & Ors. Judgment
Supreme Court Remands Income Tax Appeals for Fresh Hearing: Ryatar Sahakari Sakkarre Karkhane Niyamit vs. Asst. Commissioner of Income Tax (2019) LEGAL ISSUE: Procedure for framing questions of law in appeals before the High Court under Section 260A of the Income Tax Act, 1961. CASE TYPE: Income Tax Appellate Case Name: Ryatar Sahakari Sakkarre Karkhane
