Supreme Court Clarifies Speculative Business Loss Set-Off Rules for NBFCs: Snowtex Investment Ltd. vs. PCIT (2019) LEGAL ISSUE: Whether a company’s income from trading in shares should be classified as speculative business income, and whether losses from such trading can be set off against profits from trading in derivatives. CASE TYPE: Income Tax Law Case […]
Supreme Court Remands Income Tax Case: Proper Framing of Questions of Law Required (2019) LEGAL ISSUE: The core legal issue revolves around the High Court’s procedure in dealing with appeals under Section 260A of the Income Tax Act, 1961, specifically regarding the framing of substantial questions of law. CASE TYPE: Income Tax Appeal Case Name:
Supreme Court sets aside High Court order on Section 148 Income Tax Act notice: Pr. Commissioner of Income Tax vs. Nokia India Pvt. Ltd. (2019) LEGAL ISSUE: Whether the High Court was right in dismissing the Revenue’s appeal in limine, holding that it did not involve any substantial question of law, regarding the legality of
Supreme Court Clarifies Assessing Officer’s Power to Extend Audit Report Time Under Section 142(2C) of the Income Tax Act LEGAL ISSUE: Interpretation of the Assessing Officer’s power to extend time for submitting audit reports under Section 142(2C) of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: The Commissioner of Income Tax,
Supreme Court Remands Income Tax Case: Applicability of Section 35D of Income Tax Act to Banks Date of the Judgment: 15 March 2019 Citation: 2019 INSC 251 Judges: Abhay Manohar Sapre, J., Dinesh Maheshwari, J. Can a bank be considered an industrial undertaking for tax deduction purposes? The Supreme Court of India recently addressed this
Supreme Court on Dismissal of Income Tax Appeal due to Company Dissolution: Commissioner of Income Tax vs. M/s Gopal Shri Scrips Pvt. Ltd. (2019) INSC 197 LEGAL ISSUE: Whether an appeal filed by the Income Tax Department can be dismissed as infructuous solely because the respondent company has been dissolved. CASE TYPE: Income Tax Law
Supreme Court clarifies Settlement Commission’s power on interest waiver: Kakadia Builders vs. Income Tax Officer (2019) LEGAL ISSUE: Whether the Settlement Commission has the power to waive or reduce interest payable under Sections 234A, 234B, and 234C of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: Kakadia Builders Pvt. Ltd. &
Supreme Court Upholds Addition of Bogus Share Capital: Principal Commissioner of Income Tax vs. NRA Iron & Steel Pvt. Ltd. (2019) LEGAL ISSUE: Whether the onus of proof is on the assessee to prove the genuineness of share capital/premium credited in their books of account. CASE TYPE: Income Tax Law Case Name: Principal Commissioner of
Supreme Court Clarifies Deduction Under Section 80HH of Income Tax Act: Vijay Industries vs. Commissioner of Income Tax (2019) LEGAL ISSUE: Interpretation of Section 80HH of the Income Tax Act, 1961, regarding deductions for industrial undertakings in backward areas. CASE TYPE: Income Tax Case Name: M/S. VIJAY INDUSTRIES VERSUS COMMISSIONER OF INCOME TAX [Judgment Date]:
Supreme Court Remands Income Tax Case: Commissioner of Income Tax-I vs. M/s Rashtradoot (HUF) (2019) LEGAL ISSUE: Whether the High Court erred in dismissing the Revenue’s appeal without framing substantial questions of law and providing reasons for its decision. CASE TYPE: Income Tax Appeal Case Name: Commissioner of Income Tax-I vs. M/s Rashtradoot (HUF) [Judgment
Supreme Court Allows 100% Tax Exemption Post Substantial Expansion Under Section 80-IC: Aarham Softronics Case (2019) LEGAL ISSUE: Whether an assessee who initially availed 100% tax exemption under Section 80-IC of the Income Tax Act, 1961 for setting up a new industry can claim the same 100% exemption again after carrying out a substantial expansion
Supreme Court Upholds Unearned Increase on Leasehold Property Transfers: DDA vs. Karamdeep Finance (2019) LEGAL ISSUE: Whether an auction purchaser of a leasehold property is liable to pay unearned increase to the Delhi Development Authority (DDA). CASE TYPE: Property Law, specifically concerning leasehold rights and government auctions. Case Name: Delhi Development Authority vs. M/s. Karamdeep
