Supreme Court
Supreme Court Pulls Up Income Tax Dept For Launching Prosecution For Tax Evasion Without ITAT Confirmation, Imposes Rs 2 Lakh Cost
The Supreme Court on Thursday (Aug. 28) imposed Rs. 2 Lakhs cost on Income Tax Department for 'grossly abusing its position' to continue a prosecution against an assessee alleging willful tax evasion.The bench comprising Justices JK Maheshwari and Vijay Bishnoi set aside the Madras High Court's decision, which refused to quash the prosecution case initiated by the department. The Court criticized the department's action of launching the prosecution against the assessee in contrast to its own...
Supreme Court Directs DGFT & CBIC To Update Tech Systems To Ensure Genuine Exporters Don't Lose Benefits Over Clerical Errors
The Supreme Court observed that an exporter cannot be denied legitimate entitlements under the government's incentive schemes merely because of an inadvertent clerical error that was later corrected through statutory processes. Holding thus, a bench of Justices Aravind Kumar and NV Anjaria ruled in favour of an exporter who was denied a claim for benefits under the Merchandise Exports from India Scheme (MEIS) just because the column declaring “intent to claim MEIS” in the shipping bills was...
Mere Non-Signing Won't Invalidate Arbitration Agreement If Parties Otherwise Consented To Arbitration : Supreme Court
The Supreme Court observed that merely because an arbitration agreement was not signed, there is no bar to refer the dispute to arbitration, if the parties have otherwise consented to arbitration.The bench comprising Justices Sanjay Kumar and Satish Chandra Sharma set aside the Delhi High Court's decision which declined reference to arbitration merely because Respondent No.1 didn't sign the arbitration agreement. Since the Respondent No.1 consented to the contractual terms via email, the...
Is Merchant Navy Officer's Salary Credited In Indian Bank Account Exempt From Income Tax? Supreme Court To Decide
The Supreme Court on Monday (Aug. 18) agreed to decide whether the income credited in an Indian bank account while working with a Foreign Entity would be exempted from the payment of Income Tax under the Income Tax Act, 1961.. The issue arose before the bench of Justices Pankaj Mithal and Prasanna B. Varale while hearing the appeal filed against the Punjab & Haryana High Court's decision upholding the Motor Accident Claims Tribunal (“MACT”) decision to deduct 30% towards tax liability while...
Non-Signatories Have No Right To Attend Arbitration Proceedings, Their Presence Breaches Confidentiality : Supreme Court
The Supreme Court on Wednesday (Aug. 13) observed that a party non-signatory to an arbitration agreement cannot participate in the arbitration proceedings, as the signatories to an arbitration agreement are only entitled to remain present in the arbitration proceedings. The bench comprising Justices PS Narasimha and AS Chandurkar set aside the Delhi High Court's decision, which allowed the non-signatories to an arbitration agreement to attend the arbitration proceedings in the presence of their...
Place Of Exclusive Jurisdiction Deemed As 'Seat' Of Arbitration : Supreme Court
The Supreme Court observed that in the absence of a seat or venue of arbitration in the arbitration agreement, the place where the exclusive jurisdiction has been vested as per the agreement would be regarded as the 'seat' of the arbitration.The bench of Justices P.S. Narasimha and A.S. Chandurkar set aside the Punjab & Haryana High Court's order allowing an application for the appointment of an arbitrator in a dispute where the arbitration agreement conferred exclusive jurisdiction for...
Supreme Court Refuses To Entertain Ex-Chhattisgarh CM Bhupesh Baghel's Challenge To S.44 PMLA On ED's Further Investigation Powers
While refusing to entertain former Chhattisgarh Chief Minister Bhupesh Baghel's challenge to the constitutional validity of Section 44 of PMLA, the Supreme Court today allowed persons aggrieved by violations of 'further investigation' powers of Enforcement Directorate to approach jurisdictional High Courts.Briefly put, Baghel's petition assailed the Explanation to Section 44 PMLA as per which “the complaint shall be deemed to include any subsequent complaint in respect of further investigation...
Income Tax Act | Supreme Court Delivers Split Verdict On Timelimit For Assessments Under S.144C
The Supreme Court on Friday (Aug. 8) delivered a split verdict on the interpretation of the limitation period under Section 144C of the Income Tax Act, 1961 (“Act”), governing the timeline for passing assessment orders by the Assessing Officer in cases involving eligible assessees, such as foreign companies and transfer pricing matters.The judgment was delivered by the bench of Justices BV Nagarathna and SC Sharma.In a split verdict, Justice BV Nagarathna ruled that Section 153(3)'s...
'HC Interfered Prematurely' : Supreme Court On Delhi HC Deferring PMLA Charge Hearing Against Karti Chidambaram MP
The Supreme Court today issued notice on Enforcement Directorate's plea against a Delhi High Court order which deferred arguments on charge against Congress MP Karti Chidambaram in the PMLA proceedings related to Chinese visa and Aircel Maxis cases.A bench of Justices Surya Kant and Joymalya Bagchi passed the order, after hearing Additional Solicitor General SV Raju (for ED), who questioned why PMLA trial should await framing of charges in the predicate offense.At first, Justice Kant expressed...
Supreme Court Orders Release Of Rs.1 Crore Deposited By Lok Sabha MP Karti P Chidambaram As Pre-Condition For Foreign Travel
The Supreme Court today ordered release of Rs.1 crore amount deposited by Lok Sabha MP Karti P Chidambaram with the Court's Secretary General as a pre-condition for foreign travel in 2022.A bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh passed the order, noting that pursuant to the 2022 order, Chidambaram travelled abroad and deposited his passport with the Investigating Officer after coming back to India."Miscellaneous application is allowed and amount of Rs.1 crore...