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Supreme Court Allows Assessee's Appeal Against Addition of Secreted Profits Under Income-tax Law. Addition of Rs.1,41,000 as Secreted Profits from High Denomination Notes Set Aside as Tribunal Acted Without Evidence and on Suspicion....

The Supreme Court allowed two connected appeals by an assessee, a Hindu undivided family carrying on extensive business in grain as merchants and commission agents, against income-tax and excess profi...

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Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent....

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs. Calcutta Company Ltd., sold developed plots and, ...

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Supreme Court Upholds Appellant Banks in Bonus Dispute; Section 10 of Banking Companies Act, 1949 Prohibited Profit-Sharing Bonus to Bank Employees Before 1956 Amendment. The 1956 Amendment Was Not Retrospective, So Pre-Amendment Bonus Claims Were Barred as Remuneration Taking the Form of Share in Profits....

The dispute arose from the demand for bonus by bank employees in the context of sharp price rises after World War II. In or about 1946, trade unions of bank employees presented demands for higher sala...

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Supreme Court Upholds Income Tax Department in Taxability of Cheque Payments Received by Post as Income in Taxable Territories. Implied Request to Send Cheques by Post Constructs Post Office as Assessee's Agent Under Section 4(1)(a) of Indian Income-tax Act, 1922....

The Supreme Court addressed the question whether cheque payments received by post from the Government of India by a textile manufacturer located in Baroda, outside the then British India, constituted ...

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Supreme Court Sets Aside High Court Order Directing Supplementary Statement Under Section 66(4) of Income-tax Act. High Court Cannot Raise New Questions Not Arising from Tribunal's Order or Direct Investigation into New Facts; Power Limited to Facts Already on Record....

The appeal by special leave arose from a judgment and order of the High Court of Judicature at Bombay dated September 23, 1955, in Income Tax Reference No. 19 of 1955. The appellant was a limited liab...

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Supreme Court Upholds Deity's Claim in Trust Deed Suit; Sets Aside High Court's Reversal of Concurrent Findings. Burden of Proof on Plaintiff to Establish Deed Sham and Executing Court Order Erroneous Under Order 21 Rules 60 and 63 of Code of Civil Procedure, 1908....

This appeal by special leave arose from a suit instituted by the respondents under Order 21 Rule 63 of the Code of Civil Procedure, 1908, seeking a declaration that a deed of trust dated December 15, ...

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Supreme Court Upholds Assessee in Income Tax Case, Holding Voluntary Return Below Taxable Limit is a Valid Return. Assessment Completed Beyond Four Years of Assessment Year Under Section 34(1) Notice Was Invalid as No Income Had Escaped Assessment....

The case involved an assessee, Ranchhoddas Karsondas, who submitted a voluntary return of income for the assessment year 1945-46 on January 5, 1950, disclosing an income of Rs. 1,935, which was below ...

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Supreme Court Upholds Labour Court Award on Interim Increment and Bonus for Workmen in Industrial Dispute. Interim Consent Award for 4% Increment Cannot Be Challenged; Piece-Rate Workers Not Entitled to Annual Increments; Unpaid Rent Used as Working Capital Carries Interest for Bonus Computation....

The dispute arose between the management of Praga Industries (P) Ltd., a private limited company manufacturing nut and plastic buttons in Coimbatore, and its workmen. The company operated as a lessee ...