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Supreme Court Upholds Remand Order in Dispute Over Dissolution of Partnership and Final Decree. Partnership dissolution, settlement of accounts, and profit-sharing dispute resolved through remand for evidentiary re-evaluation.

The Supreme Court disposed of appeals challenging the High Court's remand order concerning the dissolution of the partnership firm Crystal Transport S...

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Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...

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Supreme Court Upholds Assessee Bank in Tax Dispute Over Appreciation of Blocked Foreign Exchange. Appreciation in Value of Pakistani Rupee Remittances Due to Devaluation Held Capital Receipt, Not Revenue Under Section 10 of Indian Income-tax Act, 1922.

The litigation concerned the tax treatment of appreciation in the value of foreign exchange held by a bank abroad, which arose upon devaluation of the...

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Supreme Court Upholds Revenue's Treatment of Profit-Sharing Payment as Capital Expenditure under Income-tax Act, 1922. Payment of Annual Percentage of Net Profits to Seller Government for Acquisition of Industrial Undertakings Held Capital in Nature, Not Revenue Deduction Under Section 10(2)(xv).

The appellant company, Travancore Sugars and Chemicals Ltd., was formed to take over certain industrial undertakings from the Government of the erstwh...

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Supreme Court Upholds Revenue's Assessment Under Section 44D of Income-tax Act Despite Income Not Being Taxable at Time of Asset Transfer. Partners of Firm That Transferred Assets to Non-Resident Corporation Assessable on Corporation's Income as They Acquired Right to Enjoy Income by Means of Transfer.

The case arose from a dispute under the Indian Income-tax Act, 1922 concerning the assessment of partners of a firm that had transferred assets to a n...

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C.S.(Comm.Div.) No.205 of 2023

The plaintiff, VGN Projects Estates Private Limited, filed commercial suit no.205 of 2023 against the defendants, M/s. VGK Builders Pvt. Ltd. and M/s....

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Supreme Court Examines Appeals Concerning Kudankulam Nuclear Power Plant, Addressing Safety and Regulatory Measures Under Atomic Energy Act, 1962. The Court Deliberates on Balancing National Energy Policy with Public Apprehensions Stemming from Past Nuclear Incidents.

The case centers on appeals related to the establishment of a nuclear power plant at Kudankulam in Tamil Nadu. The judgment begins by acknowledging th...

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High Court of Madras Considers Interplay of Section 40A(7) and Section 43B for Deduction of Gratuity Provision. The Court Examined Whether Specific Provision Overrides Requirement of Actual Payment, but Final Verdict Not Available in Provided Excerpt.

The case concerned an appeal by the assessee, a manufacturer of specialty chemicals, against the disallowance of a provision for gratuity of Rs.31,24,...