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Supreme Court Allows Filing of Revised Income Tax Returns After Due Date in Amalgamation Case — Holds That NCLT-Approved Scheme Overrides Procedural Timelines Under Income Tax Act. Clause 64(c) of the Scheme Permitting Revised Returns Has Statutory Force and Department Cannot Reject Them as Invalid.

The Supreme Court allowed the appeals filed by M/s Dalmia Power Limited and M/s Dalmia Cement (Bharat) Limited against the judgment of the Division Be...

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Supreme Court Allows Appellant in Sabka Vishwas Scheme Case Due to Moratorium Under IBC. Payment Delay Caused by Legal Disability Under Section 14 IBC, Designated Committee Directed to Accept Payment and Issue Discharge Certificate Under Finance Act, 2019 Scheme.

The dispute arose from the appellant company's inability to pay a settlement amount of Rs.1,24,28,500/- under the Sabka Vishwas (Legacy Dispute Resolu...

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Supreme Court Hears Appeal Against Bombay High Court Judgment Upholding Sanction of Competing Slum Scheme; Appeal Ongoing.

The dispute centered on a 2,005 sq. mts. parcel in Malad, Mumbai, originally declared a slum in 1987 under the Maharashtra Slum Areas (Improvement, Cl...

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Bombay High Court Directs Issuance of Certificate Under Income Declaration Scheme, 2016 Despite Delay in Payment of Tax. Petitioner's failure to pay tax within prescribed time due to financial constraints was condoned as the scheme was beneficial and the delay was not contumacious.

The petitioner, Kamla Chandrasingh Kabali, a spinster, could not file income tax returns for assessment years 2011-12 to 2014-15 due to unfavourable f...