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Supreme Court Hears Civil Appeals Concerning Applicability of Interest on Delayed Payments Act to Prior Contracts. The appeals arise from a common question of law regarding the retrospective application of the Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertakings Act, 1993.

The appeals before the Supreme Court arose from a common question of law regarding the applicability of the Interest on Delayed Payment to Small Scale...

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Supreme Court Allows NCDC's Appeal in Income Tax Dispute Over Deduction of Grants as Revenue Expenditure. Grants disbursed by a statutory corporation as part of its business are deductible under Section 37 of the Income Tax Act, 1961, regardless of the capital nature of the source funds.

The National Co-operative Development Corporation (NCDC), established under the National Co-operative Development Corporation Act, 1962, is a statutor...

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Supreme Court Dismisses Appeal by Seller Against Union of India Over Forward Contract Dispute. Contract Held to be a Non-Transferable Specific Delivery Contract under Section 2(f) of Forward Contract (Regulation) Act, 1952, and Thus Not Illegal.

The dispute arose from a contract entered into in September 1960 between appellant Modi & Co. and the respondent Union of India, acting through the Di...

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Supreme Court Upholds Entry Tax on Industrial Townships — Industrial Townships Can Be Treated as 'Local Area' Under Entry 52 List II. Inclusion of industrial townships in definition of 'local area' for entry tax is constitutionally valid and does not violate Article 243-Q.

The Supreme Court considered a batch of appeals challenging the validity of entry tax levied on goods entering industrial townships under the Orissa E...

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Supreme Court Dismisses Appeals of Generating Company and State Utility in Electricity Tariff Dispute. Deemed Generation Incentive Not Payable After 1995 Notification; Supplementary Agreement Bars Retrospective Interest on Deemed Loan.

The Supreme Court dismissed two appeals arising from a common order of the Appellate Tribunal for Electricity (APTEL) concerning a power purchase agre...