Supreme Court

CLR Snippets | Justice Palanisamy Sathasivam sworn in as the Chief Justice of India

At a ceremony held today (July 19, 2013) at 0930 hrs at Rashtrapati Bhavan, Shri Justice Palanisamy Sathasivam was sworn in as the Chief Justice of the Supreme Court of India. He made and subscribed to the oath of office before the President. Read More

Tags: Altamas KabirChief JusticeChief Justice of IndiaIndiaOath of officePranab MukherjeeRashtrapati BhavanSupreme Court

Should insider dealing be Prohibited?

Should insider dealing be prohibited? There are advocates supporting both, prohibition and deregulation of insider trading. Since the fountainhead of majority of laws is the US law, this post will primarily discuss the US law, though insider trading is neither defined including all parameters nor are there clear regulations by the federal rules.[1] The most prominent… Read More

Tags: BusinessEfficient-market hypothesisENRONinsidertradingLawSarbanes–Oxley ActShareholderSupreme CourtUnited States

Doctrine Of Lis Pendens :: A Critical Evaluation

An Article by Prarthna Baranwal, Student, Hidayatullah National Law University, Raipur INTRODUCTION The broad principle underlying S. 52 of the Transfer of Property  Act is to maintain the status quo unaffected by the act of any party to the litigation pending its determination-even after the dismissal of a suit, a purchaser is subject to lis… Read More

Tags: BusinessCritical EvaluationForeclosureLawsuitLis PendensPlaintiffProcess ServicePublic PolicySupreme CourtTransfer of PropertyUnited States

SC verdict: Payments To LIC Towards Group Gratuity funds is allowed

CIT vs. Textool Co. Ltd (Supreme Court) Ratio of the Case: Though section 36(1)(v) requires a direct payment to a gratuity trust fund, payments made to the LIC Group Gratuity Scheme for the benefit of the employees is also allowable. CLR Editorial Notes: The assessee in question had set up a gratuity fund which was… Read More

Tags: AppealCITHonIncome taxIndiaLIC Group Gratuity SchemeSupreme CourtThe Honourable

Section 194C TDS does not apply to contract manufacturing agreements

CIT vs. Silver Oak Laboratories P. Ltd (Supreme Court) CLR Editorial Notes: The assessee in this case related to Section 194C, is a manufacturer of pharmaceutical products. The assessee entered into various agreements with multiple manufacturers who manufactured items according to the specifications provided by the assessee. The Assessing Officer held that the transaction between… Read More

Tags: 201(1)201(1A)AppealHigh CourtIndiaManufacturingReebok India 306 ITR 124 (Del)Section 194CSupreme Court

Customs – Reduction of Department monetary limits for filing Appeals before CESTAT/HC/SC

F.No.390/Misc./163/2010-JC Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi 3rd June, 2013 INSTRUCTION To, 1.   All Chief Commissioners and Directors General under the Central Board of Excise and Customs. 2.   Chief Commissioner (AR), Customs, Excise & Service Tax Appellate Tribunal. 3.   All Commissioners of Customs/Central Excise/Service Tax/All Authorised Representatives, CESTAT/Commissioner,… Read More

Tags: CBECCentral Board of ExciseCentral Board of Excise & CustomsCustoms ActFine (penalty)IndiaNew DelhiSupreme CourtTaxation in India

Cauvery Issue – First Meeting of the Supervisory Committee Held

The 1st Meeting of the Supervisory Committee (SC) on Cauvery held here in New Delhi today under the chairmanship Water Resources Secretary Dr. S. K. Sarkar. The meeting was convened inter alia, to establish the procedures for conducting its business  and  was   in  pursuance to the Supreme Court™s direction dated 10th May,2013 wherein the directions have been issued for the constitution of a Supervisory Committee under the… Read More

Tags: GopurajapuramGovernment of KarnatakaIndiaKarnatakaKaveriKeralaSupreme CourtTamil Nadu

CLR Snippets | SEBI initiates process of refund to the genuine investors in the matter of Sahara

As per the order of the Hon'ble Supreme Court dated May 8, 2013, SEBI  has initiated the process of refund to the genuine investors who have submitted /would be submitting their claims, in the format (available at website,  after verifying the  genuineness  of the documents . The order of the Hon'ble Supreme Court dated May 8, 2013… Read More

Tags: InvestorSaharaSahara India PariwarSEBISecurities and Exchange Board of IndiaSubrata RoySupreme CourtSupreme Court of the United States

EPF / ESI Contribution not covered under Sec43B; Deduction u/s 36(1)(va) allowed only if paid within due date

In the assessment year 2008-09 the assessee in this case, collected employees™ contribution to the Provident Fund and ESIC, but did not pay it within the due date prescribed by the relevant legislation. The amount was, however, paid before the due date of filing the ROI. The Assessing Officer assessed the said amounts as income… Read More

Tags: Bengal Chemicals & PharmaceuticalsCITDelhi High CourtEmployee Provident FundSupreme Court

ITAT Special Bench Explains Important Law On Force Of Attraction

CLR Editorial Notes: The assessee, in this particular case is a U.K. partnership firm of Solicitors, which provides legal consultancy services in connection with different projects in India. The assessee claimed in its assessment, that the taxability of the income had to be processed under Article 15 (independent professional services) which forms part of the… Read More

Tags: Bombay High CourtClifford ChanceDouble taxationHigh CourtIndiaLinklaterMumbaiSupreme Court

MoC&IT Clarification on Issues related to Spectrum Allocation

A Committee had been constituted in Deptt of Telecom to look into the issues related to administrative allotment/ assignment of spectrum in the various categories i.e. Captive Mobile Radio Trunk Service (CMRTS), Public Mobile Radio Trunk Service (PMRTS), Commercial VSATs and all captive users etc. The Committee had submitted its report containing, inter-alia, periodic review… Read More

Tags: Department of TelecomDepartment of TelecommunicationsHertzLok SabhaOptusStephen ConroySupreme CourtSupreme Court of the United States

CLR Snippets | Additional Charge of the Post of Member of the Appellate Tribunal for Foreign Exchange

The Central Government has entrusted the additional charge of the post of Member of the Appellate Tribunal for Foreign Exchange to Shri R.P. Tolani, Judicial Member, Income Tax Appellate Tribunal and Shri U.B.S. Bedi, also Judicial Member, Income Tax Appellate Tribunal, with effect from 4th May 2013 for a further period of 3 months or… Read More

Tags: AppealCorporate lawIncome taxIncome Tax Appellate TribunalIndiaMutual fundrbiReserve Bank of IndiaSupreme Court

Settlement Commission has no jurisdiction to grant immunity or waiver from the statutory liability to pay interest

Ratio of the Case: With effect from 1 June 2007 an amended provision was brought into force by which the Settlement Commission cannot any longer grant a waiver or immunity from the liability to pay interest. CLR Editorial Notes: The Petitioner is this case had challenged an order of the Settlement Commission under section 127 C (5) of… Read More

Tags: Bombay High CourtCustoms ActDominion of IndiaIndiaMadhya PradeshPetitionerSupreme Court

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