The Supreme Court delivered a split verdict on the Revenue’s appeal against a Bombay HC ruling in a high-stakes tax dispute involving foreign drilling companies. Conflicting views on Sections 144C and 153 of the Income Tax Act now push the matter to a larger bench.
The Bombay High Court dismissed a petition challenging BJP MLA Rajendra Gavit’s 2024 election win, ruling that polygamy cannot be a reason for disqualification. The court clearly stated, “Polygamy not a ground for disqualification.” Mumbai: The Bombay High Court rejected a petition that sought to invalidate BJP MLA Rajendra Gavit’s victory in the 2024 elections, […]
A landmark ruling confirms that the Income Tax (I-T) department can seize properties under the anti-benami law even if the actual owner is unknown. The judgment, related to properties worth Rs 3.47 crore in Lucknow, highlights the law’s power to act against assets bought with unaccounted cash, even when the person funding the purchase is untraceable. This decision reinforces the government’s crackdown on benami transactions, especially in the real estate sector, and sets a strong precedent for future cases.
A PIL filed in the Supreme Court Today (Dec 26) sought to scrap the TDS system calling it “arbitrary and irrational” and violative of various fundamental rights, including equality. The PIL challenged the tax deducted at source or TDS framework under the Income Tax Act, which mandates the deduction of tax at the time of payment by the payer and its deposit with the income tax department. The deducted amount is adjusted against the payee’s tax liability.
Today (20th March): The Congress party has taken the Income Tax reassessment matter to the Delhi High Court, urging for an urgent hearing. The party’s legal representatives stated that the authorities have reopened assessments for four years. This comes after the Income Tax Appellate Tribunal rejected a plea to stay a notice demanding over Rs 100 crore in outstanding taxes.
NewsClick has withdrawn its Supreme Court plea and redirected its focus to the Income Tax Appellate Tribunal to address the income tax dispute. The decision, supported by the Supreme Court justices, underscores the complexities faced by media entities in legal battles and reflects the judiciary’s commitment to timely resolutions. This shift has significant implications for press freedom and financial responsibility in India.
The BCCI is seeking Supreme Court clarification on whether the sale of media rights is subject to service tax categorization as ‘franchise services’. This follows a directive from the Bombay High Court. The disputed amount totals around Rs 250 crore. The Supreme Court’s verdict will have significant implications for the taxation of media rights in Indian cricket.