Non-compete fee: Revenue or capital expenditure? Supreme Court explains
“Non-compete fee only seeks to protect or enhance the profitability of the business, thereby facilitating the carrying on of the business more efficiently and profitably.”
Income Tax Act
Fresh remedy under Article 226 barred once statutory remedy availed: Allahabad High Court rejects Writ after Assessee files rectification application under IT Act
“When on the same facts, a person has the right to claim one of two reliefs and with full knowledge he elects to claim one and obtains it, it is not open to him thereafter to flunk out on his election and claim the alternative relief.”
Head office expenditure of non-resident, incurred outside India, even if exclusively for Indian branches, fall within S. 44-C of Income Tax Act: Supreme Court
Legislature has defined “head office expenditure” in clear and unambiguous terms to mean executive and general administration expenditure incurred by the assessee outside India, including, inter alia, travelling expenses, salaries, and other administrative costs.
Know Thy Judge | Justice BV Nagarathna: The Arc Moving Toward a First Woman CJI
Justice B. V Nagarathna who is currently serving as a Judge of Supreme Court of India, formerly served as a Judge of Karnataka High Court until her elevation to the Supreme Court. Justice Nagarathna is also the potential contender for the first ever woman Chief Justice of India.
Relief for Taxpayers: CBDT Pushes Audit Filing Deadline to October-End
CBDT has extended the tax audit timeline for Assessment Year 2025—26, shifting the deadline from 30th September to 31st October 2025.
Nominee to Legal Heir Made Easy: SEBI’s New Framework for Seamless Securities Transmission
Effective January 1, 2026, SEBI introduces TLH code to eliminate tax hurdles and ease succession.
Inside Taxation Laws Amendment 2025: Unified Pension Reforms, Foreign Investment Exemptions, and Simplified Assessment Procedures
Taxation Laws Amendment 2025 introduces relief for Unified Pension Scheme subscribers, grants tax exemptions to Saudi Arabia’s Public Investment Fund and its subsidiaries and streamlines assessment procedures for improved consistency.
Income Tax Department: Verification operation to curb fraudulent ITR filing
The Verification Operation will aid in dismantling the networks behind the fraudulent schemes and ensure accountability under law.
Vicarious Liability under the Factories Act, 1948
by Sayan Sarkar*
Maintainability of proceedings under S. 148A(b) of Income Tax Act post-enforcement of Finance (No. 2) Act, 2024: Read Allahabad HC’s ruling
The Finance Act No. 02 of 2024, which came into effect on 01-09-2024, brought about significant amendments to the Income Tax Act. Among the key changes are revisions to Sections 148 and 148A, which pertain to the provisions for assessment and reassessment of income. In addition, Section 152 has been amended to introduce two new sub-sections.
Income Tax Bill | An attempt to replace 6-decade old Income-tax Act, 1961 for the benefit of taxpayers
The Bill has been approved by the Union Cabinet and awaits to be tabled in the Houses.
Compounding of the offences permitted under IT Act; Orissa HC refuses to exercise power under S. 482 for quashing proceedings under S. 276(B) of Income Tax Act
The Circular dated 17-10-2024 issued by the Central Board of Direct Taxe provides fresh guidelines for compounding of offences under the Income Tax Act.
Penalty for delay in filing audit report before assessing authority under IT Act can be avoided by demonstrating reasonable cause: Kerala High Court
“It merits notice that the phraseology used in Section 273B of the IT Act is such that no penalty can be imposed on an assessee under Section 271B for breach of the provisions, if he proves that there was ‘reasonable cause’ for the said failure.”
2024 SCC Vol. 9 Part 3
Arbitration Act, 1940 — S. 29 — Interest on interest or compound interest: Post award interest on interest awarded is not grantable
Justice BV Nagarathna: Igniting Hope for the First Ever Woman Chief Justice of India
Justice B. V Nagarathna who is currently serving as a Judge of Supreme Court of India, formerly served as a Judge of Karnataka High Court until her elevation to the Supreme Court. Justice Nagarathna is also the potential contender for the first ever woman Chief Justice of India.
2024 SCC Vol. 8 Part 4
Energy, Power and Electricity — Electricity — Generation and Transmission/Supply/Distribution of electricity
Can income-tax reassessment notice under S. 148 be issued on ‘change of opinion’ for material scrutinised in previous assessment? Gujarat HC answers
Documents relating to proof of deduction under Section 54F of the Act; Bank statement showing payment for above deduction; Statement justifying sale consideration; Working of capital gain were all furnished by the assessee.
‘SC’s 2023 decision in Ashish Agarwal does not deprive assessee of the right to question initiation of reassessment based on S.149(1)’; Delhi HC quashes notice against Genpact India
‘Although Genpact had alluded to the amended statutory regime that had come into existence and had informed the AO of the obligation to follow the procedure under Section 148A, no legal challenge was instituted to impugn the action commenced by notice dated 30-06-2021.’
Cases Reported in HCC
Civil Procedure Code, 1908—Or. 7 R. 11—Rejection of plaint — Appeal against Trial Court’s decision allowing application for rejection
‘Revenue Audit Objections a valid ground under Section 148 of Income Tax Act for reopening concluded assessment’: Allahabad HC
“There is no dispute regarding explanation given under Section 148 regarding information that can be relied upon by the Assessing Officer to reopen assessment of escaped income.”