Partnership Act | Outgoing Partner's Share Must Be Valued On Date Of Assessment, Not Date Of Dissolution : Supreme Court

The Supreme Court on Wednesday (September 9) held that, upon dissolution of a partnership at will, an outgoing partner's right to receive his share in the residue of the partnership assets is not frozen as of the date of dissolution. Instead, the partner is entitled to have his share determined based on the value of the partnership assets as on the date of their actual valuation. A bench...

Indian Stamp Act | Is Fraudulent Intent Necessary To Invoke S.47A Over Undervalued Deed? Supreme Court Refers To Larger Bench

The Court doubted the precedents which held that fradulent intent was necessary to invoke Section 47A of the Indian Stamp Act.

How To Attribute Mens Rea To Company? Supreme Court Explains Three-Stage Inquiry

The Supreme Court has held that criminal proceedings against a company accused of an offence cannot be quashed merely on the ground that no individual director, officer, or employee has been identified or arraigned as a co-accused, even where the offence charged requires proof of mens rea. A bench of Justice JB Pardiwala and Justice Manoj Misra held so while hearing an appeal filed by...

Companies Can Be Prosecuted Even Without Naming Individual Officers : Supreme Court

The Court also laid down a three-stage framework to attribute the individual's conduct and mens rea to the company.

RBI Can Supersede Multi-State Co-operative Bank Board Beyond Six-Months; Consultation With State Not Needed : Supreme Court

Observing that the Banking Regulation Act applies to multi-state co-operative banks, the Supreme Court on Thursday (September 3) held that the Reserve Bank of India's power to supersede the Board of Directors of a multi-state co-operative bank extends beyond the six-month limit prescribed under Article 243ZL(1) of the Constitution. “…the power of RBI to supersede BoD of a...

Futures & Options Segment Investors Cannot Seek Reimbursement Of Losses From Professional Clearing Members : Supreme Court

Highlighting the speculative nature of the Futures and Options (F&O) segment and the substantial losses suffered by investors despite the inherent risks involved, the Supreme Court on Wednesday (September 2) held that F&O investors cannot seek reimbursement of their financial losses from Professional Clearing Members (PCMs), whose role is just to facilitate the clearing and settlement...

Banks Can Invoke SARFAESI For Loans Acquired From NBFCs Not Covered Under Act : Supreme Court

In a significant ruling, the Supreme Court on Wednesday (September 2) held that banks can take recourse to the SARFAESI Act, 2002, to recover debts assigned to them by NBFCs, notwithstanding that such NBFCs were not covered under the Act at the time the debt was created. “…when the institution (bank) is one to which the SARFAESI Act is already applicable, acquisition of a...

Mere Delay In Depositing Foreign Travel Tax Not Same As 'Failure To Pay' : Supreme Court Sets Aside Penalty On Saudi Airlines

The Supreme Court has today (01.09.2026) held that mere delay in depositing Foreign Travel Tax (FTT) collected from passengers cannot be equated with failure to pay the tax, and hence, does not attract the penalty prescribed under Section 38(3) of the Finance Act, 1979. The Court also held that imposition of penalty under the provision is not automatic merely because there has been a breach...

Clarificatory Statement Does Not Qualify As Binding Undertaking For Contempt: Supreme Court

The Supreme Court on Tuesday (September 1) held that a clarificatory statement made before a court cannot be treated as an unconditional undertaking for the purpose of contempt proceedings unless it constitutes a solemn, express and unequivocal commitment intended to be acted upon by the court. A bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice V. Mohana upheld...

S. 74 CGST Act | General Allegations Of Fraud/Suppression Won't Extend Limitation; SCN Must Specify Foundational Facts : Supreme Court

The Supreme Court on Tuesday (August 25) quashed the GST show-cause notice issued to Tata Steel Ltd. under Section 74 of the Central Goods and Services Tax Act, 2017, for alleged short payment of tax due to suppression of facts. A bench of Justice JB Pardiwala and Justice K Vinod Chandran called the department's invocation of Section 74 of the Act, rather than the ordinary mechanism...

To Invoke Extended Limitation Under S.74, GST Show Cause Notice Must Specify Aspects Of Fraud Or Concealment : Supreme Court

Mechanically using the words 'fraud' or 'concealment' will not suffice.

SARFAESI | Earnest Money Deposit Shortfall Doesn't Vitiate Sale If 25% Sale Price Paid On Auction Day : Supreme Court

The Supreme Court has held that an auction sale under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be set aside merely due to a shortfall in depositing of an earnest money deposit. The Court said that once the auction purchaser complies with the statutory mandate to deposit 25% mark of the sale price on the same day of...