Income Tax Act - Loss Suffered Due To Exchange Fluctuation While Repaying Loan Can Be Regarded As Revenue Expenditure : Supreme Court

Allowing the appeal filed by Wipro Finance Ltd., the Supreme Court observed that the loss suffered owing to exchange fluctuation can be regarded as revenue expenditure and thus an allowable deduction.The bench comprising Justices allowed the appeal against High Court judgment which had reversed the above view taken by Income Tax Appellate Tribunal. Wipro entered into a...

Practical Difficulties In Administration Of Delhi Necessitated GNCTD Amendment Act 2021 : Centre Tells Supreme Court

Responding to Delhi Government's challenge to constitutional validity of the Government of National Capital Territory of Delhi (Amendment) Act 2021, the Union of India has submitted before the Supreme Court that the Parliament of India considered it expedient to enact amending act due to several instances of "practical difficulties and disruptions" over the last few years in the functioning...

EWS Issue : Supreme Court To Hear Plea Challenging Validity Of Rs 8 Lakhs Annual Income Criteria In May 2022

The Supreme Court on Wednesday posted the petitions challenging the validity of criteria of Rupees 8 Lakhs annual income limit as the upper limit for seeking Economically Weaker Sections(EWS) reservation in the All India Quota for NEET admissions for the second week of May, 2022. Senior Advocate Arvind Datar requested the bench Justices DY Chandrachud and Bela M Trivedi to hear the...

Supreme Court Reserves Order On Centre's Plea To Refer GNCTD-LG Dispute On Services To Constitution Bench; Wants To Wrap Up Hearing In May

The Supreme Court on Thursday reserved its orders on Union of India's plea seeking referral of the matter pertaining to legal dispute between the Delhi Government and the Central Government regarding the control over administrative services in the national capital to a Constitution Bench.A bench comprising the Chief Justice of India NV Ramana, Justice Surya Kant and Justice Hima Kohli...

Supreme Court Dismisses Director SJ Suryah's Plea For Injunction Against Hindi Remake Of Tamil Film 'Valee'

A Supreme Court bench of Justices MR Shah and BV Nagarathna recently upheld Madras High Court's order dated November 12, 2021 of refusing to grant injunction against the remake of the Tamil film "Valee".SJ Suryah, the director of the 1999 film starring Ajith and Simran, had approached the Top Court. Dismissing his petition, the Top Court in the order dated April 25 said, "We have...

Insolvency And Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates

The Supreme Court bench comprising of Justice Dinesh Maheshwari and Justice Aniruddha Bose in the case of Invest Asset Securitisation and Reconstruction Pvt. Ltd. versus Girnar Fibres Ltd. reiterates that the provisions of insolvency and bankruptcy code are essentially intended to bring the corporate debtor to its feet and are not of money recovery proceedings as such. Invest...

Tihar Jail Security : Installation Of Mobile Signal Jammers, Body Scanners In Progress, Delhi Govt Tells Supreme Court

The Delhi Government has told the Supreme Court that it has taken measures to increase the security of the Tihar jail, which had come under the Court's scrutiny in the Unitech case following reports that the jail officials had acted in connivance with the accused Chandra brothers.On January 27, a bench comprising Justices DY Chandrachud and MR Shah had directed the Central Government and...

Appointing Retired Judges To Clear Cheque Bounce Cases : Supreme Court Seeks Views Of Centre, States & HCs [Read Amicus Report]

The Supreme Court on Wednesday directed the Union of India, the State Governments and the High Courts to respond to the suggestion of constituting Special Magistrate Courts with retired judicial officers for faster disposal of cases under Section 138 of the Negotiable Instruments Act. On being informed by Amicus Curiae Senior Advocate Sidharth Luthra that the States of Maharashtra,...

'Backdoor Entries Anathema To Public Service' : Supreme Court Refuses To Direct LIC To Absorb 11,000 Part Time Workers

As a public employer, the recruitment process of the corporation must meet the constitutional standard of a fair and open process

SCBA Election Results: Senior Advocate Vikas Singh Elected President

Supreme Court Bar Association has declared the results of the Elections conducted today for its Executive Committee. Senior Advocate Vikas Singh has been elected as the President, Senior Advocate Pradeep Kumar Rai has been elected as the Vice President, and Advocate Rahul Kaushik has been elected as the Hony Secretary.In the SCBA elections conducted today, Senior Advocates Vikas...

"Crushing Blow To Federalism" : Supreme Court's Prima Facie View On TN Governor Referring Cabinet Decision To President

The Supreme Court, on Wednesday, was of the prima facie view, that the Tamil Nadu Governor's reference of the AG Perarivalan's remission plea to the President, especially when the Councils of Ministers of the State of Tamil Nadu had already sent in its recommendation, would set out a bad precedent and strike at the heart of the federal structure envisaged by the Constitution. "This sets out...

Delhi Govt v LG : Centre Presses For Reference Of Services Issue To Constitution Bench For Holistic Interpretation Of Article 239AA

The Central Government on Wednesday argued before the Supreme that the matter pertaining to legal dispute between the Delhi Government and the Central Government regarding the control over administrative services in the national capital, be referred to a Constitution Bench for a holistic interpretation of Article 239AA which is central to the determination of issues involved.It may be...