What is “reason to believe”? Can Courts look into the sufficieny of the reasons?

Merles' Law Firm
The expression “reasons to believe” is a component of many statutes such as in the case of reassessment of Income under the Income-tax Act,...

Requirement in S. 10B(8) to file the declaration before due date of filing the return is mandatory and not directory: Supreme Court in Wirpo

Merles' Law Firm
In Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 the Supreme Court has held that for...

A revised return u/s 139(5) can be filed only in a case where there is an omission or a wrong statement but not for withdrawing a claim: Supreme Court in Wipro

Merles' Law Firm
The Supreme Court has held in Principal Commissioner of Income Tax-III, Bangalore Versus M/s Wipro Limited CIVIL APPEAL NO. 1449 OF 2022 that an...

Taxability of capital gains from penny stocks: Burden is on the taxpayer to prove fanciful rise in stock price is genuine

Merles' Law Firm
The Honourable Calcutta High Court has held that the onus is on the assessee to establish the genuineness of the price hike in the...

CBDT Notifications Clarify whether Gift card or vouchers, Mileage points, reward points, Subscriptions etc are taxable as Virtual Digital Assets

Merles' Law Firm
The law on taxation of Virtual Digital Assets (VDAs) under the Income-tax Act, 1961 has been ushered in by the Finance Act, 2022. Briefly,...

Taxability of salary reimbursed under a secondment agreement. Karnataka High Court clarifies law in Flipkart-Walmart case

Merles' Law Firm
The Karnataka High Court has analyzed the law regarding the taxability of sums reimbursed to a foreign party under a Secondment Agreement in the...

Borrower can stall auction proceedings under the SARFAESI Act and restrain the secured creditor/bank from selling the property only if he deposits the entire dues

Merles' Law Firm
If the bank has already initiated the proceedings under Section 13 of the SARFAESI Act and even the possession of the mortgaged property was...

Courts have power to mould relief to lender and borrower under the SARFAESI Act

Merles' Law Firm
The question as to whether courts and judicial authorities have the power to mould relief to the lender or the borrower under the SARFAESI...

The conduct of the Borrower can show waiver & he is estopped for arguing violation of Section 13(3A) of the SARFAESI Act: Supreme Court

Merles' Law Firm
The Supreme Court was considering the question whether a borrow can be regarded as having waived his rights by inaction and whether he is...

Taxation of lotteries: Supreme Court clarifies the law whether State Legislatures have legislative competence to impose tax on lotteries conducted by other States in their State

Merles' Law Firm
The Court also held that lottery schemes by the Government of other States are organised/conducted in the State of Karnataka or Kerala and there...