There are about 31,000 pending cases, locking revenue worth Rs 500 crore.
The tribunal raised tax demand against several airlines, including Jet.
When Sahara sought SAT's intervention against Sebi's orders, the tribunal said they will not.
The Bombay high court has admitted an appeal filed by the Income Tax authorities, challenging relief granted to Bollywood star Aishwarya Rai Bachchan by the Income Tax Appellate Tribunal.
In a setback to megastar Amitabh Bachchan, the Supreme Court on Wednesday allowed the Income Tax department to reopen a tax case against him pertaining to his income for the assessment year 2001-02.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
Lawyers representing govt point out that telcos, because of the large money they can save if they get a favourable judgement, prefer to fight till all legal options are exhausted
The Supreme Court on Wednesday reserved its judgement on a petition filed by Tata Teleservices challenging the telecom tribunal's order, which classified the company's fixed wireless phone service 'Walky' as limited mobile. TDSAT had ruled that Walky service offered by Tatas was a mobile service, thus the private company was liable to pay a levy called Access Deficit Charge (ADC) to state-owned BSNL as per the interconnect order of telecom regulator Trai.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
Recently, an Air India flyer sent a legal notice to the airline seeking damages of Rs 30 lakh for the breach of personal data of 4.5 million passengers, including her husband and herself. Air India had informed the complainant of the data leak a month earlier, after it emerged that its passenger service system provider fell prey to a cyberattack in February. However, in the absence of a data protection law, India lacks a mechanism for compensation or grievance redress of consumers in such cases, say experts. Advocate Virag Gupta, a New Delhi-based cyber law expert, explains that a legal notice is a good beginning in the Air India case, but it raises many questions. These include whether sensitive personal information has been leaked and whether the airline is responsible or not, given that a passenger service system provider was also involved.
YouTube and Google filed a memo in the high court before the division bench stating that the IP address of the user resolved outside of Indian jurisdiction and as per prevailing Indian law they are not in a position to provide user details
Five states -- Maharashtra, Haryana, Rajasthan, Punjab and Gujarat -- face a massive power crisis.
The Bengaluru-headquartered company said the 'draft assessment order' from tax authorities for 2008-09 fiscal has arised primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park at Bengaluru.
The apex court said the death row convicts failed to point out 'error apparent on the face of record' in the judgment.
The agency's poor track record in convictions is the only light at the end of a rather long tunnel for the couple, observes Shyamal Majumdar.
Filing of cases before the Supreme Court has risen so sharply over the past decades that the strength of judges was proving inadequate to deal with the backlog, the Supreme Court said on Wednesday.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
MCX Stock Exchange (MCX-SX) continued its tirade against the Securities and Exchange Board of India (Sebi), alleging "discrimination" and "character assassination" while rejecting its application for launching a full-fledged stock exchange.
The judge gave the ruling while dismissing a petition filed by the Commissioner of Customs. The court upheld the Customs, Excise and Services Tax Appellate Tribunal's earlier judgement, stating that the interpretation by the tribunal was in consonance with the Computers (Additional Duty) Rules, 2004.
The apex court said it is not considering the Shiv Sena-NCP-Congress' combine's plea that they be invited to form government in Maharashtra.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
After the preliminary examination, the market regulator found that certain entities, including Indiabulls, had executed irregular and non-genuine trades.
The bench directed the companies to place before it their 2010-11 balance sheets and statements of accounts for November 2011 by January 8, the next date of hearing.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
The outcome reaffirms the company's own testing and the long-standing assurance it gave that its baby shampoo does not contain formaldehyde or any formaldehyde-releasing ingredients, J&J said.
EPFO had approached the finance ministry for help, which advised it to go through the legal procedure.
The CBI on Tuesday pleaded for the withdrawal of proceedings against Italian businessman Ottavio Quattrocchi in the over two-decade-old Bofors pay off case, saying it has got no fresh instructions from the government in the wake of the Income Tax Appellate Tribunal order.The ITAT order, which had on Monday said that kickbacks of Rs 41 crore were paid to late Win Chaddha and Quattrocchi in the Howitzer gun deal, was placed before the court.
A taxpayer, who feels unsatisfied by an order of a tax assessment officer or thinks it is irrational, can petition the committee which will be publicised in the media by the respective tax regions.
The SC aked the bars to give an undertaking that they would not engage employees with criminal antecedents near the dance area
Tiger Hanif, an alleged aide of underworld don Dawood Ibrahim and wanted in connection with two bomb blasts in Gujarat in 1993, has made a final bid to avoid being extradited to India from the UK.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Market regulator Securities and Exchange Board of India will soon appeal to the Supreme Court against the Securities Appellate Tribunal's order directing Chhabrias to make an open offer to shareholders of Herbertsons Ltd.
In his petition to the Supreme Court, Yakub had stated that he had been in jail for more than 20 years, which is more than the jail term awarded for life imprisonment, which is 14 years.
In a setback to DLF, the competition Appellate Tribunal on Monday upheld the CCI order imposing Rs 630 crore penalty on the realty major for unfair business practices.
Regulator Sebi on Friday imposed penalties on Reliance Industries Ltd, its chairman and managing director Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore. The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.
The Supreme Court refused to give any interim relief to Zee-Turner on Wednesday.
The two companies were earlier expecting to complete the merger formalities and regulatory approvals by June 30 and to start operating as one entity from July 1.
A Supreme Court bench observed that "once it was held that the appellants (employer) had the requisite jurisdiction to fix the cut-off marks, the necessary corollary thereof would be that it could not be directed to lower the same".
A New York appeals court has upheld the dismissal of a $650 million lawsuit against Formula One boss Bernie Ecclestone, saying he cannot be sued in the state's courts over the sale of a major stake in the motor racing business.
The court imposed a cost of Rs 21,000 for "wasting court's time" in baseless litigation.
