B&B Tax

Vaibhav Goel & Anr. v. Deputy Commissioner of Income Tax & Anr. [2025 INSC 375] dated 20.03.2024 "8. In view o f the declaration of law made by this Court, all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 of the IB Code. In this case, the income tax dues of the CD for the assessment years 2012-13 and 2013-14 were not part of the approved Resolution Plan. Therefore, in view of sub-section (1) of Section 31, as interpreted by this Court in the above decision, the dues of the first respondent owed by the CD for the assessment years 2012-13 and 2013-14 stand extinguished.  9. We may note here that the decision of this Court in the case of Ghanashyam Mishra and Sons Pvt. Ltd.[(2021) 9 SCC 657 ]  was specifically relied upo...

[Notification No. 19 /2025 dated 11.03.2025 "In exercise of the powers conferred by clause (48) of section 2 of the Income-tax Act, 1961 (43 of 1961), read with clause (ii), clause (iii) and clause (v) of sub-rule (3) and sub-rule (6) of rule 8B of the Income-tax Rules, 1962, the Central Government hereby specifies the bond with the following particulars as zero coupon bond for the purposes of the said clause (48) of section 2 of the said Act, namely:-  (a) name of the bond - Ten Year Zero Coupon Bond of Power Finance Corporation Ltd.  (b) period of life of the bond - Ten years one month  (c) the time schedule of the issue of the bond - To be issued on or before the 31st day of March, 2027  (d) the amount to be paid on maturity - Rs.1,00,000/- for each bond or redemption of the bond  (e) the discount - Rs. 49,546/- per bond  (f) the number of bonds to be issued - Ten lakhs"

RADHIKA AGARWAL v. UNION OF INDIA AND OTHERS [2025 INSC 272] dated 27.02.2025 Issue :- Power of arrest under GST Act. Important Issue and holdings:- "55. Sub-section (4) to Section 132, an important provision for our consideration, states that notwithstanding anything in the Code, all offences under the GST Act, except the offences referred to in sub-section (5), are non-cognizable and bailable. Thus, non-cognizable offences have been made bailable. Sub-section (4) to Section 132 has to be read in light of the dictum of Om Prakash (supra) which decision the legislature was fully aware and conscious of when they enacted the GST Acts. This is also clear from sub-section (5) to Section 132 which states that the offences specified under clauses (a) to (d) of sub-section (1) to Section 132 and punishable under clause (i) of that sub-section are cognizable and non-bailable. Thus, only when the offence falls under the limited categories specified in clauses (a) to (d) of sub-section (1) ...