Finance Act, 2005

Snowtex Investment Ltd., a non‑banking financial company, incurred a loss from share trading in AY 2008‑09 and sought to set off that loss against profits earned from futures and options trading. The assessing officer treated the share‑trading loss as a speculation loss and disallowed the set‑off, holding that futures …

Mahim Patram Private Ltd., a contractor printing examination papers for entities outside Uttar Pradesh, was assessed sales tax on its works contracts for AY 2002‑03 and 2003‑04. The Central Sales Tax Act, 1956 had been amended to bring works contracts within the definition of "sale" but no Central rule prescribed the m…

The Supreme Court considered whether assessees engaged in broadcasting television signals to subscribers are liable to pay both entertainment tax under State enactments (Entry 62, List II of the Constitution) and service tax under the Finance Act, 1994 (Entry 97, List I). The Court held that the activity of broadcastin…

The case concerned whether the amendment to Section 153C of the Income Tax Act, 1961 introduced by the Finance Act, 2015 applies to searches under Section 132 that were initiated before the amendment’s effective date of 1 June 2015. A search was conducted on 4 September 2013, and material relating to third parties was …