| Case ID |
f5ac2e6f-922a-41c7-b517-140dc6f86ed7 |
| Body |
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| Case Number |
C. As. Nos. 8036 to 8039 of 1995 |
| Decision Date |
Nov 15, 2000 |
| Hearing Date |
|
| Decision |
The Supreme Court has determined that the previous decision made by a bench of two judges in the case of Union of India v. S. Muthyam Reddy (1999) 240 ITR 341 requires further examination by a larger bench. This indicates a significant aspect of legal review and the necessity for an expanded judicial perspective on the matter, particularly concerning capital gains within the framework of the Income Tax Act. The Court has emphasized the importance of revisiting this case to ensure that the legal interpretations align with contemporary standards and practices, thereby upholding the integrity of the judicial process. |
| Summary |
This case revolves around the interpretation of capital gains under the Income Tax Act, with a significant reference to the decision in Union of India v. S. Muthyam Reddy. The Supreme Court's decision to refer the earlier ruling to a larger bench underscores the evolving nature of tax law in India and the critical need for comprehensive judicial scrutiny. The appeal brought forth by the Commissioner of Income Tax highlights the complexities involved in capital gains taxation and the implications for taxpayers. The case serves as a pivotal moment in assessing how tax laws are applied and interpreted, ensuring that they remain relevant and just in the face of changing economic conditions. The involvement of multiple advocates indicates the high stakes and legal intricacies involved in this matter, reflecting the robust legal representation in tax disputes. As the Supreme Court moves forward with this referral, it sets a precedent for future cases concerning capital gains and tax law interpretations, which is vital for legal practitioners and taxpayers alike. |
| Court |
Supreme Court of India
|
| Entities Involved |
Not available
|
| Judges |
S. P. Bharucha,
D. P. Mohapatra
|
| Lawyers |
Rajiv Nanda,
Ms. A. Subhashini,
S.K. Dwivedi,
Ms. Sushma Suri,
T.L.V. Iyer,
K. Moruthi Rao,
Ms. K. Radha,
G. Prabhakar
|
| Petitioners |
COMMISSIONER OF INCOME TAX
|
| Respondents |
others,
K. ANITA REDDY
|
| Citations |
2001 SLD 352,
2001 PTD 2415,
(2001) 247 ITR 94
|
| Other Citations |
Union of India v. S. Muthyam Reddy (1999) 240 ITR 341
|
| Laws Involved |
Income Tax Act, 1922,
Indian Income Tax Act, 1961
|
| Sections |
Not available
|