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Bombay High Court Examines Taxability of Insurance Claim for Dead Horses under Section 41(1) of Income Tax Act, 1961. Revenue Treated Insurance Receipts as Deemed Profits While Assessee Contended They Were Capital Receipts Not Taxable as Business Income.

The dispute arose from income tax appeals filed by an assessee engaged in the business of breeding, rearing, and selling racehorses since 1967. The as...

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Bombay High Court Rules on Personal Effects Exclusion Under Section 2(14) Income Tax Act in Vintage Car Capital Gains Appeal. Intimate Connection with Person Required; Mere Capability of Personal Use Does Not Make Asset Personal Effects.

Background — The appeal arose from an income tax assessment for assessment year 1992-1993 concerning the sale of a vintage car. The assessee, a sala...

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Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...

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Supreme Court Allows Union of India's Appeals in National Highways Act Land Acquisition Cases — Section 3J Not Violative of Article 14. The Court held that the non-grant of solatium and interest under the National Highways Act, 1956 is not discriminatory and the Act is a complete code.

The Supreme Court, in a batch of appeals filed by the Union of India, considered the validity of the non-grant of solatium and interest under the Nati...

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Bombay High Court Upholds Environmental Protection in Public Interest Litigation Regarding Construction on Agricultural Land. Court Directs Demolition of Unauthorized Structures and Restoration of Land to Original Condition Under Maharashtra Agricultural Universities Act, 1983 and Environmental Laws.

The Bombay High Court, Nagpur Bench, disposed of a Public Interest Litigation (PIL No. 34/2010) initiated suo motu by the court and a connected Writ P...

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Bombay High Court Considers Disqualification of Councillors Under Maharashtra Local Authority Members' Disqualification Act, 1986. Reference to Larger Bench Addresses Meaning of 'Aghadi' and 'Original Political Party' Post-Elections.

The writ petition arose from the disqualification of five councillors of Navapur Municipal Council under the Maharashtra Local Authority Members' Disq...

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Judicial Scrutiny of RBI's Supersession of Abhyudaya Co-operative Bank's Board. Balance between Constitutional mandates and banking regulations reaffirmed.

The Bombay High Court assessed the legality of the Reserve Bank of India's (RBI) supersession of the Board of Directors of Abhyudaya Co-operative Bank...