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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...

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High Court of Karnataka considers power of Income Tax Appellate Tribunal to direct fresh enquiry under Section 254 of Income Tax Act, 1961 in a buy-back taxation case. The court formulates the substantial question of law regarding suo motu directions leading to potential enhancement of tax liability.

The appeal before the High Court of Karnataka arose from an order of the Income Tax Appellate Tribunal (ITAT) concerning the tax treatment of a buy-ba...

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Bombay High Court Dismisses Appeals of Retired Employees Against Cooperative Bank's SARFAESI Recovery Proceedings. Employees Held Not to Be 'Borrowers' and Lack Locus Standi to Challenge Auction Sale Without Payment of Dues.

The judgment pertains to a batch of Letters Patent Appeals filed by retired employees of Shamrao Vithal Cooperative Bank Ltd. against the dismissal of...

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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...