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Bombay High Court Dismisses Revenue Appeal in Raymond Ltd. Tax Case — Multiple Disallowances Deleted by ITAT Upheld. Pre-operative expenses, technical know-how payments, debenture issue costs, and lease rent deductions allowed as revenue expenditure under Income Tax Act, 1961.

The Commissioner of Income Tax-2, Mumbai (Revenue) appealed against the decision of the Income Tax Appellate Tribunal (ITAT) dated 22 March 2007 for A...

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Supreme Court Remands Income Tax Appeal Dismissed as Infructuous Due to Company Dissolution Under Section 560(5) of Companies Act, 1956. High Court Failed to Consider Relevant Provisions of Companies Act and Income Tax Act Regarding Continuing Liability of Dissolved Companies.

The appeal arose from a judgment of the Rajasthan High Court dismissing the Income Tax Department's appeal under Section 260A of the Income Tax Act, 1...

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Bombay High Court Allows Appeal in Motor Accident Claim Case Due to Negligence of ST Bus Driver. Principle of Res Ipsa Loquitur Applied as Bus Overturned on Wide Road Without Any Mechanical Defect.

The case arises from a motor accident claim petition filed by the appellants, who are the legal heirs of the deceased Virendra Joshi. The deceased die...

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COMMERCIAL ARBITRATION PETITION NO. 984 of 2018

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High Court of Bombay Upholds Compensation Award in Motor Accident Claim — Negligence of Driver Proved, Insurance Company Liable to Pay. Deceased was a 42-year-old businessman earning Rs. 15,000 per month; Tribunal's assessment of income and multiplier upheld.

The appeal was filed by The New India Assurance Co. Ltd. against the judgment and award of the Motor Accident Claims Tribunal, Bhoom, in M.A.C.P. No.7...

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High Court Dismisses Petition Challenging Arbitral Award in Contract Dispute Over Transferable Duty Free Licence. Court upholds arbitral tribunal's interpretation of contract clauses and rejection of claim for damages based on alleged breach of warranty regarding transferability of advance licence.

The petitioner, Reliance Industries Limited, filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996 challenging an arbitral a...

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Bombay High Court Upholds Deduction Under Section 80P for Co-operative Bank's Interest Income from Advance Rent. Interest on advance rent paid for business premises is closely connected to banking business and eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which upheld the decision ...