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Bombay High Court Allows Auction Purchasers' Petition in SARFAESI Act Case Due to Overriding Effect of Section 26E Over MVAT Act. Property Purchased in SARFAESI Auction Held Free from Prior Sales Tax Attachment Under Section 38C of MVAT Act.

The petitioners, Shailesh K. Bothra and Mukesh C. Karwa, were auction purchasers of a property sold by Cholamandalam Investment & Finance Co. Ltd. (pe...

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Bombay High Court Quashes Reassessment Order in MVAT Case Due to Limitation and Lack of Natural Justice. Inter-State Stock Transfer Not a Sale Under MVAT Act, 2002; Reassessment Beyond 4-Year Limitation Period Invalid.

The petitioner, M/s. United Spirits Limited, a company engaged in the manufacture and sale of alcoholic beverages, filed a writ petition challenging a...

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Bombay High Court Dismisses Revenue's Appeal in Notional Loss Claim on Securities Reclassification. Tribunal's order allowing deduction of notional loss on transfer of securities from 'Available for Sale' to 'Held to Maturity' based on RBI guidelines upheld.

The case involves an appeal by the Commissioner of Income Tax-2 against an order of the Income Tax Appellate Tribunal (ITAT) dated 15 July 2011. The I...

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Bombay High Court Allows Appeal in Income Tax Case: Investment in Shares of Private Company for Acquiring Control Held as Capital Asset, Not Stock-in-Trade. Shares held for 31 months with transfer restrictions cannot be treated as trading asset under Income Tax Act, 1961.

The appellant, Accra Investments Private Ltd., filed an appeal under Section 260A of the Income Tax Act, 1961 against the order dated 25 April 2012 of...

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High Court Dismisses Petition Challenging Arbitral Award in Favor of Dealer in Termination Dispute. No Grounds for Interference Under Section 34 of Arbitration and Conciliation Act, 1996 as Arbitrator's Findings Were Plausible and Not Perverse.

The Petitioner, Hindustan Petroleum Corporation Ltd. (HPCL), a government oil company, filed a petition under Section 34 of the Arbitration and Concil...

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Bombay High Court Dismisses Appeal Against Arbitral Award Rejecting Counterclaim in Share Brokerage Dispute. Court upholds arbitral tribunal's finding that appellant failed to prove respondent's negligence in squaring off F&O contracts without notice.

The appellant, Avalon Investment Private Limited, was a client of the respondent, Mukesh Brokerage & Financial Limited, a share broker registered with...

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Bombay High Court Grants Interim Injunction Against Trademark Infringement in Favor of Plaintiff. Passing Off Claim Deferred Due to Pending Rectification Proceedings Under Section 124 of Trade Marks Act, 1999.

The plaintiffs, Hem Corporation Pvt. Ltd. and three individuals (erstwhile partners of a firm), filed a suit for trademark infringement and passing of...