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Bombay High Court Dismisses Revenue's Appeal in Share Broker Bad Debt Case — Affirms Deduction Under Section 36(1)(vii) of Income Tax Act. Amounts Advanced for Client Transactions Constitute Business Debts Allowable as Bad Debts Even if Only Commission Was Credited to Profit and Loss Account.

The appeal by the Revenue arose from a decision of the Special Bench of the Income Tax Appellate Tribunal dated 16 July 2010. The assessee, Shri Shrey...

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Bombay High Court Dismisses Appeals in Partition Suit — Upholds Finding That Properties Were Self-Acquired. Daughters Granted Equal 1/6th Share Under Hindu Succession Act, 1956 as Father Died Intestate.

The case involves a partition suit filed by three daughters (Plaintiffs) against their brother (Defendant No.1) and others, seeking a share in propert...

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Bombay High Court Considers Originating Summons Regarding Interpretation of Will and Executor’s Discretion. Questions Raised Include Validity of Purchase of Bungalow Instead of Flat and Nature of Bequeath to Plaintiff and Granddaughter Under Clauses 15, 6, 7, etc.

The present originating summons arose from disputes concerning the last will and testament of Mrs. Pillo M. Ghaswala, who died on 7 October 1989. The ...

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Bombay High Court Adjudicates Writ Petition Filed by Builder Challenging Sealing of Property Under Enemy Property Act, 1968. Court Examines Legality of Order Passed by Deputy Secretary and Custodian After Earlier Withdrawal of Enemy Property Proceedings.

The petitioner, a partnership firm engaged as builder and developer, filed a writ petition under Article 226 of the Constitution of India challenging ...

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SECOND APPEAL NO. 148 OF 2016

The dispute centered on rights to perform pooja and collect offerings at Goddess Shree Rupa Bhavani Temple in Solapur, registered as a public trust. T...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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Madras High Court Considers Appeal in Partition Suit Over Alleged Benami Property and Gift Deeds. Trial Court Had Dismissed Plaintiff's Suit for Partition of Properties Claimed as Self-Acquired by Father, Relying on Benami Prohibition Act and Validity of Deeds.

The appeal arose from a partition suit where the plaintiff, daughter of deceased Syed Hussain, claimed a share in three properties, alleging they were...

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Kerala High Court Upholds Trial Court's Grant of Half Share to Sister in Property Dispute Between Siblings. Power of Attorney Revoked by Implication When Principal Joins in Sale, Rendering Subsequent Sale by Agent Void as to Principal's Share.

The appellant, Thankamma George, and respondent No. 1, Lilly Thomas, are sisters who jointly purchased a property in 1991. The appellant, working abro...