Search Results for "Finance Act 1956"

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High Court Allows Assessee's Appeal in Modvat Credit Dispute — Capital Goods Credit Denial Set Aside. Rule 57Q of Central Excise Rules, 1944 interpreted to allow credit on capital goods used in manufacture of final products, even if not directly used in the manufacturing process.

The appellant, M/s. Reliance Industries Ltd., is engaged in the manufacture of various chemical products at its Hazira Manufacturing Complex. The comp...

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Bombay High Court Dismisses Writ Petition Challenging RBI Circular on Resolution of Stressed Assets. Circular dated 12.02.2018 held to be valid and within RBI's powers under Sections 35A and 35AB of the Banking Regulation Act, 1949.

The petitioners, Jayaswal Neco Industries Limited and Jayaswal Holdings Private Limited, filed a writ petition under Article 226 of the Constitution o...

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Bombay High Court Allows Appeal Against Admission of Winding Up Petition Due to Bona Fide Dispute as to Existence of Debt. Disputed invoices and lack of proper demand notice under Section 434 of Companies Act, 1956 render winding up proceedings unsustainable.

The appeal arose from an order of the learned Single Judge dated 23 February 2015 admitting a company petition for winding up filed by the respondent,...

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High Court of Bombay Quashes Reassessment Notice Issued to Non-Existing Entity in Income Tax Reopening Case — Notice Under Section 148 of Income Tax Act, 1961 Invalid as Issued Against Merged Company.

The petitioner, Siemens Limited, challenged a notice dated 30 March 2015 issued under Section 148 of the Income Tax Act, 1961 for the Assessment Year ...

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High Court of Karnataka Quashes Reference Order in Labour Dispute — Minority Trade Union Cannot Compel Negotiations. Management's De-recognition of Union Upheld as Union Lacked Majority Representation Under Industrial Disputes Act, 1947.

The petitioner, Management of M/s. Le Meridien Bangalore, challenged a reference order dated 6.1.2015 issued by the State of Karnataka under Section 1...