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High Court of Karnataka Dismisses Second Appeal in Specific Performance Suit — Concurrent Findings of Fact Not Interfered With. Agreement of Sale Proved by Preponderance of Probabilities; Defendant Failed to Rebut Presumption Under Section 114 of Indian Evidence Act, 1872.

The appellant, Marigouda Chanabasappa Marigoudar, was the defendant in a suit for specific performance of contract filed by the respondents (plaintiff...

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Bombay High Court Admits and Finally Disposes of Writ Petition Challenging RBI Circulars on Gold Import. Court Hears Arguments on Validity of Circulars Issued Under FEMA and Related Trade Policy.

The petitioners, a bullion dealing company and its directors, filed a writ petition under Article 226 of the Constitution seeking to quash RBI Circula...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Deletion Upheld for Bonafide Claims. Claims for deduction under Section 35D and diminution in value of shares were bonafide and not concealment, following CIT vs. Reliance Petroproducts Pvt. Ltd.

The case involves an appeal by the Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appel...

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Bombay High Court Quashes Income Tax Reopening Notice Under Section 148 Due to Lack of Tangible Material and Failure to Disclose After Four Years. Reassessment Notice Based on Audit Objections and Mere Change of Opinion Barred by Proviso to Section 147 of Income Tax Act, 1961.

The writ petition arose from reassessment proceedings initiated against the petitioner company for Assessment Year 2012-2013. The petitioner filed its...

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Supreme Court Dismisses Defendant's Appeal Against Amendment of Plaint in Specific Performance Suit. High Court's Liberal Approach to Allowing Amendment for Enhancing Damages After 31 Years Upheld, with Issue of Limitation Kept Open for Trial Under Code of Civil Procedure, 1908.

The Supreme Court of India adjudicated a civil appeal arising from a special leave petition, where the appellant, Life Insurance Corporation of India,...