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Bombay High Court Upholds Disallowance of Medical Expenditure on Foreign Tour for Eye Treatment as Personal Expenditure Under Section 37(1) of Income Tax Act, 1961. Expenditure incurred for pre-operation investigation of eyes held to be personal in nature, not allowable as business expenditure.

The case pertains to a reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The ...

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Supreme Court Allows Appeal in IBC Limitation Case, Holds Section 7 Application Time-Barred Under Article 137 of Limitation Act. The Court ruled that Article 62 of Limitation Act applies only to suits, not to applications under Section 7 of IBC, and time-barred debts cannot be revived under the Code.

The case involves an appeal against the judgment of the National Company Law Appellate Tribunal (NCLAT) which had dismissed the appellant's appeal and...

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Bombay High Court Allows Appointment of Arbitrator in Partnership Dispute Despite Objections to Earlier Appointee. Court Holds That Arbitration Clause Survives Dissolution and Section 11(6) of Arbitration and Conciliation Act, 1996 Empowers Court to Appoint Arbitrator When Parties Fail to Agree.

The applicants, partners of a dissolved partnership firm, filed an application under Section 11(6) of the Arbitration and Conciliation Act, 1996 seeki...

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High Court of Bombay Dismisses Preliminary Objections to Jurisdiction in Originating Summons for Interpretation of Trust Deed. Clause 11(v) of the Trust Deed Held Not to Exclude Court's Jurisdiction; Section 80 of the Bombay Public Trusts Act Does Not Bar the Originating Summons.

The judgment arises from an Originating Summons filed by the plaintiff, a permanent trustee of the Lilavati Kirtilal Mehta Medical Trust, a public tru...

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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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Supreme Court Upholds Validity of Section 17(2)(viii) of Income Tax Act and Rule 3(7)(i) of Income Tax Rules in Bank Employee Loan Perquisite Case. Delegation of Power to Prescribe Fringe Benefits Held Not Excessive and Use of SBI Prime Lending Rate as Benchmark Upheld as Non-Arbitrary.

The Supreme Court, in a common judgment, dismissed appeals filed by staff unions and officers' associations of various banks challenging the constitut...

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Bombay High Court Dismisses Summary Suit for Recovery of Loan Due to Unenforceable Oral Agreement and Lack of Written Contract. Loan advanced for litigation funding held to be a contingent agreement not enforceable under Order 37 CPC as it lacked a written contract and was based on an oral understanding.

The plaintiff, Vishal Kedia, filed a commercial summary suit under Order 37 of the Code of Civil Procedure, 1908, against the defendant, Sureshkumar S...