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Bombay High Court Partly Allows Revenue's Appeal on Disallowance of Legal and Professional Charges in Income Tax Case. Tribunal's Order Set Aside Regarding Legal Expenses but Upheld on Depreciation and Section 54EC Deduction.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal dated 19/1/2010 in ...

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Bombay High Court Dismisses Application for Return of Plaint in Summary Suit, Holds Dispute Not Commercial Under Commercial Courts Act. Assignment of Debt by Leasing Company Not an Ordinary Transaction of Financier or Trader Under Section 2(1)(c)(i) of Commercial Courts Act, 2015.

The case involves an Interim Application filed by Defendant No. 1 (Varanium Cloud Limited) seeking return of the plaint under Order VII Rule 10 of the...

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Supreme Court Dismisses Appeal in Partnership Dispute Over Share Entitlement. Plaintiffs Failed to Prove Capital Contribution of Rs.50,00,000 as per Partnership Deed Dated 30.10.1992, Thus Entitled Only to 10% Share in Profits and Losses Until Expulsion on 18.6.2004.

The dispute originated from a partnership firm, M/s Selwel Combines, reconstituted in 1992 with plaintiff No.1 inducted as a partner under a deed stip...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

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Bombay High Court Dismisses Revenue's Appeal in Hindalco Industries Tax Case on Section 80HHC Deduction and Capital vs Revenue Expenditure. Tribunal's findings on exclusion of local turnover for export deduction and treatment of financial advisory fees as revenue expenditure upheld.

The appeal was filed by the Commissioner of Income Tax-6 against the order of the Income Tax Appellate Tribunal (ITAT) dated 28.11.2008 in ITA No.3668...

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Supreme Court Dismisses Anticipatory Bail Plea of Former Finance Minister in INX Media Money Laundering Case. Custodial Interrogation Required Under PMLA as Allegations of FIPB Clearance Irregularities and Receipt of Proceeds of Crime Are Serious.

The Supreme Court dismissed an appeal by P. Chidambaram, former Finance Minister, against the Delhi High Court's refusal to grant anticipatory bail in...