Search Results for "Finance Act 1956"

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Supreme Court Partially Strikes Down FCRA Amendment Act 2020 — Ban on Transfer of Foreign Funds and Mandatory Aadhaar Held Unconstitutional. The court upheld the requirement of a single FCRA account at SBI New Delhi as a reasonable regulatory measure to prevent misuse of foreign funds.

The judgment deals with a batch of writ petitions challenging the constitutional validity of certain amendments made to the Foreign Contribution (Regu...

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Bombay High Court Quashes Orders Rejecting Condonation of Delay in Customs and Central Excise Appeals; Directs Fresh Consideration. Appellate Authorities Failed to Exclude Time Taken in Prosecuting Writ Petitions Before Filing Statutory Appeals, as Required Under Section 14(2) of Limitation Act, 1963.

The judgment arises from two writ petitions filed under Article 226 of the Constitution of India before the Bombay High Court. The lead petition, WP N...

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High Court of Bombay examines Official Liquidator’s report for declaration of sub-lease executed by lessee as void. The matter involves sub-lease of company property during pendency of winding up, with allegations of fabricated documents.

The matter concerns an Official Liquidator’s report filed in the winding up of Modi Stone Limited, seeking a declaration that a sub-lease dated 20 M...

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High Court of Bombay Quashes Sanction Order in Disproportionate Assets Case Against IRS Officer — Sanctioning Authority Failed to Apply Independent Mind and Relied on CBI Report Without Proper Application of Mind.

The petitioner, Vivek Batra, an Indian Revenue Service officer, challenged the sanction order dated 09.10.2012 granted by the Union of India for his p...

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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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Bombay High Court Dismisses Petitions Challenging Land Acquisition for Public Purpose Under Land Acquisition Act, 1894 — Held That Acquisition for Housing and Rationing Offices Serves Public Purpose and Compensation Determined Under Act Is Adequate.

The judgment pertains to two writ petitions filed by Reliance Industries Ltd. and Express Newspapers Ltd. challenging the acquisition of their land by...

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Supreme Court Dismisses Petition Challenging GST on Lotteries — Holds Lottery as Actionable Claim and Movable Property Under CGST Act. Levy of GST on Face Value of Lottery Tickets Without Abating Prize Money Upheld as Constitutional.

The petitioner, Skill Lotto Solutions Pvt. Ltd., an authorized agent for sale and distribution of lotteries organized by the State of Punjab, filed a ...

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High Court of Karnataka Dismisses Appeal by Corporate Debtor Against Banks in SARFAESI Act Proceedings — Civil Suit Barred Under Section 34 of SARFAESI Act as Alternative Remedy Under Section 17 Before DRT Exists.

The appellant, Kingfisher Airlines Limited, a company registered under the Companies Act, 1956, had availed various credit facilities from a consortiu...