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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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Supreme Court Dismisses Appeals Challenging Age Relaxation and Bonus Marks for Project Teachers in Prabodhak Recruitment. Rule 13(v) of Rajasthan Panchayati Raj Prabodhak Service Rules, 2008 Upheld as Valid and Not Discriminatory.

The Supreme Court dismissed a batch of 47 appeals challenging the selection of candidates for the post of 'Prabodhak' (teacher) under the Rajasthan Pa...

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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...

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Bombay High Court Dismisses Revenue's Appeal in Deemed Dividend Case Under Section 2(22)(e) of Income Tax Act, 1961. Expenditure by Company on Lessor's Property Not Deemed Dividend as It Was for Business Purpose and Not for Shareholder's Benefit.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal dated 9th September 2011. The resp...