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High Court of Karnataka Adjudicates Intra-Court Appeals Against Order Upholding Blocking of Electronic Credit Ledgers Under Rule 86A of CGST Rules; Considers Requirement of Pre-Decisional Hearing and Bonafide Purchaser Protection.

The appeals arose from a common order dated 27.07.2023 passed by a Single Judge in a batch of writ petitions, rejecting the contentions of the appella...

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Bombay High Court Allows Appeal in Income Tax Case: Investment in Shares of Private Company for Acquiring Control Held as Capital Asset, Not Stock-in-Trade. Shares held for 31 months with transfer restrictions cannot be treated as trading asset under Income Tax Act, 1961.

The appellant, Accra Investments Private Ltd., filed an appeal under Section 260A of the Income Tax Act, 1961 against the order dated 25 April 2012 of...

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Bombay High Court Rules Share Issue Expenses to Dilute Foreign Equity as Capital Expenditure Under Income Tax Act, 1961. Interest on Share Application Money Cannot Be Adjusted Against Such Capital Expenditure.

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal (Tribunal) at the ins...

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...

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Supreme Court Dismisses Appeal by State Undertaking in BOT Arbitration Dispute, Upholds Arbitral Award on Termination Payment. Court Reiterates Limited Scope of Judicial Interference Under Sections 34 and 37 of Arbitration and Conciliation Act, 1996, Emphasizing Finality of Arbitral Awards.

The Supreme Court dismissed the appeal filed by Madhya Pradesh Road Development Corporation Ltd. (MPRDC) against the judgment of the Madhya Pradesh Hi...

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Bombay High Court Allows State's Writ Petition in Sales Tax Appeal Maintainability Case — Right of Appeal Under Section 55(1)(c) of Bombay Sales Tax Act, 1959 Includes State Government. The State is a 'person aggrieved' by a Commissioner's determination under Section 52 and can appeal to the Tribunal.

The State of Maharashtra filed a writ petition under Article 226 of the Constitution challenging the decision of the Sales Tax Tribunal dated 30 June ...