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Judicial Scrutiny of RBI's Supersession of Abhyudaya Co-operative Bank's Board. Balance between Constitutional mandates and banking regulations reaffirmed.

The Bombay High Court assessed the legality of the Reserve Bank of India's (RBI) supersession of the Board of Directors of Abhyudaya Co-operative Bank...

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High Court of Karnataka Quashes Section 138 NI Act Proceedings Against Accused Due to Non-Existent Debt and Unrebutted Defence. Dishonour of Cheque Issued as Security for Loan Not Attracting Section 138 of Negotiable Instruments Act, 1881 as Debt Not Legally Enforceable.

The petitioner, Sri Lalji Kesha Vaid, filed a petition under Section 482 of the Code of Criminal Procedure, 1973 (Cr.P.C.) seeking quashing of crimina...

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Supreme Court Allows Assessees' Appeals in Interest Tax Dispute on Hire-Purchase Transactions. The interest component in hire-purchase instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974 as hire-purchase transactions are not loans or advances.

The Supreme Court allowed the appeals filed by M/s Muthoot Leasing and Finance Limited and other assessees, setting aside the judgment of the Kerala H...

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Bombay High Court Allows Appeal in Contractual Dispute Over Force Majeure Extension of Conducting Agreement. Force Majeure Clause Invoked Due to COVID-19 Pandemic Extends Term of Agreement by Equivalent Period.

The appeal arose from an order dated 27 September 2022 passed by the City Civil Court at Mumbai dismissing the appellant's Notice of Motion in Suit No...

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High Court of Karnataka Dismisses Petitions Challenging Rejection of Nomination Papers for Rajya Sabha Elections. Filing of Nomination by Proposer Who is Not an Elector in the State Renders Nomination Invalid Under Section 33(1) of the Representation of the People Act, 1951.

The petitioners, who were candidates for election to the Rajya Sabha from Karnataka, challenged the rejection of their nomination papers by the Return...

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Bombay High Court Considers Application for Rejection of Plaint Based on Unregistered Lease and Determination of Lease. Court Examines Whether Plaint Discloses Cause of Action for Specific Performance and Monetary Claims Under Order VII Rule 11 CPC.

The case involved a suit for specific performance and a money decree filed by Export Credit Guarantee Corporation of India Ltd (plaintiff) against the...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case — Tribunal's Order Not Erroneous or Prejudicial to Revenue. Transfer of Shares for Debt Settlement and Lease Premium Income Treated as Capital Receipts, Not Revenue.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (Tribunal) dated 21...

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Supreme Court Disposes of Appeals by Authority for Advance Rulings Against High Court Judgment Quashing AAR's Rejection of Treaty Benefits. Questions Raised on Taxation of Capital Gains Under India-Mauritius DTAA and Scope of Section 245R(2) Proviso (iii) of Income Tax Act, 1961.

The disputes arose from applications for advance ruling filed by three Mauritius-incorporated companies—Tiger Global International II Holdings, Tige...