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Bombay High Court Quashes Reassessment Notices in Income Tax Case Due to Lack of Independent Application of Mind by AO. Dividend Stripping Provision Under Section 94(7) of Income Tax Act, 1961 Not Applicable Where Assessee Suffered Net Loss on Sale of Mutual Fund Units Exceeding Dividend Received.

The petitioner, Karan Maheshwari, an individual investor in shares, stocks, securities, and mutual funds, challenged a show cause notice dated 20 Augu...

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Bombay High Court Allows Minority School's Petition Against Age Limit for Junior Clerk Appointment. Government Resolution prescribing maximum appointment age of 33 years held inapplicable to minority institutions under Article 30(1) of the Constitution of India.

The petitioner, St. Isabel's High School, a religious minority institution under Article 30(1) of the Constitution of India, filed a writ petition und...

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Supreme Court Allows Revenue's Appeals in Income Tax Case on Disallowance of Excess Cane Price Paid by Cooperative Society. Excess Payment Over Statutory Price Under Sugarcane (Control) Order, 1966 Held Not Deductible as Business Expenditure Under Section 37(1) of Income Tax Act, 1961.

The case involves a batch of appeals by the Commissioner of Income Tax, Bombay against the assessee, Tasgaon Taluka Sahakari Sikhar Karkhana Limited, ...

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Bombay High Court Dismisses Management's Petition Challenging Tribunal Order of Reinstatement with Back Wages for Teacher. Teacher's Appointment as Shikshan Sevak was Invalid as it Exceeded Permissible Limit Under Maharashtra Employees of Private Schools (Conditions of Service) Regulation Act, 1977.

The case involves two writ petitions arising from a dispute between a teacher, Prashant Kamlakar Narkhade, and the management of K.N. Bhise Arts & Com...

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Bombay High Court Directs Official Liquidator to Adjudicate Workmen's Claims in Winding Up of KMA Ltd. Under Sections 529A and 530 of Companies Act, 1956. The court held that the Official Liquidator must consider the Industrial Court's order dated 2 July 2005 in adjudicating claims of workmen.

The judgment concerns two company applications filed in the winding up proceedings of KMA Ltd. (in liquidation). Company Application No. 593 of 2011 w...

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Bombay High Court Grants Interim Injunction in Pledge Dispute Over Shares. Court Restrains Transfer of Pledged Shares and Orders Deposit of Surplus Sale Proceeds Pending Suit.

The Plaintiff, Pushpanjali Tip Up Pvt. Ltd., filed a suit against Mrs. Renudevi Choudhary and others concerning shares pledged as security for loans. ...