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Bombay High Court Dismisses Assessee's Appeal, Upholds Applicability of Section 50C to Transfer of Leasehold Rights. Leasehold Rights Constitute Capital Asset and Assignment Thereof Attracts Section 50C Deeming Provision.

The appeal arose from an order of the Income Tax Appellate Tribunal, Nagpur dated 24.03.2017 dismissing the assessee's claim that Section 50C of the I...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Invalid When Based on Same Material Already Considered in Original Assessment.

The petitioner, Siemens Financial Services Pvt Ltd, a Non-Banking Finance Company registered with RBI, filed its return of income for Assessment Year ...

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Bombay High Court Dismisses Vessel Owner's Application for Release of Arrested Vessel Due to Repeated Breach of Undertakings and Contempt of Court. Auction Purchaser's Application for Confirmation of Sale Allowed as Vessel Owners Failed to Furnish Security in Time.

The case involves a commercial admiralty suit filed by GAC Shipping (India) Pvt Ltd & Anr against MV Golden Pride & Ors. The vessel was arrested. The ...

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Supreme Court Quashes Criminal Proceedings Against Bank Officers in SARFAESI Act Loan Recovery Dispute. Civil Nature of Transaction Precludes Criminal Prosecution Under Sections 406, 409, 420 IPC.

The Supreme Court allowed the appeal filed by K. Virupaksha and another, who were Deputy General Managers of Canara Bank, against the order of the Kar...

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Bombay High Court Allows Criminal Writ Petition Challenging Sessions Court's Dismissal of Revision Application on Jurisdictional Grounds — Held That Revision Application Cannot Be Dismissed in Limine on Point of Jurisdiction Without Hearing on Merits.

The petitioners filed a Criminal Writ Petition before the Bombay High Court challenging an order dated 11.7.2019 passed by the Additional Sessions Jud...

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Bombay High Court Allows Writ Petition by Mutual Fund Against Sales Tax Reassessment Orders — Holds Mutual Fund Not a Dealer Under MVAT Act, 2002. Reassessment Proceedings Initiated Beyond Limitation Period and Without Proper Sanction Are Invalid.

The petitioner, Axis Mutual Fund, filed a writ petition under Article 226 of the Constitution of India challenging several orders passed by the sales ...

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High Court of Karnataka Allows Appeal in Property Dispute — Sale Deed by Husband Without Wife's Consent Declared Void. Gift Deed by Subsequent Transferee Also Set Aside as Property Was Coparcenary Asset and Sale Was Without Legal Necessity.

The case involves a Regular First Appeal filed by the plaintiff, Smt. Sharadamma, and her son B.S.Shivaprasad Aradya, against the judgment and decree ...

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Bombay High Court Dismisses Writ Petition Against SARFAESI Auction Sale for Lack of Alternative Remedy. Petitioner's challenge to auction sale of secured assets fails as remedy under Section 17 of SARFAESI Act before DRT was not exhausted.

The petitioner, Umang Sugars Private Limited, filed a writ petition before the Bombay High Court challenging the auction sale of movable and immovable...