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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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Bombay High Court Dismisses Review and Writ Petitions in GST Input Tax Credit Refund Case for Duty Free Shops. Sale of duty free goods at airport departure area is not export, hence no refund of ITC under Section 54 of CGST Act, 2017.

The judgment concerns three matters: a criminal application seeking review of dismissal of a PIL, and two writ petitions challenging an adjudication o...

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Supreme Court Allows Partition Suit by Granddaughter of Former Ruler — Private Properties of Nawab of Rampur to Be Distributed Under Muslim Personal Law, Not Primogeniture. Merger Agreement Guarantee of Succession to Gaddi Does Not Cover Private Properties Declared Under Article 4.

The case concerns the succession to properties declared as private properties by Nawab Raza Ali Khan, the former ruler of Rampur, under the Merger Agr...

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Bombay High Court Allows Assessee's Appeal on Proportional Increase of Advertisement Limit and Deductibility of Statutory Fund Transfer. Holds that Section 37(3A) limit must be proportionately increased for extended previous year and transfer to statutory storage fund is deductible under Section 37(1).

This judgment by the Bombay High Court addresses four questions of law referred by the Income Tax Appellate Tribunal under Section 256(1) of the Incom...

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High Court of Karnataka Quashes CIC Order Holding Deemed University Not a 'Public Authority' Under RTI Act — Right to Information Act, 2005 Not Applicable to Deemed Universities Established Under UGC Act, 1956

The petitioner, Manipal University, a deemed university declared under Section 3 of the University Grants Commission Act, 1956, challenged an order da...

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Bombay High Court Dismisses Winding-Up Petition as Foreign Company Failed to Comply with Registration Requirements Under Sections 592 and 599 of Companies Act, 1956. Petitioner, a foreign company with a place of business in India, cannot maintain a winding-up petition without registering under the Act.

The petitioner, Willis Europe B.V., a company incorporated under the laws of the Netherlands with its principal place of business in the United Kingdo...