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Bombay High Court Quashes TPO Order in Transfer Pricing Adjustment for Demerger Transaction. Held that transfer pricing provisions under Section 92 of Income Tax Act, 1961 do not apply to a demerger approved by High Court where assets and liabilities are transferred at book value without any consideration.

The petitioner, Times Global Broadcasting Company Ltd, a wholly owned subsidiary of Benett, Coleman and Company Ltd (BCCL), was engaged in distributio...

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Bombay High Court Upholds Disqualification of Zilla Parishad Councillor for Having Three Children Under Maharashtra Zilla Parishads and Panchayat Samitis Act, 1961. Family Planning Policy Enforced Strictly to Curb Population Explosion.

The petitioner, Gautam s/o Rama Latke, was elected as a Councillor from the Anala (30) Constituency of Zilla Parishad, Osmanabad. He was aggrieved by ...

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High Court of Bombay Hears Writ Petition Seeking Quashing of Order and Reference under Section 92BA(i) of Income Tax Act, 1961. Petitioner challenges classification of three transactions as Specified Domestic Transactions based on related party and expenditure definitions.

The petitioner, HDFC Bank Ltd., a banking company, filed a writ petition under Article 226 challenging an order and reference passed by the Assistant ...

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Bombay High Court Addresses Conflicting Precedents on Procedural Mandates for No Confidence Motions Under Bombay Village Panchayats Act, 1958. Reference to Larger Bench Examines Whether Formal Motion and Seconding Requirement Under Rule 17 of Meeting Rules is Mandatory or Directory.

The appeal before the Bombay High Court arose from a no confidence motion passed against the Sarpanch of Gram Panchayat Theur, Pune. The appellant, wh...

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High Court of Karnataka Hears Writ Petition Against KERC Order on Solar Power Tariff. The Dispute Centers on Whether Commissioning Certificate or Actual Injection of Power Determines Commercial Operation Date Under the Power Purchase Agreement.

The petitioner, a solar power developer, challenged an order of the Karnataka Electricity Regulatory Commission (KERC) that denied a higher tariff by ...

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High Court of Bombay Considers Appeals Against Company Law Board Order Directing Buyout of Majority Stake in Wind Energy Company. The majority shareholder challenged the finding of oppression and the forced sale of shares to minority shareholders under sections 397, 402 and 403 of the Companies Act, 1956.

The proceedings arose from disputes between the shareholders of Enercon (India) Limited, now known as Wind World (India) Limited, a company engaged in...

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High Court of Judicature at Bombay Examines Repugnancy Between Section 28A of Bombay Civil Courts Act, 1869 and Section 299 of Indian Succession Act, 1925. Petitioner Contends That District Court Lacked Jurisdiction to Hear Appeal from Probate Revocation.

The writ petition was filed by Smt. Nola Jonathan Ranbhise before the High Court of Judicature at Bombay, challenging the constitutional validity of S...

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High Court of Judicature at Bombay Adjudicates Letter of Credit Dispute in Common Judgment for Two Suits Arising from Alleged Discrepant Documents. Bank's Liability for Wrongful Debit Examined Under UCP 290 with Emphasis on Strict Compliance and Discrepancy in Shipping Documents.

Two suits were filed arising from a documentary import Letter of Credit facility granted by State Bank of India to Dadlani Silk Stores. Suit No. 1012 ...