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Supreme Court Allows Revenue's Appeal in Income Tax Case — Upholds Addition Under Section 68 for Unexplained Share Capital. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investor Companies Despite Receiving Share Premium at Rs. 190 per Share.

The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...

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Bombay High Court Allows Writ Petition Challenging De-empanelment of Advocate by Bank of Baroda Without Following Principles of Natural Justice. Show-Cause Notice Issued with Premeditation Violates Right to Fair Hearing Under Article 14 of Constitution of India.

The petitioner, a registered legal practitioner since 1980 and empanelled with the Bank of Baroda for over 30 years, was de-empanelled by a communicat...

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Supreme Court Dismisses Corporate Debtor's Appeal Against NCLT Order Admitting Insolvency Application Under Insolvency and Bankruptcy Code, 2016. Maharashtra Act Moratorium Does Not Bar Insolvency Proceedings as Section 238 of the Code Overrides Inconsistent State Laws.

The appeal arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The corporate debtor, a multi-product compan...

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High Court of Karnataka Allows Appeal in Credit Card Recovery Suit — Reduces Usurious Interest Rate of 2.5% per Month Compounded Monthly to 6% per Annum Simple. Contractual interest held unconscionable and against public policy under Section 34 CPC.

The appellant, B. Gopa Kumar, was a credit card holder of Canara Bank (respondent) and was issued a Cancard-Visa card in 1998. He defaulted on payment...

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High Court of Karnataka Quashes Revision Order in Co-operative Bank Dispute — Petitioner's Rights Restored. The Court held that the revisional authority exceeded its jurisdiction by interfering with a reasoned order of the Assistant Commissioner without proper application of mind.

The petitioner, Sri Vijayachandra, filed a writ petition before the High Court of Karnataka challenging an order dated 11.11.2014 passed by the first ...

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Bombay High Court Dismisses Writ Petition Challenging Auction Sale of Property by Co-operative Bank Under Section 101 of Maharashtra Co-operative Societies Act, 1960 — Auction Sale Confirmed Despite Alleged Irregularities as Petitioner Failed to Prove Fraud or Collusion.

The petitioner, M/s. Priyesh Land Developers, a partnership firm, filed a writ petition challenging the auction sale of its property by the respondent...