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Bombay High Court Dismisses Revenue Appeal in Income Tax Case, Holds Compensation for Loss of Agency as Capital Receipt. Amount received by assessee for giving up right to use trade mark and resigning as director is capital receipt not taxable under Section 2(24) and Section 4 of Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal allowing the appeal of the assess...

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Supreme Court Upholds Penalty on Managing Director in FEMA Violation Case — Failure to Complete Import Formalities Constitutes Continuing Offence. Liability under Section 10(6) of FEMA, 1999 attaches to person responsible for conduct of business regardless of change in management.

The appeal arose from complaint proceedings initiated by the Enforcement Directorate under Section 16(3) of the Foreign Exchange Management Act, 1999 ...

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High Court of Karnataka Quashes Prosecution Against Accused in Customs Act Case Due to Lack of Sanction — Petitioner, a Dubai-based Indian, was prosecuted for alleged smuggling of gold bars without prior sanction under Section 137 of the Customs Act, 1962, rendering the complaint invalid.

The petitioner, Mr. Imtiaz Ahmed, was Accused No.2 in CC No.210/2014 pending before the Principal Sessions Judge (Special Judge), Dakshina Kannada, Ma...

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Bombay High Court Dismisses Bank's Petition Challenging CGIT Award Setting Aside Dismissal of Clerk for Misappropriation. Reinstatement with 60% Backwages Upheld as Enquiry Findings Were Perverse and Bank Failed to Lead Evidence.

The Petitioner-Bank (Bank of Baroda, successor of Dena Bank) challenged the Part-II and Final Awards of the Central Government Industrial Tribunal (CG...

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Supreme Court Sets Aside High Court Bail Order in Dowry Death Case — Emphasizes Need for Speaking Orders in Bail Matters. High Court's cryptic order granting bail to a convict under Section 304B IPC was quashed for lack of reasoning and failure to consider evidence of dowry harassment.

The Supreme Court allowed an appeal filed by the father of a deceased victim against the Allahabad High Court's order granting bail to the respondent-...