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Supreme Court Dismisses Appeal of NBFC in Income Tax Dispute on Set-off of Speculation Loss. Principal Business Determined by Actual Activities, Not Registration; Amendment to Explanation to Section 73 Held Prospective.

The appeal arose from a judgment of the Calcutta High Court in an appeal under Section 260A of the Income Tax Act, 1961, concerning the assessment yea...

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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Bombay High Court Dismisses Petition Challenging Retrospective Service Tax Amendment on Renting of Immovable Property. The Court upheld the explanation to Section 65(105)(zzc) of the Finance Act, 1994 as clarificatory and not violative of Article 14.

The petitioner, Chanakya Mandal, a trust registered under the Bombay Public Trust Act, filed a writ petition under Article 226 of the Constitution of ...

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Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act Despite Retrospective Amendment After Assessment Order. Commissioner Must Consider Retrospective Amendment as Law Deemed to Exist on Date of Assessment Order.

The petitioner, Kalpesh M. Nagda, filed his return of income for Assessment Year 2003-2004 on 25 November 2003, declaring total income of Rs.48,22,312...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Prospective Application of Section 234D. Interest Under Section 234D of the Income Tax Act, 1961 Cannot Be Charged for Assessment Year 2002-03 as the Provision Applies Only From Assessment Year 2004-05.

The appeal by the revenue under section 260A of the Income Tax Act, 1961 challenged an order dated 24/11/2010 of the Income Tax Appellate Tribunal in ...

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Bombay High Court Dismisses Petition Challenging Retrospective Recovery of Supervision Charges in Distillery License — Levy Upheld as Contractual Obligation Under Section 58A of Bombay Prohibition Act, 1949.

The petitioners, Sahakar Maharshi Bhausaheb Thorat Sahakari Sakhar Karkhana Ltd. and another, filed a writ petition challenging a demand notice dated ...