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High Court of Judicature at Bombay Hears Appeal Against Company Law Board Order in Oppression and Mismanagement Petition. Company Appeal No.19 of 2009 Challenges CLB's Findings on Reduction of Shareholding, Removal of Director, and Valuation of Land Under Sections 397 and 398 of the Companies Act, 1956.

The case involved a dispute between shareholders of Pantheon Infrastructure Pvt. Ltd., a company formed to acquire and develop a 13-acre property in M...

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Bombay High Court Dismisses Writ Petition Challenging Return of Appeal Memo for Lack of Pecuniary Jurisdiction. Forum of appeal determined by valuation in decree, not plaint valuation under Section 8 of Suits Valuation Act, 1887 and Section 6 of Bombay Civil Courts Act, 1869.

The petitioners, original plaintiffs, filed Regular Civil Suit No.1171 of 2006 seeking declaration that a gift deed dated 10/11/2005 executed by defen...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Reasonable Belief of Income Escaping Assessment. Share Premium Reassessment Based on Intrinsic Valuation Without New Material Held Invalid Under Section 147 of the Income Tax Act, 1961.

The petitioner, SLS Energy Pvt. Ltd., challenged a notice dated 23 March 2015 issued under Section 148 of the Income Tax Act, 1961, for the assessment...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Share Premium Valuation Dispute Not a Failure to Disclose Material Facts.

The petitioner, The Suminter Organic and Fair Trade Cotton Ginning Mill Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, ...

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High Court of Bombay Examines Jurisdictional Challenge to Transfer Pricing Adjustment on Equity Share Issuance. Whether Alleged Shortfall in Premium Constitutes Income from International Transaction Under Chapter X of Income Tax Act, 1961.

Vodafone India Services Pvt. Ltd. (the Petitioner), a wholly owned subsidiary of a non-resident holding company, required funds for its telecommunicat...

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Bombay High Court Enhances Royalty for Court Receiver's Property in License Dispute. Court modifies Receiver's order fixing royalty at Rs.45,000 per month and enhances to Rs.1,50,000 per month based on valuation report and market rates.

The plaintiff filed a chamber summons seeking modification of the Court Receiver's order dated 24 August 2010 fixing royalty at Rs.45,000 per month fo...

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Supreme Court Upholds Pre-emptive Purchase Order Under Income Tax Act for Undervalued Property. Appropriate Authority's Valuation Based on Comparable Sales Upheld as Reasonable.

The Supreme Court dismissed appeals by prospective buyers (Krishna Kumar Rawat & Ors.) and partly allowed the appeal by the Union of India against a H...

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Bombay High Court Allows Appeals in Land Acquisition Compensation Case - Market Value Enhanced to Rs.30 per sq.mtr. for Village Percolation Tank Project. Potential Value and Comparable Sale Instance Considered Under Land Acquisition Act, 1894.

The case involves multiple first appeals filed by original claimants whose agricultural lands in village Vaiju Babhulgaon, Taluka Pathardi, District A...

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Bombay High Court Dismisses Appeals Against Arbitral Award in Partnership Dispute — Upholds Valuation Based on Book Value as Per Partnership Deed. Clause-11 of Partnership Deed Mandates Asset Valuation on Book Value Basis, Not Market Value, Under Section 48 of Indian Partnership Act, 1932.

The case involves two appeals filed by Dr. Vijaypat Singhania and others (Appeal No. 361 of 2010) and Dr. Gaur Hari Singhania and others (Appeal No. 5...