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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...

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Bombay High Court Adjudicates Section 34 Petition Against Arbitral Award in ATM Cash Replenishment Dispute. The petition challenges the award of Rs. 23.26 crores to the respondent for cash loading discrepancies under the 2010 and 2015 agreements.

The judgment originates from a petition under Section 34 of the Arbitration and Conciliation Act, 1996 filed by Securitrans India Private Limited, see...

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High Court Hears Appeals Against Conviction for Cheating and Corruption—Bank Employees and Others Accused of Disappearing Clearing Cheques to Cause Rs. 35.50 Lakh Loss. Conviction Under IPC Sections 120-B, 420 and Prevention of Corruption Act Challenged on Grounds of Erroneous Appreciation of Evidence.

The case originated from a prosecution by CBI against five accused persons for conspiracy to cheat Bank of India. Accused No.1, a clerk at the Service...

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High Court of Judicature at Bombay Adjudicates Company Petition for Winding Up Over Unpaid Derivative Transaction Debts. The Petitioner Bank Claimed Rs.8.74 Crores from the Respondent Company Following Defaults on Forex Options Margin Calls Under ISDA Master Agreement.

The litigation stems from a company petition filed by HDFC Bank Ltd. under the provisions of the Companies Act, 1956 seeking winding up of Rohan Dyes ...

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Bombay High Court Dismisses Suit for Interest on Frozen Bank Account — No Breach of Contract Found. Bank's Compliance with Customs Department Instructions to Freeze Account and Retain Amount in Suspense Account Without Interest Does Not Constitute Breach of Contract.

The Plaintiff, Veritas Exports, a proprietorship concern, filed a suit against the Defendant, Bank of Baroda, seeking a money decree for interest on a...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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High Court of Karnataka Allows Writ Petition Quashing Banking Ombudsman Order in Demand Draft Cancellation Dispute. Petitioner Entitled to Cancellation of DD and Credit of Amount with Interest as Per RBI Circulars.

The petitioner, Doddaballapur Spinning Mills, a company registered under the Companies Act, 1956, held a current account with ICICI Bank Ltd. (respond...