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Bombay High Court Allows Refund of Stamp Duty on Cancelled Development Agreement Under Section 47(c)(5) of Maharashtra Stamp Act, 1958. Petitioner entitled to refund as transaction was cancelled before possession and within two years, not covered by Section 48 proviso.

The Petitioner, M/s. Satyam Construction, entered into a Development Agreement on 2 June 2011 with Shri Rajiv Ghule and others for development of land...

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Supreme Court Upholds Enhanced Share Valuation, Awards Interest at 6% Pre-Decree and 9% Post-Decree in Decades-Old Dispute. Balancing Equity and Commercial Realities: SC Modifies Interest Rates in Rajasthan State Mines Share Acquisition Case

Valuation of Shares – The Supreme Court affirmed the High Court’s valuation of shares at ₹640 per share, rejecting the State’s objections. Th...

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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Allows Appeal and Enhances Compensation in Motor Accident Claim Case — Widow and Minor Children of Deceased Awarded Enhanced Compensation for Death of Breadwinner. Negligence of Trax Driver Established; Insurance Company Liable to Pay Compensation Under Motor Vehicles Act, 1988.

The appeal arises from a judgment and award dated 18/10/2013 passed by the Claims Tribunal, Nagpur in M.A.C.P No.686/2008. The appellants, being the w...

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High Court of Bombay at Nagpur Dismisses Insurance Company's Appeal in Motor Accident Claim — Upholds Compensation of Rs.22,99,125/- for Death of Doctor. Negligence of Driver Established Through Evidence of Eye-Witness and Police Papers; No Ground to Interfere with Tribunal's Findings.

The appellant, Reliance General Insurance Co. Ltd., filed an appeal under Section 173 of the Motor Vehicles Act, 1988, challenging the judgment and Aw...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Interest on Government Grants Held as Additional Grant, Not Taxable Income. Interest earned on grants kept in fixed deposits pending utilization is not income from other sources but part of the grant itself.

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) appealed against the order of the Income Tax Appellate Tribunal (ITA...

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Bombay High Court Allows Assessees in Income Tax Reference Regarding Gold Bonds Profit as Capital Gain. Profit from sale of National Defence Gold Bonds held not taxable as business income under Income Tax Act, 1961, as transaction was not an adventure in the nature of trade.

The case involves three income tax references arising from a common order of the Income Tax Appellate Tribunal, Mumbai, for the assessment year 1980-8...

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Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...