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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Bombay High Court Allows Enforcement of Foreign Award in Favor of Petitioner in Arbitration Dispute. Court Holds That Award Does Not Violate Public Policy and Condoned Delay of 273 Days Under Section 5 of Limitation Act, 1963.

The petitioner, M/s. Louis Dreyfus Commodities Suisse S.A., a Swiss company, entered into a contract with the respondent, Sakuma Exports Limited, an I...

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Bombay High Court Grants Interim Injunction Restraining Invocation of Bank Guarantee in Supply Contract Dispute. Prima Facie Fraud and Irreparable Injury Established by Plaintiff Supplier Against Beneficiary.

The plaintiff, M/s. Arad Metering Technologies Ltd., filed a suit seeking a restraint order against Defendant No.1, Axelia Utility Management Pvt. Ltd...

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Bombay High Court Dismisses Plaintiff's Claim for Short-Landed Cargo Due to Lack of Evidence and Limitation. The court held that the plaintiff failed to prove that the consignment was loaded on board the vessel and that the suit was barred by limitation under the Indian Carriage of Goods by Sea Act, 1925.

The plaintiff, Wallace Pharmaceuticals Pvt. Ltd., filed a suit for recovery of US$154,000 representing the CIF value of 40 drums of Lincomycin HCL BP ...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in Contractual Dispute Over Withheld Payments. Court upholds award directing release of Rs. 2,66,48,000 with 8% interest, finding no patent illegality or perversity under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, Hindustan Petroleum Corporation Ltd., challenged an arbitral award dated 2 March 2009 passed by a sole arbitrator under Section 34 of ...

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Bombay High Court Allows Recovery Suit Against Carrier for Short Delivery of Pharmaceutical Cargo Under Carriage of Goods by Sea Act, 1925. Carrier Held Liable for Missing Cartons Despite Claim of Limited Liability as Value Was Declared in Bill of Lading.

The plaintiffs, M/s. Unique Pharmaceutical Laboratories, filed a suit for recovery of Rs. 11,32,583/- with interest against the defendants, M/s. Stalc...

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Bombay High Court Allows Recovery Suit by Cotton Corporation Against Textile Mill for Unpaid Price of Imported Cotton. Court holds that the plaintiff is entitled to recover the principal sum with interest at 6% p.a. from the date of suit till payment.

The plaintiff, The Cotton Corporation of India Ltd, a government undertaking and canalising agency for import of cotton, filed a suit for recovery of ...

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Bombay High Court Allows Recovery Suit for Cotton Price and Interest — Contract Deemed Accepted Under Clause 33. The court held that the defendant was liable to pay the price of cotton bales and other charges with interest at 20% per annum.

The plaintiff, The Cotton Corporation of India Ltd., filed a suit for recovery of Rs.15,78,006.49 along with interest at 20% per annum against the def...