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Supreme Court Allows Assessees' Appeals in Interest Tax Dispute on Hire-Purchase Transactions. The interest component in hire-purchase instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974 as hire-purchase transactions are not loans or advances.

The Supreme Court allowed the appeals filed by M/s Muthoot Leasing and Finance Limited and other assessees, setting aside the judgment of the Kerala H...

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Bombay High Court Dismisses Revenue's Appeal in Service Tax Case on Bifurcation of Interest and Service Charges. Tribunal's finding that no service tax liability arises prior to 01.03.2006 due to absence of mechanism for bifurcation of value of service from interest amount upheld.

The appeal was filed by the Commissioner of CGST & Central Excise under Section 35G of the Central Excise Act, 1944, challenging the order of the Cust...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in Loan Dispute — Limitation Period Runs from End of Loan Tenure When Creditor Has Option to Recall Loan on Default.

The petitioner, Paresh Prakash Pavetekar, had taken a loan from the respondent, Phoenix ARC Pvt. Ltd., repayable in equated monthly installments. The ...

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Bombay High Court Grants Bail to Accused in Illegal Building Collapse Case Due to Lack of Prima Facie Evidence of Culpable Homicide and Long Incarceration. Court Held That Section 304 IPC Requires Knowledge of Likely Death, Which Was Not Established Against the Applicants.

The judgment concerns three bail applications filed by accused persons arrested in connection with the collapse of an illegally constructed building i...

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Bombay High Court Dismisses Appeal Seeking Confirmation of Share Transfer in Wound-Up Company Due to Inordinate Delay and Lack of Evidence. Section 536(2) of Companies Act, 1956 requires timely application and proof of bona fide transfer before winding up order.

The appellant, Rathnam P.V., filed an appeal against the order of the Company Judge dismissing his application under Section 536(2) of the Companies A...