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Bombay High Court Allows Revenue Appeal in Part on Mutuality Principle for Effluent Treatment Association. Interest on Bank Deposits Held Taxable as Income from Investments, Not Covered by Mutuality.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against a decision of the Income Tax Appellate Tribunal for ...

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Bombay High Court Hears Writ Petition Challenging Attachment and Proposed Sale of Residential Bungalow under Income Tax Act, 1961, on Ground of Limitation. Petitioner Contends That Tax Recovery Officer's Action Is Time-Barred Under Rule 68B of Second Schedule.

The petitioner, a 60-year-old Indian citizen, filed a writ petition under Article 226 of the Constitution of India seeking to quash and set aside the ...

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Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent.

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs....

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Bombay High Court Dismisses Bank and Sugar Factory's Petitions Challenging Auction of Cooperative Sugar Factory Assets. Held that the Bank as a secured creditor has a paramount charge over the property and the auction sale cannot be set aside after confirmation and payment.

The case involves a dispute over the auction sale of assets of Doulat Shetkari Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, by the Kolh...

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Bombay High Court Grants Interim Injunction in Pledge Dispute Over Shares. Court Restrains Transfer of Pledged Shares and Orders Deposit of Surplus Sale Proceeds Pending Suit.

The Plaintiff, Pushpanjali Tip Up Pvt. Ltd., filed a suit against Mrs. Renudevi Choudhary and others concerning shares pledged as security for loans. ...

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Bombay High Court Allows Secured Creditor's Priority Over Sales Tax Dues in MVAT Act Attachment Dispute. State Bank of India's mortgage charge on borrower's property held superior to VAT recovery under Section 32 of MVAT Act, 2002, following Central Bank of India v. State of Kerala ratio.

The State Bank of India (SBI), a secured creditor, filed a writ petition under Article 226 of the Constitution challenging the attachment of a propert...

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Supreme Court Disposes of Appeals by Authority for Advance Rulings Against High Court Judgment Quashing AAR's Rejection of Treaty Benefits. Questions Raised on Taxation of Capital Gains Under India-Mauritius DTAA and Scope of Section 245R(2) Proviso (iii) of Income Tax Act, 1961.

The disputes arose from applications for advance ruling filed by three Mauritius-incorporated companies—Tiger Global International II Holdings, Tige...

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Bombay High Court Quashes Sales Tax Attachment Over Bank's Secured Assets Under SARFAESI Act — Priority of Secured Creditor Upheld. Section 26E of SARFAESI Act gives priority to secured creditors over crown debts, and attachment by sales tax authorities cannot defeat the bank's security interest.

The petitioner, Union Bank of India, filed a writ petition under Article 226 of the Constitution of India seeking to quash an attachment order dated 2...