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Bombay High Court Quashes Section 143(2) Notice Issued Beyond Time Limit in Income Tax Reassessment — Notice Issued After Expiry of Statutory Period Under Section 149 of Income Tax Act, 1961 Is Invalid.

The petitioner, AMNS Khopoli Limited (formerly Uttam Galva Steels Limited), challenged a notice dated 31st May 2023 issued by the Assistant Commission...

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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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High Court of Karnataka Allows Appeal Against Rejection of Plaint in SARFAESI Act Suit — Limitation Period for Challenge to Auction Sale Under Article 137 of Limitation Act Is Three Years from Date of Sale Confirmation

The appellant, R Venkatapathy, filed a suit (O.S. No. 8639/2006) before the City Civil Court, Bangalore, challenging the auction sale of property cond...

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High Court of Karnataka Allows Writ Petition Seeking Registration of Sale Certificate Under SARFAESI Act. Sub-Registrar Directed to Register Sale Certificate Despite Pending Civil Suit as Section 89(4) of Registration Act, 1908 Mandates Registration.

The petitioner, Sri T. Bharathgowda, purchased a property at an auction conducted by Canara Bank (respondent No.3) under the Securitisation and Recons...