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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material. Reopening of Assessment Under Section 147 of Income Tax Act, 1961 Invalid When Based on Same Material Already Considered in Original Assessment.

The petitioner, Siemens Financial Services Pvt Ltd, a Non-Banking Finance Company registered with RBI, filed its return of income for Assessment Year ...

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Supreme Court Hears Appeal Against Contempt Conviction in Arbitration Matter. The High Court had convicted the parties for proceeding with arbitration after notice under Section 35 of the Arbitration Act, 1940.

The dispute arose from a hire-purchase agreement entered into between the appellants (Security & Finance (P) Ltd. and another) and the first responden...

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Bombay High Court Upholds Validity of 50% Reservation for Women in Gram Panchayats — Rule 3(1)(c) of Maharashtra Village Panchayats (Reservation of Seats for Women) Rules, 1995 Held Intra Vires the Bombay Village Panchayats Act, 1958 and Article 243D of the Constitution.

The case involves a Letters Patent Appeal filed by Shri Tatyasaheb Ramchandra Kale against the judgment of a Single Judge of the Bombay High Court dis...

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Bombay High Court Quashes Reassessment Order in Capital Gains Tax Case — Transfer of Shares of Foreign Company Not Taxable in India. Shares of a Bermuda company transferred outside India do not constitute transfer of a capital asset situated in India under Section 2(14) of the Income Tax Act, 1961.

The petitioner, Techpac Holdings Ltd., a company incorporated in Bermuda, challenged an assessment order dated 25th March 2013 passed by the Deputy Co...

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Bombay High Court Considers Section 34 Petition by State-Owned Oil Corporation to Set Aside Arbitral Award. Petitioner Alleges That Award Is Vitiated by Fraud Due to Non-Disclosure of Corporate Insolvency Proceedings by Respondent Joint Venture.

The matter arose out of a petition under Section 34 of the Arbitration and Conciliation Act, 1996 filed by Hindustan Petroleum Corporation Ltd., a sta...