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Supreme Court Allows Revenue's Appeal in Income Tax Case — Upholds Addition Under Section 68 for Unexplained Share Capital. Assessee Failed to Prove Identity, Creditworthiness, and Genuineness of Investor Companies Despite Receiving Share Premium at Rs. 190 per Share.

The present appeal arises from a judgment of the Delhi High Court in an income tax appeal concerning the assessment year 2009-10. The respondent-asses...

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Bombay High Court Considers Section 9 Petition in Post-Foreign Award Enforcement Against Guarantor Deleted from Proceedings. Court Examines Applicability of Group of Companies Doctrine to Bind Non-Signatory for Interim Relief.

The petition was filed under Section 9 of the Arbitration and Conciliation Act, 1996 by Ningbo Aux Imp & Exp Co. Ltd., a Chinese company, seeking inte...

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Supreme Court Dismisses Municipal Corporation's Appeal Against Resolution Plan Approval in Insolvency Case. Municipal Corporation's Prior Consent to Resolution Plan Precludes Later Objections Under IBC.

The Municipal Corporation of Greater Mumbai (MCGM) appealed against the order of the National Company Law Appellate Tribunal (NCLAT) which had upheld ...

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Bombay High Court Dismisses Bank's Revision Against Trial Court's Jurisdiction Ruling in SARFAESI Act Suit. Civil Court Has Jurisdiction to Entertain Suit for Permanent Injunction Against Re-auction of Mortgaged Property Despite SARFAESI Act Provisions.

The respondent, original plaintiff, filed Regular Civil Suit No.1756 of 2014 seeking a permanent injunction restraining the applicant bank from re-auc...

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Supreme Court Examines Bona Fides of Insolvency Proceedings by Telecom Service Providers to Avoid AGR Dues. The Court held that no fresh dispute on AGR dues can be raised after final judgment and that spectrum cannot be subject of IBC proceedings.

The Supreme Court was hearing miscellaneous applications in the ongoing litigation concerning the definition of Adjusted Gross Revenue (AGR) and the p...

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High Court of Bombay examines Official Liquidator’s report for declaration of sub-lease executed by lessee as void. The matter involves sub-lease of company property during pendency of winding up, with allegations of fabricated documents.

The matter concerns an Official Liquidator’s report filed in the winding up of Modi Stone Limited, seeking a declaration that a sub-lease dated 20 M...

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High Court of Karnataka Allows Canara Bank's Writ Petition Seeking Removal of Encumbrance Created by Commercial Tax Department on Mortgaged Property. Priority of Bank's Mortgage Over Statutory Charge Under Karnataka Value Added Tax Act, 2003 Upheld.

The petitioner, Canara Bank, filed a writ petition under Articles 226 and 227 of the Constitution of India seeking a writ of mandamus directing the St...