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Supreme Court Allows Revenue's Appeal on Compensation for Loss of Agency as Revenue Receipt Under Section 10 of Income-tax Act. Compensation for Loss of One Among Many Agencies in Normal Course of Business is Taxable Revenue Receipt.

The case involved a dispute over the taxability of compensation received by the respondent, a multi-agency concern, upon termination of one of its num...

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Bombay High Court Dismisses Appeal Against Acquittal in Cheating and Criminal Breach of Trust Case. Evidence Failed to Establish Disposal of Hypothecated Machinery or Inception Intention to Cheat Under Sections 406 and 420 of Indian Penal Code.

The Bombay High Court at Goa heard a criminal appeal against the acquittal of the respondent, M/s Samudra Corporation, on charges under Sections 406 a...

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Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — No Failure to Disclose Material Facts. Retirement Receipt from Partnership Firm Held Not Taxable as Capital Receipt, Not Revenue Receipt.

The petitioner, Balkrishna Hiralal Wani, was a partner in a firm of solicitors. He retired on 20th October 2003 upon attaining the age of seventy year...

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Bombay High Court Quashes FIR in Abetment of Suicide Case Against Finance Company Executive — No Instigation Found in Suicide Note. Loan Recovery Pressure Without Active Instigation Does Not Attract Section 306 IPC.

The applicant, Amit Ashok Naharkar, an executive of Bajaj Finance Company, filed a criminal application under Section 482 CrPC seeking quashing of FIR...

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Madras High Court Upholds Dismissal of Bank Manager in Loan Misconduct Case. Disciplinary Action for Violating Service Regulations and Causing Financial Loss to Bank Justifies Removal from Service.

The case involves a Writ Appeal filed by the Tamil Nadu Grama Bank (formerly Pandyan Grama Bank) against an order of a Single Judge of the Madras High...

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Bombay High Court Dismisses Petition Challenging Concurrent Orders Under Maharashtra Tenancy Act — Petitioner Failed to Prove Tenant Status. Landlord's Application for Possession Under Section 32-O Allowed as Tenant Could Not Establish Cultivation After Tillers' Day.

The petitioner, Shri Ananda Sakharam Padalkar, filed a writ petition under Article 227 of the Constitution of India challenging the judgment and order...

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Supreme Court Quashes Proceedings Against In-Laws in Matrimonial Dispute Due to Lack of Specific Allegations. Vague and Omnibus Allegations Against Family Members Without Active Involvement Do Not Attract Offences Under Sections 498A and 494 IPC.

The Supreme Court allowed the appeal filed by the accused-appellants, who were the father-in-law, mother-in-law, and sister-in-law of the complainant,...

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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...