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Bombay High Court Considers Revenue Appeal Against ITAT Order in Section 263 Revision Case. Appeal Concerns Whether Non-Verification of Utilization of Accumulated Income Under Section 11(2) Renders Assessment Order Erroneous and Prejudicial to Revenue.

The matter arose from an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 before the Bombay High Court against the order of the In...

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Supreme Court Allows Revenue Appeals in Service Tax on Airport Development Fee Case. User Development Fee Collected by Airport Operators Under Statutory Authority is Not Subject to Service Tax Under Finance Act, 1994.

The Supreme Court considered appeals by the revenue against CESTAT orders that had held user development fee collected by airport operators not liable...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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Bombay High Court Dismisses Challenge to Maharashtra's Loan Waiver Scheme for Farmers — Scheme Held Not Arbitrary or Unconstitutional. Court finds that the classification based on loan amount is reasonable and does not violate Article 14 of the Constitution.

The petitioner, Sanjaykumar Bhalchandra Patil, a farmer from Jalgaon, filed a writ petition under Article 226 of the Constitution of India challenging...

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High Court of Bombay Adjudicates Writ Petition Challenging Constitutional Validity of Section 88 of Finance Act, 2004. Petitioner, a tyre manufacturer, contended that the cut-off date of 1 April 2000 for utilization of Additional Excise Duty credit is arbitrary and violates Article 14.

The petitioners, CEAT Limited, engaged in the manufacture of tyres, filed a writ petition under Article 226 of the Constitution of India challenging t...

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High Court Dismisses Appeal Against Winding-Up Order in Bond Default Case; Upholds Adverse Remarks Against Directors for Fund Diversion. Company Found Unable to Pay Debts and Substratum Lost, Justifying Winding Up Under Sections 433(e) and 433(f) of Companies Act, 1956.

The appeal arose from a winding-up order passed by the learned company Judge against Zenith Infotech Limited (the appellant) in a petition filed by Th...

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Bombay High Court Dismisses PIL Challenging Additional FSI Approval as Abuse of Process. Court finds lack of bonafides and imposes costs of Rs. 5,00,000 for misuse of public interest litigation jurisdiction.

The Bombay High Court dismissed a Public Interest Litigation (PIL) filed by Sarthi Seva Sangh and another petitioner, challenging the approval of an a...

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Supreme Court Allows IFCI's Appeal Against Retirees' Claim for Enhanced Pension Under VRS-2008. Voluntary Retirement Scheme's Full and Final Settlement Clause Bars Subsequent Claims for Pay Revision Benefits.

The dispute pertains to thirty-one employees of IFCI who voluntarily retired under the Voluntary Retirement Scheme of 2008 (VRS-2008) on 1 February 20...