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Bombay High Court Rules Share Issue Expenses to Dilute Foreign Equity as Capital Expenditure Under Income Tax Act, 1961. Interest on Share Application Money Cannot Be Adjusted Against Such Capital Expenditure.

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal (Tribunal) at the ins...

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Bombay High Court Dismisses Landlord's Writ Petition Challenging Small Causes Court's Jurisdiction in Rent Control Exemption Case. Section 41 of Presidency Small Cause Courts Act, 1882 Confers Jurisdiction Over Landlord-Tenant Suits Irrespective of Applicability of Maharashtra Rent Control Act, 1999.

The Petitioner, Depe Global Shipping Agencies Pvt. Ltd., is the landlord, and the Respondent, MPIL Corporation Ltd., is the tenant in respect of suit ...

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Supreme Court Dismisses Assessee's Claim to Treat Compensation as Capital Receipt Under Income Tax Act. Lump sum payment received by managing agent for reduction in remuneration held to be revenue receipt as it was in lieu of future profits and not for loss of managing agency.

The assessee firm, M/s. Godrej & Company, was appointed managing agent of a limited company for thirty years from November 9, 1933, under an agreement...