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Madras High Court Allows Appeals of Shareholders in Capital Receipt Case — One Million Euros Received from Vedior NV Held Exempt as Capital Receipt. Compensation for Loss of Right of First Refusal and Non-Compete Agreement Treated as Capital Receipt Not Chargeable to Tax Under Income Tax Act, 1961.

The case involves two appeals by shareholders (K. Pandiarajan and R. Hemalatha) against the order of the Income Tax Appellate Tribunal (ITAT) which up...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Deduction Case Under Section 43B Explanation 3C. Interest Converted into Debentures Not Deemed Actually Paid as Per Retrospective Amendment, Disallowing Deduction Under Income Tax Act, 1961.

The dispute arose from an appeal by M.M. Aqua Technologies Ltd. against the Commissioner of Income Tax, Delhi-III, concerning the interpretation of Se...

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Supreme Court Dismisses Appeals in Arbitration Act Case Regarding Foreign Award Enforcement. Non-Signatory Parties Not Bound by Arbitration Agreement Under Alter Ego Doctrine for Enforcement Under Part II of Arbitration and Conciliation Act, 1996.

The Supreme Court of India heard civil appeals concerning the recognition and enforcement of foreign awards under Part II of the Arbitration and Conci...

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Supreme Court Upholds High Court in Capital Gains Tax Case — Accrual Occurs on Date of Award, Not Notification. Transfer of Capital Asset Under Section 45 of Income-tax Act, 1961 Is Complete Only When Compensation Is Determined by Collector's Award, Even if Possession Taken Earlier.

The case concerns the assessment year 1971-1972 for the assessee Amrik Singh HUF, whose land was acquired by the Haryana Government for a college play...

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Bombay High Court Acquits Accused in Murder Case Due to Inconsistent Evidence and Doubtful Identification. Conviction under Section 302 IPC Set Aside as Prosecution Failed to Prove Guilt Beyond Reasonable Doubt.

The case involves two criminal appeals arising from a judgment of the Additional Sessions Judge-3, Beed, in Sessions Case No.40/2011, dated 10.10.2011...

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Bombay High Court Allows Petitions Challenging Condition of Compensation for Suspension of Sentence in NI Act Cases. Appellate Court Cannot Impose Payment of Compensation Under Section 357(3) CrPC as Condition for Suspending Sentence Under Section 389 CrPC.

The Bombay High Court addressed three petitions raising a common legal question: whether an appellate court hearing an appeal against conviction under...