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Bombay High Court Allows Release of Imported Bearings in IPR Suspension Case — Mandamus Issued for Violation of IPR Rules 2007. Customs Authorities Suspended Clearance Without Confiscation Order or Notice Under Rule 7 of IPR Rules, Violating Principles of Natural Justice.

The petitioners, NBU Bearings Pvt. Ltd. and another, filed a writ petition under Article 226 of the Constitution of India before the Bombay High Court...

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Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

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Bombay High Court Allows Loss Deduction for Confiscated Foreign Currency in Income Tax Reference. Foreign currency confiscated by customs authorities under FERA held allowable as business loss under Income Tax Act, 1961, even though treated as undisclosed income.

The case involves an income tax reference by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) for the assessment year 1982-83...