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Supreme Court Dismisses Assessee's Appeal in Income Tax Cash Credit Case — Upholds Addition Under Section 68 Despite Rejection of Books for Gross Profit. Books of Account Can Be Partially Relied Upon for Different Additions Even After Rejection Under Section 145(3) of Income Tax Act, 1961.

The appeal arose from a challenge to an addition of Rs.2,26,000 made under Section 68 of the Income Tax Act, 1961, as unexplained cash credits. The ap...

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Supreme Court Allows Appeals Against NGT Orders in Sterlite Copper Plant Closure Case — Upholds Maintainability of Composite Appeal Under NGT Act. The Court held that a composite appeal under Section 16 of the NGT Act is maintainable and that closure orders without natural justice are invalid.

The Supreme Court disposed of a batch of appeals arising from orders of the National Green Tribunal (NGT) concerning the closure of a copper smelter p...

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Bombay High Court Partially Upholds Arbitral Award in Railway Contract Dispute — Interest Rate Reduced from 18% to 9%. The court held that the arbitrator's award did not violate public policy but reduced the interest rate as excessive under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, Union of India, challenged an arbitral award dated 8 October 2010 under Section 34 of the Arbitration and Conciliation Act, 1996. The ...

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Bombay High Court Dismisses Challenge to Arbitral Award in Stock Broker Dispute — No Patent Illegality Found. Claimant's claim for refund of margin money and compensation for unauthorized trades upheld as arbitrator's findings of fact are final under Section 34 of Arbitration and Conciliation Act, 1996.

The judgment concerns two arbitration petitions under Section 34 of the Arbitration and Conciliation Act, 1996, challenging a common arbitral award da...

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Bombay High Court Allows Appointment of Arbitrator in Commodity Exchange Dispute. Arbitration clause in agreement between stock exchange and metal exchange provides for reference of disputes to arbitration under the Arbitration and Conciliation Act, 1996.

The applicant, National Commodity and Derivatives Exchange Ltd. (NCDEL), a stock exchange, filed an application under Section 11 of the Arbitration an...

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Bombay High Court Quashes Section 179 Order Against Former Director for Tax Dues of Company — No Evidence of Neglect or Misfeasance. Director Who Resigned Before Relevant Assessment Year Cannot Be Held Liable for Company's Tax Default Under Section 179 of Income Tax Act, 1961.

The petitioner, Dinesh T. Tailor, was appointed as an Additional director of Yazad Investment & Finance Private Limited on 2 January 1987. He signed a...

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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...