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High Court of Bombay Issues Show Cause Notice and Considers Contempt Action Against Insolvent for Undisclosed Bank Transactions Under Presidency Towns Insolvency Act, 1909. Allegations of Non-Disclosure of Bank Accounts and Transactions Post-Adjudication Examined Under Section 33(4) of the Act.

The matter arises from insolvency proceedings against Pallav Sheth, who was notified under Section 3(2) of the Special Court (Trial of Offences Relati...

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High Court of Judicature at Bombay Adjudicates Petition Seeking Removal of Executors for Alleged Misconduct and Conflict of Interest in Administration of Estate. Court Hears Submissions on Allegations of Illegal Occupation and Misappropriation of Bequeathed Property.

Background: The dispute arose from the administration of the estate of Ramanlal Gokal, who died on 22nd March 2007 leaving a will dated 25th January 2...

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Bombay High Court Directs MHADA to Pay Interest on Delayed Gratuity to Retired Employee. Interest of 4% Awarded Despite Pending Departmental Enquiry as Employee Was Deprived of Funds for Over Four Years.

The dispute arose from the withholding of retirement benefits, particularly gratuity, of an Assistant Estate Manager of the Maharashtra Housing and Ar...

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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 Allows SEBI's Appeal Against Interim Order Restraining Adjudication Proceedings. Civil Suit Against SEBI Held Not Maintainable Due to Alternative Remedy Under SEBI Act, 1992.

The case involves an appeal by the Securities and Exchange Board of India (SEBI) against an interim order passed by a Single Judge of the Bombay High ...

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Bombay High Court Dismisses State's Appeal Against Discharge of Accused in MCOC Case for Invalid Sanction. Sanction Under Section 23(2) of MCOC Act Was Granted Without Application of Mind and Condition of More Than One Charge-Sheet Was Not Satisfied.

The State of Maharashtra filed an appeal under Section 12 of the Maharashtra Control of Organised Crime Act, 1999 (MCOC Act) against an order dated 24...

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Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — No Failure to Disclose Material Facts. Retirement Receipt from Partnership Firm Held Not Taxable as Capital Receipt, Not Revenue Receipt.

The petitioner, Balkrishna Hiralal Wani, was a partner in a firm of solicitors. He retired on 20th October 2003 upon attaining the age of seventy year...