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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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Bombay High Court Examines Jurisdiction of Assistant Registrar under Bombay Moneylenders Act to Nullify Registered Sale Deeds. Multiple writ petitions challenge orders directing reconveyance of agricultural land alleged to be security for unlicensed money lending.

The High Court of Bombay, Nagpur Bench, heard a batch of 21 writ petitions collectively, all challenging orders passed by the Taluka Assistant Registr...

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Supreme Court Upholds Income Tax Department's Reassessment in Escaped Assessment Case Due to Assessee's Failure to Disclose. Non-Disclosure of Firm Income and Unexplained Investments Attracted Section 34(1)(a) of Income-tax Act, 1922, Validating Reassessment for Assessment Year 1944-45.

The appeals arose from reassessment proceedings under section 34 of the Indian Income-tax Act, 1922 concerning a Hindu Undivided Family for the assess...

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Bombay High Court Dismisses Tenants' Revision in Eviction Suit Based on Bona Fide Requirement — Concurrent Findings of Courts Below Upheld. Subsequent Induction of New Tenant in Adjacent Shop Not Relevant as It Was Not Part of Suit Property.

The case involves a suit for eviction filed by the owners (plaintiffs) against the tenants (defendants) in respect of two shops, on the ground of bona...

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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Supreme Court Allows Appeal Against Single L-1BF License for Imported Foreign Liquor in Haryana. Rule 24(i-eeee) of Haryana Liquor License Rules, 1970 Held Ultra Vires Punjab Excise Act, 1914 as State Government Cannot Delegate Power to Determine Number of Licenses for Entire State.

The appellant, International Spirits and Wines Association of India, challenged Rule 24(i-eeee) of the Haryana Liquor License Rules, 1970 (as amended ...

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Supreme Court Allows Appeal Against Single L-1BF License for Imported Foreign Liquor in Haryana — Rule 24(i-eeee) Held Ultra Vires Punjab Excise Act, 1914. State Government's Exclusive Power Under Section 58(2)(e) to Regulate Licenses in Local Areas Cannot Be Delegated to Financial Commissioner.

The appellant, International Spirits and Wines Association of India, challenged Rule 24(i-eeee) of the Haryana Liquor License Rules, 1970, as amended ...