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High Court of Bombay Allows Insurance Company's Appeal in Part, Enhances Compensation in Motor Accident Claim — Insurer Liable to Pay and Recover. Deceased aged 35, self-employed, entitled to 40% future prospects; loss of consortium enhanced to Rs.40,000 per claimant.

The case arises from a motor accident claim filed by the widow and children of Binod Pande, who died in a vehicular accident on 28th August 2012. The ...

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Bombay High Court Grants Stay on Tax Recovery in Gift of Shares Case Under Section 56(1) of Income Tax Act, 1961. Court allows stay of recovery pending appeal, subject to conditions protecting revenue, without deciding merits of taxability of gift of shares.

The petitioner, M/s. Nerka Chemicals Private Limited, a wholly owned subsidiary of Demuric Holdings Private Limited (DHPL), challenged an order dated ...

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Bombay High Court Dismisses Revenue Appeal in Income Tax Case, Holds Compensation for Loss of Agency as Capital Receipt. Amount received by assessee for giving up right to use trade mark and resigning as director is capital receipt not taxable under Section 2(24) and Section 4 of Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal allowing the appeal of the assess...

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High Court Quashes Lok Adalat Award Filed by Non-Guardian of Minor, Remands Claim Petition. Absence of Proper Representation of Minor Vitiated Compromise, and Compensation Was Not Determined as Per Law.

A minor child and her paternal grandmother (as next friend) approached the High Court under Articles 226 and 227 of the Constitution and Section 173(1...

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Supreme Court Adjudicates Appeals by Sahara Companies on SEBI's Regulatory Powers Over OFCDs. Case centers on Section 55A(b) Companies Act and compliance with DIP Guidelines for issuance of optionally fully convertible debentures.

The case involved two Sahara Group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited ...

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High Court of Karnataka Hears Appeal Against Decree for Rectification of Partition Deed in Brothers' Property Dispute. The Trial Court had Directed Execution of Rectification Deed and Permanent Injunction, Finding Existence of Joint Family and Error in Site Number.

The appeal arises from a suit for specific performance in the form of rectification of a partition deed and alternative partition, filed by one brothe...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reopening Based on Change of Opinion on Already Disclosed Loan Transactions is Invalid.

The petitioner, Jainam Investments, a partnership firm engaged in trading of shares and securities, filed its income tax return for Assessment Year 20...