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Supreme Court Allows Appeal in IBC Section 7 Application — Cumulative Redeemable Preference Shares Held as Debt, Not Investment. The Court held that CRPS constitute a debt under Section 3(11) of IBC, 2016, and the appellant is a financial creditor entitled to file an application under Section 7.

The appeal arises from the dismissal of the appellant's application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the NCLT and ...

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Supreme Court Dismisses Appeal of Company in Consumer Protection Case, Holding Purchase of Software for Business Expansion is Commercial Purpose. Company Not a 'Consumer' Under Section 2(1)(d) of Consumer Protection Act, 1986 as Goods Used for Profit Generation.

The appellant, a company incorporated under the Companies Act, filed a consumer complaint before the State Consumer Disputes Redressal Commission, Del...

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Supreme Court Allows NCDC's Appeal in Income Tax Dispute Over Deduction of Grants as Revenue Expenditure. Grants disbursed by a statutory corporation as part of its business are deductible under Section 37 of the Income Tax Act, 1961, regardless of the capital nature of the source funds.

The National Co-operative Development Corporation (NCDC), established under the National Co-operative Development Corporation Act, 1962, is a statutor...

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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Bombay High Court Allows Revenue Appeal in Income Tax Case — Payment to Retiring Partners Held Capital Expenditure. Amount of Rs.1,34,678 paid to retiring partners under Memorandum of Understanding is capital expenditure not deductible as revenue expenditure.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal. The assessee, Mandovi Hotel Pvt....