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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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High Court of Karnataka Allows EPF Authority's Petition Against Tribunal's Reduction of Damages Under Section 14B of EPF Act. Mens Rea Not Required for Imposition of Damages for Delayed Remittance; Tribunal's Order Set Aside for Lack of Reasons.

The Regional Provident Fund Commissioner-I, Employees' Provident Fund Organization, Bengaluru, filed a writ petition under Articles 226 and 227 of the...

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Supreme Court Upholds Damages Against Employer in EPF Act Case for Default in Contributions. Levy of Damages Under Section 14B is Consequential Upon Default Without Requirement of Mens Rea for Breach of Civil Obligations.

The appeals arose from a judgment of the High Court of Karnataka, which upheld an order for recovery of damages under Section 14B of the Employees Pro...

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Bombay High Court Dismisses Retired Teacher's Petition Challenging Regularization of Suspension Period as Suspension Only in Disciplinary Proceeding. Charges Partly Proved in Departmental Enquiry Despite Acquittal in Criminal Case, Suspension Period Cannot Be Treated as Duty Period.

The petitioner, a retired teacher, challenged the order of the Additional Commissioner, Amravati, which dismissed his appeal and treated the period of...

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High Court of Karnataka Adjudicates TDS Obligations of Turf Clubs on Stake Money Payments to Horse Owners under Income Tax Act. Interpretation of Section 194B and CBDT Circulars Central to Dispute over Characterization of Stake Money as Winnings.

The case involved writ petitions filed by Bangalore Turf Club Limited, Mysore Race Club Limited, Karnataka Race Horse Owners Association, and an indiv...

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KAHC010028192013_1

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Bombay High Court Dismisses Appeal of Convicts in Murder and Robbery Case Based on Circumstantial Evidence. Recovery of Stolen Articles and Last Seen Evidence Sufficient to Sustain Conviction Under Sections 302, 395, 397 IPC.

The appellants, Raju Murges Subramanyam and Nicholas @ Tambi Mhanu Babu, were convicted by the Sessions Court at Thane for offences punishable under S...