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Supreme Court Dismisses Appeal Against Initiation of CIRP Against Corporate Debtor Despite Payment by Guarantor's Resolution Applicant. Right of Subrogation Under Section 140 of Indian Contract Act, 1872 Not Available Where Resolution Plan Extinguishes Guarantee and No Payment of Entire Debt.

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent, Gujarat Hydrocarbon a...

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Supreme Court Upholds Validity of Section 17(2)(viii) of Income Tax Act and Rule 3(7)(i) of Income Tax Rules in Bank Employee Loan Perquisite Case. Delegation of Power to Prescribe Fringe Benefits Held Not Excessive and Use of SBI Prime Lending Rate as Benchmark Upheld as Non-Arbitrary.

The Supreme Court, in a common judgment, dismissed appeals filed by staff unions and officers' associations of various banks challenging the constitut...

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Bombay High Court Dismisses Society's Petition Challenging Membership of Garage Owners. Co-operative Housing Society Cannot Deny Membership to Garage Owner Under Section 22 of Maharashtra Co-operative Societies Act, 1960 Despite Bye-law Restriction.

The Petitioner, Mistry Park CHS Ltd., a co-operative housing society, challenged the orders of the Deputy Registrar and Divisional Joint Registrar dir...

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Bombay High Court Quashes Reassessment Notices for Non-Resident Taxpayer Due to Lack of Jurisdictional Satisfaction. Section 148 notices under Income Tax Act, 1961 set aside as Assessing Officer failed to record reasons and obtain sanction before issuing notices beyond four years.

The petitioner, a non-resident Indian residing in Dubai, was regularly assessed to tax in India on income accruing or arising in India. He had investe...

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Supreme Court Allows Deduction Under Section 80HH on Gross Profits Without Deducting Depreciation and Investment Allowance. The Court Overruled Motilal Pesticides and Held That Section 80HH Deduction Is Computed on 'Profits and Gains' Not 'Income'.

The Supreme Court considered a batch of civil appeals concerning the interpretation of Section 80HH of the Income Tax Act, 1961, for the Assessment Ye...

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Bombay High Court Dismisses Borrowers' Writ Petitions Challenging SARFAESI Proceedings by Cooperative Bank — Alternative Remedy Under Section 17 of SARFAESI Act Held Efficacious. Petitioners Directed to Approach Debt Recovery Tribunal for Relief Against Recovery Actions.

The judgment concerns a batch of writ petitions filed by borrowers (Arun Dattatraya Narake and others) against the Authorized Officer of Kolhapur Dist...