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High Court of Karnataka Hears Revenue's Appeals Against ITAT Decision Favoring Assessee on Deduction of Distributable Surplus Payment to Brand Owner. Court Examines Whether Payment is Allowable Under Section 37 of Income Tax Act, 1961 or Constitutes Application of Income or Diversion by Overriding Title.

The present set of five tax appeals arises under Section 260-A of the Income Tax Act, 1961, filed by the Revenue against the common order of the Incom...

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KAHC010159832015_1

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Bombay High Court Quashes Recovery Proceedings Against Timber Purchasers for Fire-Destroyed Goods. Property in Timber Not Passed to Purchasers Under Sale of Goods Act, 1930, Hence No Liability Under Maharashtra Land Revenue Code.

The petitioners, fifteen timber merchants, participated in an auction conducted by the Forest Department on 16.04.2008 and 15.05.2008 for the purchase...

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Supreme Court Upholds Forfeiture of Earnest Money in Contract for Sale of Aero-Scrap. Clause Explicitly Stipulating Deposit as Earnest Money and Forfeiture on Default Valid Under Sections 64 and 74 of Contract Act, 1872.

The dispute arose from a contract for sale of aero-scrap between the appellants, Shree Hanuman Cotton Mills, and the respondent, Tata Air-Craft Ltd. T...

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Bombay High Court Allows Land Acquisition Reference, Enhances Compensation for Acquired Land Under Land Acquisition Act, 1894. Court Determined Market Value Based on Comparable Sale Instances and Potential for Development, Rejecting Government's Valuation Method.

The case is a land acquisition reference under Section 18 of the Land Acquisition Act, 1894, arising from the acquisition of land belonging to Godrej ...