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Bombay High Court Allows Assessee's Appeal in Income Tax Case on Interest Deduction Under Section 36(1)(iii) — Section 14A Not Applicable When No Exempt Income Earned. Interest on Borrowed Capital Invested in Shares of Own Companies Held Allowable as Business Expenditure.

The appellant, Mahesh K. Mehta, a chartered accountant turned stock broker, acquired membership of the Bombay Stock Exchange in 1987 and the National ...

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Supreme Court Allows Appeal in Insolvency Case Due to Absence of Financial Debt Against Pledgor. Petition Under Section 7 IBC Not Maintainable as No Disbursement Was Made to Corporate Debtor, and Pledge Alone Does Not Constitute Financial Debt Under Section 5(8) of Insolvency and Bankruptcy Code, 2016.

The appeal arose from a judgment of the National Company Law Appellate Tribunal (NCLAT) dismissing an appeal against an order of the Adjudicating Auth...

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Bombay High Court Upholds Acquittal in Cheating Case Due to Civil Nature of Dispute and Lack of Criminal Intent. Failure to Repay Loan Does Not Constitute Cheating Under Section 420 IPC When Transaction is Essentially a Civil Debt.

The State of Maharashtra appealed against the acquittal of Radheshyam Motilal Rungta (respondent/accused) by the Sessions Court, which had reversed hi...

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Bombay High Court Allows Summary Judgment in Commercial Suit for Recovery of Loan Amount. Plaintiff entitled to decree for Rs.1.65 Crores with interest as defendant failed to raise a triable issue under Order XXXVII CPC.

The plaintiff, Tradelink Exim (India) Pvt Ltd, filed a Commercial Suit under Order XXXVII of the Code of Civil Procedure, 1908, against the defendant,...

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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...

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Bombay High Court Upholds Removal of Bank Officer for Misconduct in Loan Transaction. Disciplinary proceedings based on loan of Rs.6,500 sanctioned in 1976 held valid despite delay, as charges of moral turpitude and pecuniary benefit were proved.

The petitioner, Shri Sagar Sadashiv Kasture, was initially appointed as a Clerk in the Central Bank of India on 5 March 1973 and later promoted as an ...