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High Court of Bombay Hears Petition Against Rejection of Discharge Application in NA Land Permission Case; Arguments Presented. Petitioner claims immunity as Judge under Judges Protection Act and Section 77 IPC for granting NA permissions under Goa, Daman and Diu Land Revenue Code.

The petitioner, a Secretary (Finance) in the administration of Daman & Diu, Dadra and Nagar Haveli, was given additional charge of Collector in 1993. ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Revision Case for Lack of Proper Inquiry. Commissioner's order under Section 263 set aside as no inquiry was conducted before passing the revision order.

The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, challenged the order of the Income Tax Appellate Tribunal which had set asid...

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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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Supreme Court Dismisses Revenue's Appeal in Income Tax Act Case Upholding Revisional Jurisdiction. Commissioner Validly Set Aside Assessment Order as Payment to Shareholders Was Not 'Cost of Improvement' Under Capital Gains Computation Under Sections 48 and 263 of Income Tax Act, 1961.

The dispute arose from an income tax assessment concerning the sale of a property named 'Paville House' by the respondent assessee, a company engaged ...