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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 Quashes Criminal Proceedings in Cheating Case Due to Civil Nature of Dispute — Failure to Establish Criminal Intent Under Section 420 IPC. Allegations of Fraud in Real Estate Transaction Found to Be Purely Civil in Nature, Lacking Ingredients of Criminal Breach of Trust or Cheating.

The Supreme Court allowed the appeal against the judgment of the Madras High Court, which had dismissed the appellants' petition to quash criminal pro...

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Bombay High Court Dismisses Daughter's Appeal in Property Dispute, Upholds Eviction Decree. Daughter's claim of ownership and right to reside in suit flat rejected as she failed to prove independent title or adverse possession against parents.

The case involves two appeals arising from property disputes between a daughter, Ms. Smita P. Doshi, and her parents, Mr. Pravinchandra H. Doshi and M...

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Bombay High Court Dismisses Daughter's Appeal in Property Dispute, Upholds Eviction Decree. Daughter's claim of ownership and tenancy rights in suit flat rejected as she failed to prove independent title or landlord's consent.

The case involves two appeals arising from property disputes over Flat No. 9, Matru Chhaya Building, Marine Drive, Mumbai. The appellant, Ms. Smita P....

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Reasonable Belief of Income Escaping Assessment. Reopening Beyond Four Years Without Fresh Material Constitutes Change of Opinion on Same Set of Facts.

The petitioner, Gateway Leasing Pvt. Ltd., a non-banking financial company registered under the Companies Act, 1956, filed a writ petition under Artic...

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Bombay High Court Dismisses Appeal Against Arbitral Award in Broker-Client Dispute. Court Upholds Award Directing Payment of Rs.1,58,39,459.87 but Refuses Interest and Costs Under Section 34 of Arbitration & Conciliation Act, 1996.

The appellant, Harinarayan Bajaj, entered into various share transactions on the Bombay Stock Exchange (BSE) through the respondent, Madhukar Sheth, w...

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Bombay High Court Quashes Criminal Proceedings Against Directors and Compliance Officer in Cheque Dishonour Case Due to Lack of Vicarious Liability. Directors Not Liable Without Specific Allegations of Their Role in the Offence Under Sections 405, 406, 415, 120-B IPC.

The judgment pertains to two criminal writ petitions filed by the accused persons in a private complaint lodged by Sudhakar Talapurkar (respondent No....

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income Tax Act, 1961 for Lack of Reason to Believe — Amount Received on Retirement from Partnership Firm Held to be Capital Receipt Not Chargeable to Tax.

The petitioners, Prashant S. Joshi and Dattaram Shridhar Bhosale, were partners in a real estate development partnership firm. They retired from the p...