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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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Bombay High Court Allows Writ Petition Challenging Disqualification of Stent Manufacturer from Tender Process. Petitioner's Drug Eluting Stents, Approved by DCGI, Held Eligible for Supply Under Rajiv Gandhi Arogya Yojana.

The Petitioner, M/s. Vascular Concepts Ltd., a company manufacturing Drug Eluting Stents, filed a Writ Petition before the Bombay High Court challengi...

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Bombay High Court Allows Appeals by Tenants Against Eviction Orders in Redevelopment Dispute — Held That Tenants Cannot Be Evicted Without Proper Rehabilitation Under MHADA and Cooperative Housing Society Bye-Laws.

The judgment pertains to a group of appeals filed by tenants (Pramod Jamnadas Gokani, Upendra Lallubhai Shah, Priti Pramod Gokani, and Kamlesh Jayant ...

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Supreme Court Dismisses Appeal by Seller Against Union of India Over Forward Contract Dispute. Contract Held to be a Non-Transferable Specific Delivery Contract under Section 2(f) of Forward Contract (Regulation) Act, 1952, and Thus Not Illegal.

The dispute arose from a contract entered into in September 1960 between appellant Modi & Co. and the respondent Union of India, acting through the Di...

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Karnataka High Court Considers Challenge to Levy of VAT on Liquor by Certain Licensees; Alleged Discrimination Between Different Categories of Excise Licence Holders. Petitioners Contend That Notification Exempting Some Dealers While Taxing Others Violates Articles 14, 19, and 304B of the Constitution.

The writ petitions were filed by various licensees under the Karnataka Excise Act, 1967, challenging the constitutional validity of Entry No.59A of th...

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Bombay High Court Adjudicates Challenge to Maharashtra Stamp Act Amendment on Advertisements. Petition Seeks Declaration that Imposition of Stamp Duty on Mass Media Advertising Contracts is Unconstitutional and Void.

The Advertising Agencies Association of India and several other entities representing advertising, newspaper publishing, and broadcasting sectors file...