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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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Madras High Court Dismisses Revenue's Appeal in Capital Gains vs Business Profits Dispute. Profit on Sale of Land Held as Capital Gains Where Assessee Not in Property Development Business.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal for assessment year 2004-05. The a...

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Karnataka High Court Hears Writ Petitions Challenging ED Summons Under PMLA; Petitioners Argue Income Tax Offences Not Scheduled Offences

The batch of writ petitions was filed under Articles 226 and 227 of the Constitution of India before the High Court of Karnataka. The petitioners, inc...

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High Court of Karnataka considers power of Income Tax Appellate Tribunal to direct fresh enquiry under Section 254 of Income Tax Act, 1961 in a buy-back taxation case. The court formulates the substantial question of law regarding suo motu directions leading to potential enhancement of tax liability.

The appeal before the High Court of Karnataka arose from an order of the Income Tax Appellate Tribunal (ITAT) concerning the tax treatment of a buy-ba...

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High Court of Karnataka Enhances Compensation in Motor Accident Claim — Apportionment of Liability Between Insurers Upheld. Claimant allowed to amend petition from Section 163A to Section 166 of Motor Vehicles Act, 1988, and compensation enhanced for death of husband in lorry accident.

The case arises from a motor accident claim filed by Smt. Omana Chetan, widow of S.R. Chetan, who died in a collision between a lorry (bearing registr...

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High Court of Karnataka Enhances Compensation in Motor Accident Claim — Applies Multiplier of 18 Instead of 13. Amendment from Section 163A to Section 166 of Motor Vehicles Act Allowed to Ensure Just Compensation.

The case arises from a motor accident claim filed by Smt. Omana Chetan, widow of deceased S.R. Chetan, who died in a road accident involving a lorry. ...