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High Court of Bombay Dismisses Revenue's Appeal in Bogus Purchase Case — GP Rate Restricted to 15% on Alleged Bogus Purchases. The court held that when purchases are accepted as genuine but from bogus parties, only the profit element embedded in such purchases can be taxed, not the entire purchase amount.

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate ...

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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Bombay High Court Quashes Cancellation of NA Permission as Arbitrary and Mala Fide. Tahsildar's Order Set Aside for Being Passed at Behest of Third Party Despite Adverse Civil Court Decrees.

The petitioner, a 61-year-old widow, challenged the order dated 04.03.2015 passed by the Tahsildar, Newasa, cancelling the Non-Agricultural (NA) permi...

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Bombay High Court Dismisses Revision Against Waqf Tribunal Order, Upholds Concurrent Findings on Waqf Property. Court holds that Civil Court has no jurisdiction to entertain suit regarding waqf property in view of Section 85 of the Maharashtra Waqf Act, 1995.

The applicant, Linker Shelter Pvt. Ltd., filed a Civil Revision Application under Section 115 of the Code of Civil Procedure, 1908, challenging the or...

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High Court of Karnataka Quashes Service Tax Demand on Payment Aggregator Services for FY 2015-16. Services Provided by FIS Payment Solutions to Acquiring Banks for Settlement of Card Transactions Held Not Taxable as 'Business Auxiliary Service' Under Finance Act, 1994.

The petitioner, FIS Payment Solutions and Services India Private Limited, a company incorporated under the Companies Act, 1956, provides payment aggre...

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Bombay High Court Allows Refund of Stamp Duty for Unconsummated Transactions Under Section 49 of Maharashtra Stamp Act, 1958. Petitioner's applications for refund were within limitation period and refusal by authorities was arbitrary.

The petitioner, Vilas Eknath Nandgude, filed six writ petitions challenging orders dated 31 December 2019 passed by the Deputy Inspector General of Re...