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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Gujarat High Court Allows Petition for Certificate Under Section 63AA of Gujarat Tenancy Act for Industrial Land. Rejection of Application Without Reasons Held Arbitrary and Violative of Natural Justice.

The petitioner, Advance Industrial Park, purchased agricultural land situated at Revenue Survey No. 217, Village-Vemardi, Taluka-Karjan, Vadodara, fro...

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Bombay High Court Dismisses Writ Petitions Challenging Cooperative Society Registration and Minister's Order — Upholds Validity of Registration Under Maharashtra Cooperative Societies Act, 1960. Petitioners lacked locus standi and alternative remedy was available, hence writ petitions not maintainable.

The judgment pertains to two writ petitions filed by cooperative housing societies and their members challenging the registration of another cooperati...

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Bombay High Court Upholds Admission of Winding-Up Petition Against Telecom Company Due to Substratum Erosion and Deadlock. Cancellation of 2G Licences and Irreconcilable Differences Between Equal Shareholders Justify Winding-Up Under Section 433(f) of the Companies Act, 1956.

The appeal arose from an order of the company judge admitting a petition for winding up of Etisalat D.B. Telecom Limited (the company) under Section 4...

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Bombay High Court Dismisses Suit for Specific Performance of Property Sale Agreement Due to Plaintiffs' Default and Unauthorized Payments. Plaintiffs Failed to Pay Balance Consideration Within Stipulated 10-Month Period and Dealt with Sole Director Contrary to Board Resolution Requiring Joint Action.

The suit was filed by the plaintiffs, Pankaj Anantrai Bhuwa & others, against the defendant, M/s. Ramkumar Shivchandray & Sons, seeking specific perfo...

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Bombay High Court Allows Refund of Stamp Duty on Development Agreement Under Section 47(c)(5) of Maharashtra Stamp Act — Purpose of Instrument Failed. Development Agreement is an instrument covered under Section 47(c)(5) for refund when the purpose fails, and Section 48 is only a limitation provision.

The petitioner, M/s. Chandiwala Enterprises, a registered partnership firm, entered into a Development Agreement with Neel Ashiward CHS Ltd. on 2nd Se...