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Bombay High Court Quashes Provisional Attachment and Stay Rejection in Income Tax Case — Violation of Natural Justice and CBDT Circular. Petitioner's Bank Accounts Attached Without Prior Hearing; Court Directs Restoration of Status Quo Pending Appeal.

The petitioner, Milestone Real Estate Fund, a real estate fund, challenged the provisional attachment of its assets under Section 281B of the Income T...

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Bombay High Court Dismisses Union's Petition Challenging Industrial Tribunal Award on Regularisation of Canteen Workers. Contract Labour System Upheld as Genuine, Not a Sham, and Workers Not Entitled to Direct Employment by Principal Employer.

The judgment arises from a writ petition filed by Contract Laghu Udyog Kamgar Union challenging an award of the Industrial Tribunal dated 19th March 2...

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Bombay High Court Hears Writ Petition Challenging Taxation of Alleged Shortfall in Share Premium Under Transfer Pricing Provisions. The Dispute Centers on Whether Chapter X of the Income Tax Act, 1961 Can Apply When No Actual Income Arises from the International Transaction.

The petitioner, Vodafone India Services Pvt. Ltd., a wholly owned subsidiary of a non-resident holding company, issued 2,89,224 equity shares at a pre...

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Supreme Court Allows Regulatory Appeal on Trial Forum under Securities and Exchange Board of India Act, 1992. Procedural Amendment to Section 26 by the 2002 Amendment Act Held Retrospective, and All Pending Trials for Pre-2002 Offences Must Proceed Before Special Court as per the 2014 Amendment.

The Supreme Court addressed a batch of appeals and writ petitions concerning the correct forum for trial of offences under the Securities and Exchange...

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NCLAT Larger Bench Holds Shareholder/Promoter is an 'Aggrieved Person' Under Section 61 IBC and Has Locus to Challenge Section 7 Admission Order. The reference resolves conflicting views on maintainability of appeal by shareholder against admission of insolvency petition.

The National Company Law Appellate Tribunal (NCLAT) Chennai Bench, in a larger bench of three members, addressed a reference question: whether a share...

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Bombay High Court Sets Aside Arbitral Award in Stock Broker Dispute — Violation of NSEIL Rules Renders Award Contrary to Public Policy. Trading Member's Squaring Off of Defaulting Client's Position Upheld as Permissible Under Bye-Laws, Award of Damages for Loss of Higher Price Set Aside.

The petitioner, M/s. Ventura Securities Limited, a trading member of the National Stock Exchange of India Ltd. (NSEIL), challenged an arbitral award d...

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Supreme Court Upholds Appellant in Income Tax Act Case Regarding Exemption for Charitable Trust Income from Managing Agency Business. Managing Agency Business Held to be Property and Income Therefrom Exempt Under Section 4(3)(i) of Indian Income-tax Act, 1922, Despite Revenue's Objections.

The Supreme Court considered an appeal by J.K. Trust, Bombay, against the Commissioner of Income-tax/Excess Profits Tax, Bombay, concerning the taxabi...

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Bombay High Court Allows Writ Petition Challenging Retail Outlet Dealership Selection for Arbitrary Marking. Court directs reassessment of marks for 'Liquid cash' criterion and fresh selection process.

The petitioner, Shri Pundalik Tukaram Chowgule, filed a writ petition before the Bombay High Court at Goa challenging the selection process for a Reta...

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Bombay High Court Allows Summons for Judgment in Summary Suit for Recovery of Debenture and Deposit Amounts — Acknowledgment of Liability Found in Correspondence. Evidentiary Value of Letters as Acknowledgment Under Section 18 of Limitation Act, 1963, Upheld to Extend Limitation Period.

The Bombay High Court heard a Summons for Judgment in a summary suit filed by Canara Bank and others, as trustees of Canbank Mutual Fund, a trust unde...