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High Court of Bombay Sets Aside Arbitral Award in Stock Broker Dispute Due to Perverse Findings. Arbitrator's Failure to Consider Admitted Documents and Ledger Accounts Constitutes Patent Illegality Under Section 34 of the Arbitration and Conciliation Act, 1996.

The petitioner, Shilpa Stock Broker Pvt. Ltd., a stock broker and member of the National Stock Exchange of India Ltd. (NSEIL) and Bombay Stock Exchang...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Penalty Case. Journal Entry Set-off for Loan Repayment Does Not Violate Section 269T of Income Tax Act, 1961, as It Is Not a Repayment but an Adjustment of Mutual Claims.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted the penalty ...

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Bombay High Court Dismisses Appeal in Stock Exchange Membership Dispute — Upholds Resolution Declaring Member Defaulter for Non-Payment of Security Deposit. Resolution Passed by Council of Management Valid Under Bye-Law 312 and Articles of Association.

The appellant, Sanjay Munot, was a member of the Pune Stock Exchange Limited (the respondent company) and carried on business as a share broker. In 19...

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Bombay High Court Dismisses Petition Challenging Rejection of Discharge in Bank Fraud Case — Petitioner, a General Manager of a Cooperative Bank, Allegedly Violated RBI Guidelines by Investing in Non-SLR Securities Through a Broker, Causing Loss to the Bank.

The petitioner, Kishore Deshpande, was the General Manager of CKP Co-operative Bank Ltd. and was arraigned as accused No.5 in FIR No. RC 8/E/2010 regi...

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Supreme Court Disposes of Appeals by Authority for Advance Rulings Against High Court Judgment Quashing AAR's Rejection of Treaty Benefits. Questions Raised on Taxation of Capital Gains Under India-Mauritius DTAA and Scope of Section 245R(2) Proviso (iii) of Income Tax Act, 1961.

The disputes arose from applications for advance ruling filed by three Mauritius-incorporated companies—Tiger Global International II Holdings, Tige...