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Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

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Bombay High Court Hears Land Acquisition References from Talsania Family Against SLAO's Valuation for Acquired Andheri Land; Sale Instance of Vazirani Plot and Deductions for Development Under Scrutiny. Interest on Compensation Restricted to 9% Per Annum by Consent in Related Summary Suits.

The case comprised several land acquisition references filed under Section 18 of the Land Acquisition Act, 1894, seeking enhancement of compensation f...

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High Court of Judicature at Bombay Adjudicates Letter of Credit Dispute in Common Judgment for Two Suits Arising from Alleged Discrepant Documents. Bank's Liability for Wrongful Debit Examined Under UCP 290 with Emphasis on Strict Compliance and Discrepancy in Shipping Documents.

Two suits were filed arising from a documentary import Letter of Credit facility granted by State Bank of India to Dadlani Silk Stores. Suit No. 1012 ...

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High Court Acquits Accused in Corruption Case Due to Lack of Demand and Acceptance of Bribe. Conviction under Sections 7 and 13(1)(d) of Prevention of Corruption Act, 1988 set aside as prosecution failed to prove demand and acceptance beyond reasonable doubt.

The appellant, Ashwin Chintaman Shambharkar, was convicted by the Special Judge, Nagpur in Special Case No. 18 of 1997 for offences under Section 7 an...

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Supreme Court Upholds Forfeiture of Earnest Money in Contract for Sale of Aero-Scrap. Clause Explicitly Stipulating Deposit as Earnest Money and Forfeiture on Default Valid Under Sections 64 and 74 of Contract Act, 1872.

The dispute arose from a contract for sale of aero-scrap between the appellants, Shree Hanuman Cotton Mills, and the respondent, Tata Air-Craft Ltd. T...

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Bombay High Court Considers Bank's Claim for Recovery of Dues from Export Company and its Director. Dispute Centers on Alleged Agreement to Debit Cash Credit Account Upon Dishonour of Foreign Bills Purchased Under FBP Facility.

The suit was filed by Bank of India to recover Rs.5,67,332.51 with interest at 19.5% per annum from B.C. Mody Exports P. Ltd. (defendant no.1) and its...

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Bombay High Court Allows Appeal in Negotiable Instruments Act Case — Acquittal Set Aside Due to Improper Appreciation of Evidence. Presumption under Section 139 of Negotiable Instruments Act, 1881 stands in favor of complainant unless rebutted by accused.

The appellant, Mahesh Urban Credit Coop. Society Ltd., through its manager, filed a criminal appeal challenging the acquittal of the respondent, Naray...