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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Speed Money Disallowance Upheld. CIT(A) and ITAT correctly deleted addition of 30% of speed money as no evidence of bogus expenditure.

The respondent-assessee, a clearing and forwarding agent at New Mangalore Port Trust (NMPT), declared total income of Rs.1,11,03,920/- for the assessm...

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Writ Petition No. 3410 of 2004

The High Court of Judicature at Bombay, Aurangabad Bench, heard two writ petitions together. The petitioners, former Branch Manager and Accountant of ...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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Bombay High Court Dismisses Appeal in Customs Case — Conversion of DEEC Shipping Bill to Drawback Scheme Denied. CBEC Circular No. 4/2004 Mandates Prior Denial of DEEC Benefit by DGFT or Customs Authorities, Which Was Not Established.

The appellant, Manawat Plastics Pvt. Ltd., exported Woven PP Bags/Fabrics under three Shipping Bills dated 06.08.2002, 13.08.2002, and 16.09.2002 unde...

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NCLAT Dismisses Appeal Against Rejection of CIRP Petition Due to Settlement Agreement - Mediated Settlement Bars Insolvency Proceedings Under Section 61 of IBC, 2016

The appeal was filed by Mr. Rakesh Kumar Jain, a financial creditor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order da...

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Bombay High Court Dismisses Appeal in Customs Case — Conversion of Shipping Bill from DEEC to Drawback Scheme Denied. CBEC Circular No. 4/2004 requires prior denial of DEEC benefit by DGFT or Customs; mere inability to utilize advance license does not qualify.

The appellant, Manawat Plastics Pvt. Ltd., exported Woven PP Bags/Fabrics under three Shipping Bills dated 06.08.2002, 13.08.2002, and 16.09.2002 unde...

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Bombay High Court Quashes Departmental Inquiry Initiated After Superannuation in Bank Employee Misconduct Case. Inquiry Initiated More Than Four Years After Alleged Misconduct and After Retirement Violates Service Regulations.

The petitioner, Bhaurao s/o Gindhuji Khaparde, was a Staff Officer at the Wadsa Branch of Wainganga Krishna Kshetriya Gramin Bank. On 02.08.2007, he w...