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Bombay High Court Allows Land Acquisition Compensation Revision Applications Due to Delay Condonation and Enhanced Compensation Claims. The court held that delay in filing reference under Section 18 of Land Acquisition Act, 1894 should be condoned and matters remitted for fresh adjudication.

The judgment involves multiple civil revision applications filed by landowners whose lands were acquired for public purposes under the Land Acquisitio...

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Bombay High Court Allows Winding Up Petition Against Varun Global Limited for Non-Payment of Loan Debt. Life Insurance Corporation of India Succeeds in Proving Company's Inability to Pay Debts Under Sections 433(e) and 434 of the Companies Act, 1956.

The petitioner, Life Insurance Corporation of India (LIC), filed a company petition under Sections 433(e) and 434 of the Companies Act, 1956, seeking ...

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Gujarat High Court Allows Second Appeal in Mortgage Redemption Case — Concurrent Findings Set Aside for Ignoring Material Evidence and Misreading Documents. Mortgage by Conditional Sale Held Not Extinguished by Mere Delay; Right to Redeem Survives Under Section 60 of Transfer of Property Act, 1882.

The appellant (original plaintiff) filed a suit for redemption of mortgage of a shop in Borsad, Anand. The plaintiff had executed two mortgage by cond...

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income Tax Act, 1961 for Lack of Reason to Believe — Amount Received on Retirement from Partnership Firm Held to be Capital Receipt Not Chargeable to Tax.

The petitioners, Prashant S. Joshi and Dattaram Shridhar Bhosale, were partners in a real estate development partnership firm. They retired from the p...

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Bombay High Court Quashes TPO Order in Transfer Pricing Adjustment for Demerger Transaction. Held that transfer pricing provisions under Section 92 of Income Tax Act, 1961 do not apply to a demerger approved by High Court where assets and liabilities are transferred at book value without any consideration.

The petitioner, Times Global Broadcasting Company Ltd, a wholly owned subsidiary of Benett, Coleman and Company Ltd (BCCL), was engaged in distributio...

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Bombay High Court Allows MCGM Appeal in Property Tax Assessment Case — Land Under Construction Held Assessable as 'Land' Under Section 154 of Mumbai Municipal Corporation Act, 1888. The Small Causes Court erred in holding that land under construction cannot be assessed until building is complete.

The Bombay High Court allowed the appeal filed by the Municipal Corporation of Greater Mumbai (MCGM) against the judgment of the Small Causes Court at...