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Bombay High Court Quashes Reassessment Order in Capital Gains Tax Case — Transfer of Shares of Foreign Company Not Taxable in India. Shares of a Bermuda company transferred outside India do not constitute transfer of a capital asset situated in India under Section 2(14) of the Income Tax Act, 1961.

The petitioner, Techpac Holdings Ltd., a company incorporated in Bermuda, challenged an assessment order dated 25th March 2013 passed by the Deputy Co...

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NCLAT Dismisses Appeal of BEST Undertaking Against Liquidator's Rejection of Interest Claim and Secured Creditor Status in Liquidation of Spark Green Energy. Interest-Free Deposit Does Not Attract Interest, and Unregistered Charge Does Not Confer Secured Status Under IBC.

The appeal was filed by Brihanmumbai Electricity Supply and Transport Undertaking (BEST) against an order of the Adjudicating Authority (NCLT Mumbai B...

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Gujarat High Court Acquits Accused in Corruption Case Due to Lack of Demand and Acceptance of Bribe. Conviction under Sections 7, 13(1)(d) read with 13(2) of Prevention of Corruption Act, 1988 set aside as prosecution failed to prove demand and acceptance beyond reasonable doubt.

The appellant, Yadav Rajbahadur Ghyansingh, was convicted by the Special Judge, Mehsana, for offences under Sections 7, 13(1)(d) read with Section 13(...

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High Court of Karnataka Quashes Blacklisting Order Against Pharmaceutical Distributor for Violation of Natural Justice. Blacklisting Without Show Cause Notice and Opportunity of Hearing Held Invalid Under Article 226 of Constitution of India.

The petitioner, M/s. Sujal Pharma, a proprietorship firm engaged in pharmaceutical distribution, challenged a blacklisting order dated 29.10.2021 issu...

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High Court of Bombay Dismisses Arbitration Application Due to Non-Existence of Arbitration Agreement — No Prima Facie Case for Reference to Arbitration Under Section 11 of Arbitration and Conciliation Act, 1996.

The applicant, Unistar Metals Private Limited, filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, seeking reference ...

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Bombay High Court Hears Notice of Motion for Interim Eviction of Non-Cooperating Members in Housing Society Redevelopment. The Court examines the Society's plea under the Maharashtra Co-operative Societies Act, 1960 for mandatory orders against members who refuse to vacate despite a majority resolution.

Background: The matter arises from a suit filed by Vikram Delite Co-operative Housing Society Ltd., a cooperative housing society registered under the...