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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...

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High Court of Bombay Adjudicates Challenge to Reopening of Assessment under Section 148 of Income Tax Act. Assessee Contends Full Disclosure and Argues Against Grounds of Under-assessment, While Revenue Defends Notice Based on Tangible Material and Absence of Previous Query.

The case involved a writ petition filed by the Export Credit Guarantee Corporation of India Ltd. challenging a notice dated 24 March 2011 issued by th...

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Karnataka High Court Pronounces Final Order in Writ Petition Challenging Minutes of Committee of Creditors Meeting under IBC, 2016. Key Issue Involved Adequacy of Notice under Section 24 and Natural Justice in Approval of Resolution Plan.

The writ petitioner, a suspended director of Associate Decor Limited (a company under corporate insolvency resolution process), challenged the minutes...

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Bombay High Court Quashes Arrest Order Against Guarantors in DRT Recovery Proceedings — Recovery Officer Cannot Order Arrest Without Prior Notice and Hearing Under Section 25 of RDDBFI Act, 1993

The petitioners, Kishor K. Mehta and Rajesh K. Mehta, were directors and guarantors of Beautiful Diamonds Company Limited, which had availed loan faci...

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High Court of Karnataka Delivers Judgment in Appeal Against Dismissal of Suit for Recovery of Money Alleging Bank's Unauthorized Issuance of Demand Drafts from Cheque Mandate. The Appeal Involves Issues of Bank's Liability for Acting Contrary to Instructions Under Sections of Customs Act, 1962 and CPC.

The plaintiff, a registered company engaged in manufacturing television and monitor components, imported goods and stored them in a bonded warehouse. ...

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Bombay High Court Dismisses Section 9 Petition by Debenture Trustee Seeking Deposit and Injunction — No Prima Facie Case for Interim Relief as Trustee Failed to Establish Breach of Trust or Impairment of Security Under Trust Deed and Information Memorandum.

The petitioner, IDBI Trusteeship Services Limited, filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim rel...

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Bombay High Court Examines Whether Assignee Bank Can Invoke SARFAESI Act for Debt Assigned by NBFC. The case involves interpretation of 'debt' and 'secured creditor' under SARFAESI Act, 2002 and RDDBFI Act, 1993, and the effect of assignment from a non-banking financial company to a bank.

The petitioner, a banking company, sought to enforce security interest under the SARFAESI Act after acquiring a debt and underlying security from a no...

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Bombay High Court Dismisses Petitions Challenging RBI's Moratorium and Liquidation of CKP Co-operative Bank Ltd. — Petitioners' Deposits Not Covered by Deposit Insurance as Bank Was Under Moratorium Prior to Insurance Scheme Introduction.

The judgment pertains to a batch of writ petitions filed by depositors of the CKP Co-operative Bank Ltd., which was placed under moratorium by the Res...