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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case for Notified Person Under Special Court Act. Interest under Sections 234A, 234B, and 234C of Income Tax Act, 1961 not chargeable due to assets being vested in Custodian.

The case involves an appeal by the Commissioner of Income Tax against the decision of the Income Tax Appellate Tribunal which held that the assessee, ...

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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case on Dividend Distribution Tax Rate. DDT under Section 115-O is a tax on the company, not on shareholders, and the India-UK DTAA does not provide a lower rate for DDT.

The Bombay High Court dismissed a batch of seven appeals filed by Foseco India Ltd. under Section 260A of the Income Tax Act, 1961, challenging a comm...

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Bombay High Court Grants Bail to Applicant in Financial Fraud Case Involving Deposit of Rs. 1.25 Crore. Applicant's Detention Not Justified as Investigation Complete and Trial Likely to Be Protracted, Meeting Triple Test for Bail Under Section 439 Cr.P.C.

The applicant, Milind Satish Sawant, filed a bail application under Section 439 of the Code of Criminal Procedure, 1973, seeking regular bail in conne...

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Bombay High Court Sanctions Scheme of Arrangement in Company Petition for Revival of Sick Pharmaceutical Company. Scheme under Section 391 of Companies Act, 1956, Approved Involving Settlement of Secured Creditors' Dues through Cash and Securities.

The Pharmaceutical Products of India Limited (PPIL), a company incorporated under the Companies Act, 1956, filed two company petitions under Section 3...

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Bombay High Court Allows Summary Judgment in Favor of Asset Managers in Commercial Paper Recovery Suit Despite Pending SICA Appeal. The court held that Section 22 of SICA does not bar recovery suits where BIFR has declined registration, and the defendant failed to raise any triable issue.

The plaintiffs, Pramerica Asset Managers Pvt. Ltd. and others, filed two summary suits against Deccan Chronicle Holdings Ltd. for recovery of Rs. 25 c...

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Supreme Court Allows IFCI's Appeal Against Retirees' Claim for Enhanced Pension Under VRS-2008. Voluntary Retirement Scheme's Full and Final Settlement Clause Bars Subsequent Claims for Pay Revision Benefits.

The dispute pertains to thirty-one employees of IFCI who voluntarily retired under the Voluntary Retirement Scheme of 2008 (VRS-2008) on 1 February 20...

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High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A and Capital Expenditure on Bridge Construction. Tribunal's findings that no expenditure was incurred for earning dividend income and that bridge contribution was revenue expenditure upheld.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal, Panaji Bench, which had partly a...

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APPEAL NO. 313 OF 2015

These appeals arose from a common judgment and order dated 31st March 2015 passed by a Single Judge of the Bombay High Court in two proceedings: Suit ...

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Supreme Court Dismisses Appeal Against Initiation of CIRP Against Corporate Debtor Despite Payment by Guarantor's Resolution Applicant. Right of Subrogation Under Section 140 of Indian Contract Act, 1872 Not Available Where Resolution Plan Extinguishes Guarantee and No Payment of Entire Debt.

The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent, Gujarat Hydrocarbon a...