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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — No Substantial Question of Law Arises. Deduction under Section 48(1) and Section 54EC of Income Tax Act, 1961 upheld as payments to sisters and nieces were for clearing overriding title and investment in REC bonds was within time.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT...

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Supreme Court Dismisses Corporate Debtor's Appeal Against NCLT Order Admitting Insolvency Application Under Insolvency and Bankruptcy Code, 2016. Maharashtra Act Moratorium Does Not Bar Insolvency Proceedings as Section 238 of the Code Overrides Inconsistent State Laws.

The appeal arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The corporate debtor, a multi-product compan...

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Supreme Court Dismisses Appeal by Erstwhile Directors in First Insolvency Case, Holding IBC Overrides State Moratorium. Corporate Debtor's Belated Defence of Non-Disbursal Under Master Restructuring Agreement Rejected as After-Thought.

The case arose from the first application under the newly enacted Insolvency and Bankruptcy Code, 2016. The appellant, a multi-product company, faced ...

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Supreme Court Allows Appeal Against Arrest Under PML Act — Validity of Arrest Under Section 19 PML Act Must Be Examined by Trial Court at Remand Stage

The Supreme Court heard an appeal by Arvind Kejriwal challenging his arrest by the Directorate of Enforcement (DoE) under Section 19 of the Prevention...

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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 Dismisses Revenue's Appeal in Income Tax Case, Allows Investment Allowance and Revenue Expenditure Deduction. Processing of Ore Constitutes Manufacture or Production Under Section 32A of Income Tax Act, 1961.

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT). The...

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High Court of Bombay at Goa Dismisses Revenue's Appeal in Tax Case — Charter Hire Charges Not Excessive Under Section 40A(2)(a) of Income Tax Act. Concurrent findings of fact that charges were based on Barge Owners Association rates upheld.

The case involves two tax appeals filed by the Commissioner of Income Tax against M/s. Goa Minerals Pvt. Ltd. under Section 260A of the Income Tax Act...