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High Court of Bombay at Goa Allows Section 9 Petition for Interim Relief in Iron Ore Sale Dispute. Petitioner granted injunction restraining respondent from drawing on bank guarantees and ordered to maintain status quo on letter of credit.

The petitioner, M/s. Vedanta Limited (formerly Sesa Sterlite Ltd), a company engaged in extraction, sale and export of iron ore, entered into a Master...

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High Court of Bombay at Goa Allows Appeal in Part Regarding Computation of Deduction Under Section 80HHC of Income Tax Act, 1961 — Receipts from Hire of Barges, Proceeds of Services, Repairs of Vessels, and Extraction Charges Held Part of Total Turnover for Export Deduction.

The appellant, Sesa Goa Ltd., is a company engaged in the business of mining and export of iron ore. For the assessment year 1996-1997, the appellant ...

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High Court of Karnataka Dismisses Appeal in Insurance Claim Dispute — Policy Condition Precedent Not Fulfilled. Export Credit Guarantee Corporation's denial of claim upheld as appellant failed to comply with mandatory condition requiring prior approval for extending credit period beyond policy terms.

The appellant, Prakruthi Products Pvt. Ltd., an exporter of herbal extracts, held an export credit insurance policy with the Export Credit Guarantee C...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...

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Bombay High Court Allows Appeal in Carriage of Goods by Sea Case — Sets Aside Ex-Parte Decree Due to Non-Service of Summons. Service of summons on agent of foreign principal held insufficient to bind the principal under Order 5 Rule 12 of CPC, 1908.

The appeal arises from a judgment and decree dated 18 October 2014 passed by the City Civil Court, Bombay in SC Suit No.7175 of 1997. The plaintiff, D...

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Bombay High Court Allows Recovery of Price Difference for Short Supply of Goods in Contract for Sale of Nickel. Plaintiff entitled to refund for short delivery of 115 metric tonnes of Nickel under sale note dated 04.11.1980.

The plaintiff, Mukund Limited, filed a suit against the Minerals & Metals Trading Corporation of India Ltd. for recovery of Rs.1,47,906/- being the di...

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High Court of Bombay Dismisses Applications to Vacate Arrest of Vessels in Bunker Supply Disputes Involving Insolvent Intermediary. Maritime Claim for Bunkers Supplied to Vessel Held Enforceable In Rem Despite Lack of Privity Between Supplier and Owner.

The High Court of Bombay heard two notices of motion filed by the defendants in two admiralty suits seeking to vacate the arrest of their vessels. The...