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Bombay High Court Dismisses Petition Challenging Rejection of Waiver of Interest Under Sections 234A, 234B, 234C of Income Tax Act, 1961. Petitioner failed to deposit unutilized capital gains in specified account, leading to levy of interest.

The petitioner, Humayun Suleman Merchant, filed a writ petition challenging the order dated 5th October 2004 passed by the Chief Commissioner of Incom...

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Supreme Court Adjudicates Tax Treatment of Compensation for Partial Termination of Selling Agency under Income Tax Act, 1922. The Court considered whether the sum received by the assessee for termination of agency rights outside Hyderabad State constituted a capital receipt or revenue receipt.

Background: The case involved the income tax assessment of the respondent, a registered firm carrying on business as selling agents and distributors o...

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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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KAHC010028192013_1

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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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Bombay High Court Adjudicates Petitions Challenging RBI and Central Government Actions Under Banking Regulation Act, 1949; Interim Stay Granted Against Amalgamation. Court Finds Prima Facie Haste and Lack of Propriety in Decision-Making Process Leading to Status Quo Ante Restoration.

The matter involved two writ petitions before the Bombay High Court challenging actions taken by the Reserve Bank of India (RBI) and the Central Gover...