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Bombay High Court Allows Revenue's Appeal in Income Tax Case Regarding Redemption Fine as Business Expenditure. Redemption fine of Rs. 75,00,000 paid for unauthorized import of almonds held allowable as business expenditure under Section 37 of the Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which allowed the asses...

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Bombay High Court Examines Section 34 Challenge to NSE Arbitral Awards on Limitation Grounds. Court Holds Three-Month Time Limit Under NSE Bye-laws Rule 13(b) is Directory and First Hearing Date Under Rule 13(d) is Date of Actual Hearing, Not Scheduled Hearing.

The matter arose from an arbitration petition under Section 34 of the Arbitration and Conciliation Act, 1996 filed by an investor challenging an appel...