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High Court of Bombay Enhances Compensation in Motor Accident Claim Case — Multiplier Applied as Per Sarla Verma Guidelines. Deceased's Income Assessed at Rs.4,500 per Month with 40% Future Prospects, Compensation Enhanced to Rs.6,91,500.

The appellants, original claimants in MACP No.288 of 2001, filed an appeal under Section 173 of the Motor Vehicles Act, 1988, challenging the judgment...

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Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent.

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs....

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Supreme Court Upholds Return of Plaint in Commercial Dispute Case — Immovable Property Not Used Exclusively in Trade or Commerce. Agreement to Sell and Mortgage Deed Registration Dispute Falls Outside Commercial Courts Act, 2015 as Land Was Not Pled to Be Used for Trade or Commerce.

The appellant, Ambalal Sarabhai Enterprises Ltd., filed a Commercial Civil Suit No. 41/2018 before the Commercial Court at Vadodara seeking enforcemen...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Classification Dispute. Rental Income from Property Held as Stock-in-Trade is Business Income, Not Income from House Property Under Section 22 of Income Tax Act, 1961.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which held that the rent a...