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Supreme Court Dismisses Assessee's Appeal: Profit from Share Sales Held as Trading Income, Not Capital Gain. Purchase and Quick Resale of Shares with Borrowed Funds and Debiting Interest as Revenue Expenditure Indicated a Well-Planned Scheme to Earn Profits under the Income Tax Act, 1922.

The assessee firm, Juggilal Kamlapat, Kanpur, was engaged in promoting companies and financing sister concerns of the J.K. Group. During the assessmen...

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Bombay High Court Quashes Look-Out Circular Issued Against NRI Businessman in Gitanjali Gems Investigation, Citing Violation of Personal Liberty. Stamping of Passport as 'Cancelled Without Prejudice' Held to be Without Authority of Law and Arbitrary, Contravening Article 21 of the Constitution of India.

The petitioner, a Non-Resident Indian businessman based in Hong Kong and managing director of a company dealing in diamonds, held an Indian passport v...

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Supreme Court Overrules PV Narasimha Rao, Holds Bribery Not Protected by Parliamentary Privilege — Legislators Who Accept Bribes for Speech or Vote Are Not Immune from Prosecution Under Articles 105(2) and 194(2) of the Constitution.

The Supreme Court of India, in a seven-judge bench decision, overruled its earlier majority judgment in PV Narasimha Rao v. State (CBI/SPE) (1998) 4 S...

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Bombay High Court Allows Petition by Society Members Against Unauthorized Construction and Demolition by Developer. Members have locus standi to challenge illegal construction; administrator must act lawfully.

The petitioners, who are members of the Linking Road Housing Society Limited, filed a writ petition challenging the unauthorized construction and demo...

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Bombay High Court Sets Aside Family Court Order Disturbing Child Custody Based on Consent Without Welfare Inquiry. The court held that a custody order under Section 8 of the Guardians and Wards Act, 1890 cannot be passed solely on consent without considering the welfare of the child.

The case involves an appeal by the father (Appellant 'A') against a Family Court order dated 15 July 2014 that disturbed the custody of his two minor ...

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Supreme Court Allows Banks' Appeals in RBI Fraud Classification Case Regarding Natural Justice Requirements. Court Holds No Absolute Right to Personal Hearing or Full Forensic Audit Report Disclosure Under RBI Master Directions Issued Under Section 35A Banking Regulation Act, 1949.

The dispute arose from the classification of loan accounts as 'fraud' by banks under the Reserve Bank of India's Master Directions. The appellant bank...

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High Court of Madras Disposes of Batch of Writ Petitions Challenging Income Tax and GST Assessment Orders, Suo Motu Impleads State Bank of India. No specific legal finding or ratio is discernible from the available text.

The High Court of Madras heard a batch of writ petitions filed by multiple corporate entities, including Aqua Terra Coke and Energy Limited (formerly ...

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Bombay High Court Allows Section 11 Applications in International Commercial Arbitration — Habitual Residence Determined at Time of Agreement. Applicant Residing in UAE at Time of Agreement Held to be Habitually Resident Outside India Under Section 2(1)(f)(i) of Arbitration and Conciliation Act, 1996.

The judgment concerns three arbitration applications filed under Section 11 of the Arbitration and Conciliation Act, 1996, by Aslam Ismail Khan Deshmu...