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Bombay High Court Allows Assessees in Income Tax Reference Regarding Gold Bonds Profit as Capital Gain. Profit from sale of National Defence Gold Bonds held not taxable as business income under Income Tax Act, 1961, as transaction was not an adventure in the nature of trade.

The case involves three income tax references arising from a common order of the Income Tax Appellate Tribunal, Mumbai, for the assessment year 1980-8...

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High Court of Bombay at Goa Dismisses Revenue Appeal in Income Tax Case — Valuation of Low Grade Iron Ore Closing Stock Upheld. Tribunal justified in relying on coordinate bench order for consistent valuation method under Income Tax Act, 1961.

The appeal was filed by the Principal Commissioner of Income Tax, Goa, under Section 260A of the Income Tax Act, 1961, challenging the order of the In...

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Bombay High Court Hears Appeal Against ITAT's Interpretation of Infrastructure Fee Entitlement; Assessee Contends for Allowance of 5% of Gross Advertising Bills Under Agreement. Interpretation of Clause-3 of Agreement Raises Substantial Question of Law Under Section 260A of Income Tax Act, 1961.

The appeal arose from an assessment order for Assessment Year 1993-94 concerning the deduction claimed by the assessee, M/s. Star Time Communication (...

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High Court Quashes Industrial Tribunal Award Reinstating Employee in Banking Company Case, Holding Voluntary Retirement Under Bipartite Settlement Valid. Employee's Inaction and Prolonged Absence After Sanctioned Leave Justified Deemed Voluntary Retirement Without Departmental Enquiry.

The dispute arose when an employee of State Bank of India, serving as a cashier cum clerk, availed leave and overstayed in Japan. Between April and Ju...

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Bombay High Court Dismisses Employee's Petition Challenging Termination from PTI Post Due to Non-Availability of Vacant Post. Appointment as Physical Training Instructor was invalid as only one sanctioned post existed, occupied by a senior employee.

The petitioner, Dilipkumar Fanendranath Katre, was employed as a Physical Training Instructor (PTI) at Swamy Vivekanand High School, Karanja, run by P...

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Bombay High Court Allows Employer's Appeal in Part, Upholds Reinstatement but Reduces Back Wages to 25% in School Tribunal Termination Case. Employee's Cross-Appeal for Full Back Wages Dismissed as Termination Found Justified on Merits but Procedural Defect in Enquiry.

The case involves two Letters Patent Appeals arising from a dispute between an employer trust and an employee regarding termination of service. The em...

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High Court Allows Appeal in Arbitration Case, Restoring Arbitral Award Set Aside by Single Judge. Limited Judicial Review Under Section 34 of Arbitration and Conciliation Act, 1996 Precludes Re-appreciation of Evidence Unless Award Shocks Conscience or Conflicts with Public Policy.

The dispute arose between Appellant, a foreign company manufacturing biscuits in Zimbabwe, and Respondent, an Indian partnership firm, regarding the s...

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Bombay High Court at Goa Quashes Inquiry Report of Goa Human Rights Commission Against Police Inspector for Alleged Assault and Illegal Detention — Report Found to Violate Principles of Natural Justice and Be Based on No Evidence.

The petitioner, a Police Inspector, challenged an inquiry report dated 24.09.2015 of the Goa Human Rights Commission which found him guilty of violati...