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High Court of Bombay Dismisses Petition Challenging Arbitral Award in Contract Dispute — Price Revision Upheld as Valid Modification. Letter dated 28 June 1999 held to have modified the terms of the Purchase Order, allowing recoveries and adjustments per letter dated 31 October 2000.

The petitioner, M/s. JCL International Ltd., entered into a contract with the respondent, Bharat Petroleum Corporation Ltd., on 1 May 1999 for the sup...

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Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...

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Bombay High Court Dismisses Appeals in International Commercial Arbitration Dispute Over Applicability of Part-I of Arbitration Act. Part-I of Arbitration and Conciliation Act, 1996 Held Inapplicable Where Parties Chose Mumbai as Venue for Convenience but Arbitration Governed by ICC Rules.

The case involves two appeals arising from a judgment of a Learned Single Judge of the Bombay High Court dismissing a petition filed by Konkola Copper...

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Bombay High Court Dismisses ICICI Bank's Intervention Application in Winding-Up Petition. ICICI Bank's claim not yet due and it is otherwise sufficiently secured; application held premature and aimed at defeating resolution of BNYM's claim.

The applicant, ICICI Bank Limited, sought to be impleaded as a respondent or alternatively to intervene in a company application filed by The Bank of ...

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Bombay High Court Dismisses Shareholder Suit Challenging Director Appointments for Lack of Jurisdiction. Dispute Over Rights Under Articles of Association Falls Within Exclusive Jurisdiction of Company Law Board Under Companies Act, 1956.

The suit was filed by shareholders of a banking company, Yes Bank, challenging resolutions relating to the appointment of directors and seeking declar...

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High Court of Bombay at Goa Upholds Acquittal in Cheque Dishonour Case Due to Non-Examination of Complainant Partner. Failure to Prove Legal Liability Under Section 138 of Negotiable Instruments Act, 1881 as Presumption Under Section 139 Stands Rebutted.

The case involves a criminal revision application filed by M/s Reshmi Constructions, a partnership firm, against the acquittal of Laxman Vithal Chunek...

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Bombay High Court Dismisses Petitions Challenging Property Tax Demands Due to Delay and Availability of Alternate Remedy. Court holds that appeals under Section 406 of BPMC Act filed after 8-18 years are grossly delayed and cannot be entertained.

The petitioner, NRC Limited, a company incorporated under the Companies Act, 1956, owned a large property in Kalyan. The Kalyan Dombivli Municipal Cor...