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Bombay High Court Upholds DRAT Order Requiring 25% Pre-deposit for Waiver of Appeal Under SARFAESI Act. Legal Heirs of Guarantor Must Deposit 25% of Section 13(2) Notice Amount as Condition for Hearing Appeal on Merits.

The petitioners, Smt. Julie Amitabh Parekh and others, who are the legal heirs of the deceased guarantor Amitabh Arun Parekh, filed a writ petition ch...

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High Court of Karnataka Allows Appeal Against Rejection of Plaint in SARFAESI Act Suit — Limitation Period for Challenge to Auction Sale Under Article 137 of Limitation Act Is Three Years from Date of Sale Confirmation

The appellant, R Venkatapathy, filed a suit (O.S. No. 8639/2006) before the City Civil Court, Bangalore, challenging the auction sale of property cond...

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Bombay High Court Dismisses Revenue's Appeal in Slump Sale Case. Transfer of IMFL Business as Going Concern Not Subject to Capital Gains Tax Under Income Tax Act, 1961.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT)...

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Bombay High Court Allows Assessee's Appeal in Income Tax Case Regarding Deduction of Mortgage Repayment Under Section 48(i). The court held that repayment of mortgage debt is an expenditure incurred in connection with transfer of mortgaged asset, allowable under Section 48(i) of Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of mortgage ...

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Supreme Court Considers Appeal by Commissioner of Income-tax Relating to Capital Gains Tax on Resignation of Managing Agency. Key Legal Issue Whether Relinquishment Constitutes Transfer Under Section 12B of Indian Income-tax Act, 1922.

The respondent company, Provident Investment Co. Ltd., was the managing agent of two other companies and held certain shares in them. In September 194...