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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Gift of Shares Without Consideration — Gift Does Not Constitute Income Escape Under the Act.

The petitioner, M/s. Jai Trust, a trust incorporated under the Indian Trust Act, 1882, challenged the legality and validity of a notice dated 12 March...

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High Court of Karnataka Allows Appeal in Negotiable Instruments Act Case — Reverses Acquittal for Dishonour of Cheque. Presumption under Section 139 of NI Act stands unless rebutted by accused; complainant's failure to produce bank statement not fatal when cheque and signature admitted.

The appellant, M/s. Networth Stock Broking Limited, represented by its authorised agent Kiran Kumar, filed a criminal appeal under Section 378(4) of t...

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Bombay High Court Allows State's Petition Challenging NCLT Order De-freezing MPID Attached Accounts. MPID Act Overrides IBC for Attachment and Confiscation of Properties of Financial Establishments.

The State of Maharashtra, through the Deputy Collector and Competent Authority (NSEL), filed a writ petition under Articles 226 and 227 of the Constit...

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Supreme Court Remands FEMA Case to High Court for Fresh Consideration Due to Failure to Examine Material Evidence. High Court's Assumption That No Evidence Was Filed Was Contrary to Record, Requiring Remand Under Section 8 and Section 42 of FEMA, 1999.

The Supreme Court dealt with appeals arising from a High Court judgment that had allowed appeals by the Union of India and dismissed a writ petition b...

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Bombay High Court Quashes FIR and Section 156(3) Order in Stockbroker-Client Dispute. Dispute over share transactions held to be civil, not criminal, under Section 409 IPC.

The petitioners, Nirmal Bang Securities Private Limited (a stockbroking company) and its directors, filed a writ petition under Article 226 of the Con...

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Bombay High Court Allows Arbitration Petition and Interim Application in Share Dispute — Appointment of Arbitrator and Injunction Granted. Court holds that disputes regarding share transfer and oppression are arbitrable and appoints arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.

The petitioner, Kantilal Chhaganlal Securities Pvt. Ltd., filed an Arbitration Petition under Section 11 of the Arbitration and Conciliation Act, 1996...