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Supreme Court Allows Assessees in Interest Tax Act Case on Hire-Purchase Instalments. Hire-purchase agreements are distinct from loans, and interest component in instalments is not taxable under Section 2(7) of the Interest-Tax Act, 1974, as it does not constitute interest on loans and advances.

The dispute involved a batch of civil appeals concerning the tax liability of non-banking finance and leasing companies under the Interest-Tax Act, 19...

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Bombay High Court Dismisses Winding-Up Petition Against Sundeep Polymers Due to Bona Fide Dispute Over Hire Purchase Agreement. Dispute Regarding Defective Vehicle and Pending Consumer Complaint Constitutes Substantial Grounds, Not a Mere Debt Acknowledgment.

The petitioning-creditor, Tata Motors Ltd (formerly Tata Finance Ltd), filed a winding-up petition under sections 433 and 434 of the Companies Act, 19...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in Loan Dispute — Limitation Period Runs from End of Loan Tenure When Creditor Has Option to Recall Loan on Default.

The petitioner, Paresh Prakash Pavetekar, had taken a loan from the respondent, Phoenix ARC Pvt. Ltd., repayable in equated monthly installments. The ...

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Bombay High Court Allows Appeal Against Insurer in Goods Vehicle Passenger Death Case — Hirer Travelling with Goods Deemed Passenger Under Section 166 Motor Vehicles Act, 1939. Division Bench Precedent on Risk Coverage for Hirer Travelling with Goods Followed.

The appellants, legal heirs of Shankar Laxman Barve, filed a claim petition under Section 166 of the Motor Vehicles Act, 1939, seeking compensation fo...

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Bombay High Court Allows Release of Confiscated Truck in Forest Offence Case — Petitioner Not Given Adequate Opportunity of Hearing. Confiscation Order Under Section 61-A of Indian Forest Act, 1927 Set Aside Due to Violation of Principles of Natural Justice.

The petitioner, owner of a truck bearing registration number MH-30-B-2897, filed a writ petition under Articles 226 and 227 of the Constitution of Ind...