Search Results for "economic loss"

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Bombay High Court Dismisses Admiralty Suit for Pure Economic Loss Without Physical Damage — Claim for Production Loss Due to Vessel Grounding Held Not Maintainable in Tort of Negligence. Defendant Vessel Owner Not Liable as No Duty of Care Owed to Jetty Owner for Purely Economic Loss.

The plaintiff, owner of a captive jetty and PVC resin plant, filed an admiralty suit against the defendant vessel, claiming production loss of Rs. 12,...

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High Court of Bombay Dismisses Petition Challenging Arbitral Award in Insurance Dispute — Loss of Profit Claim Rejected Due to Flood Exclusion Clause. The court upheld the arbitrator's finding that 'inundation' was excluded under the Loss of Profit (Fire) Policy, and the claim was not maintainable.

The petitioner, Agrocel Industries Pvt. Ltd., was engaged in the production of Marine Chemical Bromine and had availed a 'Loss of Profit (Fire) Policy...

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Supreme Court Allows Appeal of Claimants in Motor Accident Case, Enhances Compensation for Death of Farmer. Loss of Dependency Recalculated with Higher Income and Future Prospects Under Motor Vehicles Act, 1988.

The case arises from a motor accident claim under Section 166 of the Motor Vehicles Act, 1988. The deceased, Jagjit Singh, a 35-year-old farmer, died ...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case Regarding Set Off of Unabsorbed Business Loss Against Profits of Erstwhile 10A Unit. Tribunal's Order Allowing Set Off of Brought Forward Loss of Assessment Year 2002-03 Against Profits of 10A Unit in Assessment Year 2005-06 Upheld.

The case involves two appeals by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal, M...

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Bombay High Court Reduces Compensation in Motor Accident Claim Due to Lack of Income Proof. Tribunal's assessment of monthly income at Rs.19,000 based on appointment letter and salary slips without income tax returns held insufficient.

The case involves a first appeal by the Reliance General Insurance Company Limited against the judgment and award dated 29 June 2019 passed by the Mot...

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Bombay High Court Reduces Compensation in Motor Accident Claim Due to Lack of Income Proof. Tribunal's assessment of monthly income at Rs.19,000 based on appointment letter and salary slips without income tax returns held insufficient.

The case arises from a motor accident claim petition filed by the parents of the deceased, Mr. Anuj Nitin Dighe, who died in a motor vehicular acciden...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Derivative Transaction Case. Exchange Traded Derivatives Held Not Speculative Under Section 43(5) of Income Tax Act, 1961, with Retrospective Application of Clause (d) of Proviso.

The case involves an appeal by the Commissioner of Income-tax, Central-IV against the order of the Income Tax Appellate Tribunal (ITAT) in favor of th...