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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...

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Supreme Court Dismisses Assessee's Claim to Treat Compensation as Capital Receipt Under Income Tax Act. Lump sum payment received by managing agent for reduction in remuneration held to be revenue receipt as it was in lieu of future profits and not for loss of managing agency.

The assessee firm, M/s. Godrej & Company, was appointed managing agent of a limited company for thirty years from November 9, 1933, under an agreement...

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Supreme Court Upholds Appellant in Income Tax Act Case Regarding Exemption for Charitable Trust Income from Managing Agency Business. Managing Agency Business Held to be Property and Income Therefrom Exempt Under Section 4(3)(i) of Indian Income-tax Act, 1922, Despite Revenue's Objections.

The Supreme Court considered an appeal by J.K. Trust, Bombay, against the Commissioner of Income-tax/Excess Profits Tax, Bombay, concerning the taxabi...

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Supreme Court Upholds Penalty on Managing Director in FEMA Violation Case — Failure to Complete Import Formalities Constitutes Continuing Offence. Liability under Section 10(6) of FEMA, 1999 attaches to person responsible for conduct of business regardless of change in management.

The appeal arose from complaint proceedings initiated by the Enforcement Directorate under Section 16(3) of the Foreign Exchange Management Act, 1999 ...

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High Court Grants Interim Relief to Advertisement Agency in Arbitration Dispute Over Hoarding Construction Agreement. The court found a prima facie case and balance of convenience in favor of the petitioner under Section 9 of the Arbitration and Conciliation Act, 1996.

The petitioner, Adtrack Media LLP, an advertisement agency, filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking in...

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Supreme Court Allows Revenue's Appeal on Compensation for Loss of Agency as Revenue Receipt Under Section 10 of Income-tax Act. Compensation for Loss of One Among Many Agencies in Normal Course of Business is Taxable Revenue Receipt.

The case involved a dispute over the taxability of compensation received by the respondent, a multi-agency concern, upon termination of one of its num...

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Bombay High Court Allows Section 11 Application and Appoints Arbitrator in MCGM Contract Dispute. Court Holds That Respondent's Failure to Appoint Arbitrator Within 30 Days of Notice Entities Applicant to Court-Appointed Arbitrator Under Section 11 of the Arbitration and Conciliation Act, 1996.

The applicant, Kalpataru Projects International Ltd., filed an application under Section 11 of the Arbitration and Conciliation Act, 1996, seeking app...

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KAHC010220972024_1

These commercial appeals under Section 37(1)(c) of the Arbitration and Conciliation Act, 1996 read with Section 13(1A) of the Commercial Courts Act, 2...