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Bombay High Court Full Bench Resolves Conflict on Cessation of APMC Membership Under Section 15 of the Maharashtra Agricultural Produce Marketing Act. Members Elected by Managing Committees of Cooperative Societies or Village Panchayats Cease to Be APMC Members Upon Losing Membership in the Parent Body.

The case involves a reference to the Full Bench of the Bombay High Court at Nagpur to resolve conflicting Division Bench decisions on the interpretati...

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Bombay High Court Allows Revenue's Appeal in Shipping Company Tax Case — Reimbursement of Telecommunication Costs Held as Income. Payments received by foreign shipping company from Indian agents for use of MaerskNet system treated as revenue receipt, not mere reimbursement, under Income Tax Act, 1961.

The case involves a set of appeals filed by the Director of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the tax...

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Supreme Court Allows Revenue's Appeal, Holds Managing Agents' Group Controlling Over 75% Voting Power Excludes Company from 'Public Interest' Under Section 23A. Partners of Managing Agency Forming a Controlling Group Cannot Be Counted as Public for Purposes of Exemption Under Income-tax Act, 1922.

The dispute arose under the Indian Income-tax Act, 1922, concerning the applicability of Section 23A to a company where the Income-tax Officer sought ...

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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 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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Bombay High Court Dismisses Appeal Against Refusal to Set Aside Ex-Parte Decree in Suit for Declaration and Injunction — Appellant Failed to Show Sufficient Cause for Non-Appearance Under Order IX Rule 13 CPC.

The appellant, Ravi Kiran Aggarwal, filed an appeal under Order XLIII Rule 1(d) of the Code of Civil Procedure, 1908, against the order of the City Ci...