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High Court of Bombay at Goa Allows Tax Appeal on Valuation of Work in Progress in Real Estate — Accounting Standard AS-7 Must Be Followed for Correct Profit Computation. Tribunal's Reliance on Precedent Without Notice Violates Natural Justice.

The appellant, Kayji Real Estate Pvt. Ltd., a company incorporated under the Companies Act, 1956, filed an appeal under the Income Tax Act, 1961, chal...

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Bombay High Court at Goa Dismisses Writ Petition Seeking Subsidy Under Goa State Investment Scheme 1990 — Paints Unit Not Registered Before Cut-off Date. Inclusion of 'paints' in ineligible list held valid and not ultra vires.

The petitioner, Berger Becker Coatings Pvt. Ltd., a paint manufacturing company, filed a writ petition seeking a declaration that it was entitled to s...

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Bombay High Court Allows Writ Petitions Challenging Electricity Theft Assessment Orders — Lack of Proper Hearing and Violation of Natural Justice. Assessment under Section 126 of Electricity Act, 2003 set aside due to failure to provide adequate opportunity to the consumer.

The petitioners, Maharashtra State Electricity Distribution Company Ltd., filed two writ petitions challenging assessment orders passed by the Superin...

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Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Based on Change of Opinion. Reassessment Notice and Order Quashed as Assessing Officer Had No Fresh Tangible Material to Justify Reopening.

The petitioner, Aroni Commercials Limited, challenged a notice dated 28 March 2013 under Section 148 of the Income Tax Act, 1961 seeking to reopen its...

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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case — Upholds Disallowance of Capital Losses and Business Loss on Guarantee Transactions. Tribunal's findings on sham transactions and lack of commercial substance affirmed under Income Tax Act, 1961.

The appellant, Killick Nixon Limited, filed an appeal under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tri...

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NCLAT Dismisses Appeal Against Approval of Resolution Plan in CIRP of Tiffins Barytes Asbestos & Paints Ltd. — Challenge to Recall of Order Rejected as Time-Barred and Without Merit.

The appellant, Hero Exports, challenged the order of the National Company Law Tribunal (NCLT), Chennai, dated 12.06.2019 approving the resolution plan...