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Supreme Court Allows Suspension of Sentence in Bank Fraud Case Due to Erroneous Aggregation of Concurrent Sentences. High Court's Rejection of Bail Under Section 389 CrPC Set Aside as It Overlooked Trial Court's Direction That All Sentences Run Concurrently, Reducing Maximum Imprisonment to 7 Years.

The appellant, N. Ramamurthy, was convicted by the Special Judge for CBI cases in Bengaluru for offences under Section 120-B read with Sections 409, 4...

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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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High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment of Facts Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts regarding property sale and reinvestment.

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) which had cancelled the penalty imposed on the assessee under Secti...