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Bombay High Court Allows Appeal in Income Tax Derivative Loss Set-off Case. Loss from derivatives trading on recognized stock exchange held not speculative under Section 43(5)(d) of Income Tax Act, 1961, and can be set off against other business income under Section 70.

The appellant, Souvenir Developers (I) Pvt. Ltd., is a domestic company deriving income from toll collection business and also trading in shares and d...

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High Court of Karnataka Quashes Auction Notice Issued by Town Panchayat for Lack of Authority Under Karnataka Municipalities Act, 1964. Town Panchayat Cannot Auction Property Without Statutory Power and Without Following Due Process Under Section 70 of the Act.

The petitioners, who are residents and property owners in Arkalgud Town, challenged an auction notice dated 20.09.2021 issued by the Arkalgud Town Pan...

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High Court of Karnataka Quashes Joint Registrar's Endorsement in Co-operative Society Dispute — Lack of Hearing Violates Natural Justice. Endorsement under Section 70 of Karnataka Co-operative Societies Act, 1959 set aside for non-compliance with principles of audi alteram partem.

The petitioners, K. Gopal Krishna Bhat, Shambunumbudari, and Ram Kumar Hebbar, filed writ petitions under Articles 226 and 227 of the Constitution of ...