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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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Bombay High Court Allows Writ Petition Against Police Harassment of Beautician — Violation of Right to Practice Profession Under Article 19(1)(g). Police officials directed to permit petitioner to carry on her beauty parlor business without interference and to pay costs of Rs. 25,000.

The petitioner, Shakuntala Karamveer Sarsath, a beautician by occupation, filed a writ petition under Article 226 of the Constitution of India allegin...

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Supreme Court Allows Revenue's Appeal in Income Tax Case on Unexplained Investment in Silver Bullion. Section 69A of Income Tax Act, 1961 Applicable Where Assessee Fails to Explain Source of Acquisition of Silver Found in Possession.

The present appeals were filed by the Revenue against the judgment of the Rajasthan High Court which allowed the appeals of the assessee, Prakash Chan...

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Bombay High Court Allows Victim's Petition Against Detention Under ITPA, Orders Release and Compensation. Detention of Major Victim in Corrective Institution Without Consent Violates Right to Liberty Under Article 21.

The petitioner, a victim of trafficking, was rescued from a brothel in Mumbai and produced before the Magistrate. The Magistrate, after receiving repo...

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Bombay High Court Quashes Order Sending Victim to Corrective Institution in Immoral Traffic Case — Victim's Consent and Best Interest Not Considered. Father's Application Allowed; Victim to Be Released to Parental Custody.

The applicant, Nagar Macchindra Bhui, filed a criminal application under Section 482 of the Code of Criminal Procedure, 1973, challenging the order da...

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Supreme Court Upholds Assessee's Right to Carry Forward Loss as Vocation Income Under Income-tax Act, 1922. Hold that Decision on Loss in Previous Year Not Binding on Subsequent Year's Officer Under Section 24(2).

The assessee, Manmohandas, was appointed as Treasurer of a Bank in respect of certain branches, sub-agencies, and pay offices. During the previous yea...