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September 15, 2021

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Commercial Law
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Askari Mirza v. Bibi Jai Kishori

A criminal prosecution was instituted against a person and fearing the result of prosecution, he entered into an agreement in consideration of the other party abandoning the prosecution. It was held that the threat of criminal prosecution is not per se an act forbidden by the Indian Penal Code. Hence, consent is valid. Basic information: Coercion: Coercion is the act or process of persuading someone forcefully to do something that they do not want to do. Section 15 in the Indian Contract Act 1872 defines coercion as committing or threatening to commit or carry out any act forbidden by the Read More
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Arvind Mills vs Commissioner of Income Tax

1. Revenue has filed this appeal challenging the judgment of the Income Tax Appellate Tribunal (Tribunal for short) dated 31st March, 2009. In response to the notice issued, learned counsel Mr. Ranjan appeared on behalf of respondent assessee. 2. Counsel for both the sides made detailed submissions. With their consent such arguments were treated to be for final disposal of the Appeal. 3. The appeal arises in the following factual background:– 3.1 The respondent assessee had lodged its claim of interest under Section 244A of the Income Tax Act, 1961 (the Act, for short) towards the tax paid which was Read More
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Boloram Bordoloi vs Lakhimi Gaolia Bank

In this case, a manager of Lakhimi Gaolia Bank was accused of misappropriating funds by disbursing loans irregularly to (a) units without a store or business; (b) members of the same family receiving several loans, and so on.  The disciplinary authority had initially decided to apply a punishment of compulsory retirement based on the findings recorded by the Enquiry Officer and had sent a show cause notice to the manager, to which he answered that “due to work pressure some operational breaches have happened.” Furthermore, if the bank suffers a loss as a result of his error, he is Read More
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White and Case

On the facts and in the circumstances of the case, the Ld. CIT(A) erred in deleting the AO’s addition by holding that the payment made to ‘White & Case,’ the consultancy firm, is not in the nature of FTS, but failing to appreciate that Article 15(1) of the Indo-UK Treaty only applies to payments to individuals and does not apply to partnership firms. In addition, they failed to recognise that such payments would be protected under Article 13 of the Treaty as a charge for technical services. Based on the facts and circumstances of the case, the Ld. CIT(A) erred Read More
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– Mahima Thomas(M2023) – FCRIMS In a landmark judgment by Bombay High court on 9th November, 2001 comprising of justice D.P Mohapatra and Justice Shivaraj Patil passed an order restraining a paper manufacturing company employing a deceptively similar name ‘Mahendra and Mahendra’ to the company giant Mahindra and Mahindra Ltd. Plaintiff – Mahindra and Mahindra Ltd Defendant – Mahendra and Mahendra Paper Mills As stated by Mahindra and Mahindra Ltd; in August 1996, the corporate came to grasp about the existence of a corporation named Mahendra and Mahendra paper mills after it stumbled on a prospectus in respect of the Read More
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Manojit Saha v. Big Bazar

The Complainant’s argument is that on June 16, 2019 (Sunday), the Complainant went to the Big Bazar in Agartala and purchased a pair of Jeans pants for Rs.499.50/-, which was a 50% discount from the original price. He was also forced to buy one paper bag for Rs.10/-. The complainant noticed that the bag’s MRP of Rs. 10/- was not mentioned anywhere. According to the Complainant, the Big Bazar exploited the bag as a medium of advertisement by printing a caption on it FBB, which invites unfair trade practises and a lack of service on the part of the O.P. Read More
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This application is filed pursuant to Sections 446 (1) & (2) and 537 of the Companies Act, 1956, r/w Rules 6 & 9 of the Companies (Court) Rules, 1959, requesting that the official liquidator disburse Rs.8,00,00,000/- (Rupees Eight Crores Only) on an ad hoc interim basis. According to the petition, properties of the company in liquidation are in the possession of the official liquidator pursuant to the winding up order, and the applicant herein, as the sole first charge-holder, has been incurring expenses on the security for preservation and protection of the company in liquidation’s assets, both movable and immovable, Read More
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Axis Bank vs Punjab National Bank & Anr on 20 March, 2015

The Original Application (OA) No. 108/2004 below Section 19 of the Recovery of Debts due to Banks and Financial Institution Act, 1993 had been instituted before the Debts Recovery assembly on 22.11.2004 by Punjab National bank (the first respondent) impleading the Axis Bank (the petitioner) and one mister Dinesh Arora (the second respondent) as the defendants No. 1 and 2 of for recovery of ₹13,10,044/- and also pendente lite and future interest @ 14.75% every annum. The OA was allowed by the DRT by final order passed on 30.01.2013 in favour of the applier Punjab National bank (PNB) that the Read More
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Shree Cement Ltd. vs Power Grid Corporation Ltd. And … on 28 April, 1998

By this order we are disposing of an application No. 273 of 1996, filed by Shree Cement Limited in C. P. No. 3/111/94-CLB against Power Grid Corporation Limited and others. This application seeks to restore and revive the proceedings in C. P. No. 3/111 of 1994, which petition stood disposed of by us vide our order dated October 17, 1994. It is necessary for us to recapitulate the background of this application in order to understand and appreciate the prayers in this application for restoration and revival of the above said company petition. The petitioner-company, Shree Cement restricted purchased on Read More
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Calculation of Relationship with State Bank of India

Calculation of Relationship with State Bank of India Author: Saikat Ghosh Introduction: – State Bank of India (SBI) is the country’s largest commercial bank, in terms of assets, deposits, and employees. Owned by the Indian government, it offers a range of general banking services from loans and advances to corporates and individuals in India and abroad. Because it is state-owned, SBI is the preferred banker for most public sector corporations. SBI, along with its associate banks, offers micro-financing to entities such as self-help groups in rural areas that would otherwise have no access to formal credit channels. Through its subsidiaries Read More
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