Finance judiciary-2

C-Form benefits cannot be rejected merely for belatedly filing

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court)

TATA Hitachi Construction Machinery Company Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) The issue under consideration is whether Tribunal was correct in rejecting the C-Forms submitted by the petitioner and hence denying statutory benefits? The Appellate Tribunal at the threshold has rejected the declaration forms on the ground...

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HC dismisses petition against amendments in PMLA through Money Bill

Mr. Jairam Ramesh Vs Union of India And Ors (Delhi High Court)

Mr. Jairam Ramesh Vs Union of India and Ors (Delhi High Court) There is no dispute that the petitioner herein is a Member of Rajya Sabha. The plea of Mr. Chidambram that the petitioner was not aware that such amendments have been carried out as Money Bills, is no reason to challenge the amendments, at […]...

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Mere use of any forged or counterfeit currency/bank notes is not an offence

Sanskriti Jayantilal Salia Vs. State of Maharashtra (Bombay High Court)

Sanskriti Jayantilal Salia Vs. State of Maharashtra (Bombay High Court) When mens rea is conspicuously absent, mere use of any forged or counterfeit currency notes or bank notes cannot attract the provisions of Section 489(B). The essential ingredient of the said offence being that the person, who receives the notes has reason to believe ...

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CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court)

The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court)

Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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SAT held Ranbaxy Director Guilty of insider trading

Mr. V.K. Kaul Vs Adjudicating Officer (Securities Appelate Tribunals Mumbai)

It is highly improbable to believe the statement of Mrs. Bala Kaul that she bought shares of the target company because of its intrinsic value and strong fundamentals. If that was so, it is not clear, what made her sell these shares on April 10, 2008, when Solrex was still in the process of investing more money into the scrip of the targe...

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Stamp Papers valid even after six month of Purchase

Thiruvengada Pillai Vs Navaneethammal and Anr. (Supreme Court of India)

The Indian Stamp Act, 1899, nowhere prescribes any expiry date for use of a stamp paper. Section 54 merely provides that a person possessing a stamp paper for which he has no immediate use (which is not spoiled or rendered unfit or useless), can seek refund of the value thereof by surrendering such stamp paper to the Collector provided it...

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Courts should not interfere in policy matters of State unless policy violates mandate of Constitution

Shanmuga Patro Vs Ministry of Finance (Delhi High Court)

Division Benches of this Court in Bhagwat Dayal Sharma Vs. UOI ILR (1974) Del 847 and Peoples Union for Democratic Rights Vs. Ministry of Home Affairs ILR (1987) Del 235 have held that where the power to do or not to do a thing is optional and discretionary and there is no statutory obligation, direction to the Executive to do a particula...

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A person who preferred his evidence on affidavit, need not make oral deposition in court, before the accused is summoned or required to cross-examine

Karuna Singh Vs State of NCT of Delhi & Anr (Supreme Court of India)

Having gone through the judgment relied upon by the learned counsel for the petitioner, we find that the same is wholly inapplicable to this case. In Mandvi Coop. Bank’s case (supra) the accused on being summoned under Section 145(2) of the Negotiable Instruments Act, raised the plea, that inspite of the complainant having filed his evi...

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Merely because there was no evidence of denial or rebuttal, the plaintiff’s case could not be held to have been proved

C.N. Ramappa Gowda Vs C.C. Chandregowda (Dead) by LRs. ANR. (Supreme Court of India)

High Court was legally justified in setting aside the judgement and decree of the trial court and allowing the appeal to the limited extent of remanding the matter to the trial court for a de-novo trial after permitting the defendant-respondent to file the written statement. The appeal consequently stands dismissed....

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