Month: August 2022

Power Purchase Agreement – Compounded interest – Change in Law – Adani Power is justified in stating that if the banks have charged it interest on monthly rest basis for giving loans to purchase the FGD, any restitution will be incomplete, if it is not fully compensated for the interest paid by it to the banks on compounding basis

SUPREME COURT OF INDIA FULL BENCH UTTAR HARYANA BIJLI VITRAN NIGAM LTD. AND ANOTHER — Appellant Vs. ADANI POWER (MUNDRA) LIMITED AND ANOTHER — Respondent ( Before : N.V. Ramana,…

Specific performance – There is no doubt that the claim of purchaser is hit by delay and laches on their part as they did not take appropriate measures within the stipulated time and filing of the suit was delayed by almost five years – It is not an appropriate case for granting relief to the purchaser in terms of Section 12 of the Specific Relief Act, 1963 as the claim of the purchaser is barred by delay, laches and limitation.

SUPREME COURT OF INDIA FULL BENCH SMT. KATTA SUJATHA REDDY AND ANOTHER — Appellant Vs. SIDDAMSETTY INFRA PROJECTS PVT. LTD.AND OTHERS — Respondent ( Before : N.V. Ramana, CJI., Krishna…

It is deemed appropriate to direct the respondent Nos.3 and 4/Corporation to return the land acquired by it to the appellants within four weeks. Once the possession is restored, the appellants shall be permitted to use it for residential purposes. Further, the respondents are directed to compensate the appellants @ Rs.1 crore per year for the loss caused

SUPREME COURT OF INDIA DIVISON BENCH RAJHAN NARENDRA ROUT AND OTHERS — Appellant Vs. THE STATE OF MAHARASHTRA, THROUGH SECRETARY, URBAN DEVELOPMENT DEPARTMENT AND OTHERS — Respondent ( Before :…

Income Tax Act, 1961 – Sections 36(1)(vii) and 37 – Where the claim of bad and doubtful debt was disallowed -Section 37 applies only to items which do not fall in Section 30 to 36 – If a provision for doubtful debt is expressly excluded from Section 36 (1) (vii) then such a provision cannot claim deduction under Section 37 of the IT Act even on the basis of “real income theory”.

SUPREME COURT OF INDIA FULL BENCH PR. COMMISSIONER OF INCOME TAX 6 — Appellant Vs. KHYATI REALTORS PVT. LTD. — Respondent ( Before : Uday Umesh Lalit, S. Ravindra Bhat…