![[MPID Act, S. 2(c) & 2(d)] – Amounts advanced with promise of return and interest qualify as “deposit” accepted by “financial establishment” under the Act. – Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 Section 2(c) and Section 2(d) — Deposit and Financial Establishment — Amounts advanced to individuals with promise of repayment with interest constitute a “deposit” under Section 2(c) and the recipients are “financial establishments” under Section 2(d) of the MPID Act, irrespective of the transaction being termed as a “loan” — The nomenclature of the transaction is not determinative; the essential attributes of the transaction are key.](https://i0.wp.com/sclaw.in/wp-content/uploads/2017/04/State-Laws.jpg?resize=150%2C150&ssl=1)
![[Central Sales Tax Act, 1956, S. 3] – No State can levy VAT on inter-State sales; taxation power for inter-State trade vests exclusively with the Union. – Constitution of India, 1950 — Article 269 — Taxes on sale or purchase of goods in the course of inter-State trade or commerce — Levied and collected by Union but assigned to States — Parliament’s power to formulate principles for determining when such sale/purchase takes place — State legislature’s power restricted to intra-State sales.](https://i0.wp.com/sclaw.in/wp-content/uploads/2017/04/Constitution-of-India.jpg?resize=150%2C150&ssl=1)
Companies Act, 1956 – Section 531 – Reserve Bank of India Act, 1934 – Section 45-MB – Suit for Interest on delayed payment on Bonds -the plaintiffs, like the Shakespearean character of Shylock, have raised the demand “I’ll have my bond. Speak not against my bond.” – Holder of the Bond has received their ‘pound of flesh’, but they seem to want more – Additional sum is not merited as SIBCO has already received their just entitlement and burdening the defendant with any further amount towards interest would be akin to Shylockian extraction of blood from the defendant.
SUPREME COURT OF INDIA DIVISION BENCH SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA — Appellant Vs. M/S. SIBCO INVESTMENT PRIVATE LIMITED — Respondent ( Before : R. Subhash Reddy and Hrishikesh…
Assured Career Progression (ACP) Benefits – An employee who had been offered regular vacancy based promotion before grant of ACP benefit and the regular promotion was refused, not eligible for ACP If a regular promotion is offered but is refused by the employee before becoming entitled to a financial upgradation, she/he shall not be entitled to financial upgradation only because she has suffered stagnation – This is because, it is not a case of lack of promotional opportunities but an employee opting to forfeit offered promotion, for her own personal reasons –
SUPREME COURT OF INDIA DIVISION BENCH UNION OF INDIA AND OTHERS — Appellant Vs. MANJU ARORA AND ANOTHER — Respondent ( Before : R. Subhash Reddy and Hrishikesh Roy, JJ.…
Arbitral proceedings – Resumption – It is the discretion vested with the Court for remitting the matter to Arbitral Tribunal to give an opportunity to resume the proceedings or not – Words “where it is appropriate” itself indicate that it is the discretion to be exercised by the Court, to remit the matter when requested by a party. Merely because an application is filed under Section 34(4) of the Act by a party, it is not always obligatory on the part of the Court to remit the matter to Arbitral Tribunal
SUPREME COURT OF INDIA DIVISION BENCH I-PAY CLEARING SERVICES PRIVATE LIMITED — Appellant Vs. ICICI BANK LIMITED — Respondent ( Before : R. Subhash Reddy and Hrishikesh Roy, JJ. )…
It is settled principle of interpretation that where the same Statute, uses different terms and expressions, then it is clear that Legislature is referring to distinct and different things. the assessments completed against the assessee with respect to assessment years 2014-2015 and 2015-2016 stand set aside. The assessing officer to pass revised orders after computing the liability in accordance with the directions as indicated
SUPREME COURT OF INDIA DIVISION BENCH KERALA STATE BEVERAGES MANUFACTURING & MARKETING CORPORATION LIMITED — Appellant Vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(1) — Respondent ( Before :…
Constitution of India, 1950 – Article 226 – Quashing of fresh assessment – Appeal against – in the present case the fresh assessments have gone against the respective dealers. Therefore, as such the respective dealers were required to prefer the appeals before the First Appellate Authority against the fresh assessment orders – High Court quashing and setting aside the fresh assessment orders in the writ petitions under Article 226 of the Constitution of India are unsustainable.
SUPREME COURT OF INDIA DIVISION BENCH STATE OF ANDHRA PRADESH AND OTHERS — Appellant Vs. S. PITCHI REDDY — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ. )…
Service Law – Dismissal – When in the departmental enquiry, it has been specifically found that due to rash and negligent driving on the part of the driver, the accident took place in which four persons died, when the punishment of dismissal is imposed it cannot be said to be shockingly disproportionate punishment – Appeal allowed.
SUPREME COURT OF INDIA DIVISION BENCH MAHARASHTRA STATE ROAD TRANSPORT CORPORATION — Appellant Vs. DILIP UTTAM JAYABHAY — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ. ) Civil…
With a view to find out a permanent solution for the air pollution menace occurring every year in Delhi and the National Capital Region, we direct the said Commission to invite suggestions from the general public as well as the experts in the field. Some experts have already approached this Court as Intervenors. The suggestions received shall have to be considered by an expert group, to be constituted by the Commission for the said purpose, before finalization of the policy to curb air pollution.
SUPREME COURT OF INDIA DIVISION BENCH MOHD. NAZIM AND OTHERS — Appellant Vs. UNION OF INDIA AND OTHERS — Respondent ( Before : L. Nageswara Rao and B.R. Gavai, JJ.…
(CPC) – Section 96, Order 41 Rule 31 – Appeal from original decree – Without framing points for determination and considering both facts and law; without proper discussion and assigning the reasons – First Appellate Court cannot dispose of the first appeal under Section 96 CPC and that too without raising the points for determination as provided under Order XLI Rule 31 CPC. – Impleadment of party in appeal – There cannot be an automatic allowing of the appeal and quashing and setting aside the judgment and decree passed by the trial court
SUPREME COURT OF INDIA DIVISION BENCH IL AND FS ENGINEERING AND CONSTRUCTIONS COMPANY LIMITED — Appellant Vs. M/S. BHARGAVARAMA CONSTRUCTIONS AND OTHERS — Respondent ( Before : M.R. Shah and…
Penal Code, 1860 (IPC) – Sections 304 Part II – Culpable homicide not amounting to murder – Reduction of sentence – Land dispute – Sudden quarrel – No premeditated or preplanned incident – While confirming the conviction for offence under Section 304(ii) of the IPC – Sentence reduced form ten years to two years rigorous imprisonment with fine.
SUPREME COURT OF INDIA DIVISION BENCH GOVINDAN — Appellant Vs. STATE REPRESENTED BY THE DEPUTY SUPERINTENDENT OF POLICE — Respondent ( Before : R. Subhash Reddy and Hrishikesh Roy, JJ.…
Dowry Death – Brutally assault and harassment – Deceased was done away with within the four walls of her matrimonial home – Recovery of dead body from banks of river -There is sufficient evidence brought on record to inculpate husband of deceased – As for mother-in-law from the evidence on record only certain omnibus allegations have been made against her with respect to dowry demands – Respondent-State has not been able to indicate any specific allegations, nor point to any specific evidence or testimony against her – Conviction of husband of deceased maintained – Conviction of mother-in-law set aside.
SUPREME COURT OF INDIA FULL BENCH PARVATI DEVI — Appellant Vs. THE STATE OF BIHAR NOW STATE OF JHARKHAND AND OTHERS — Respondent ( Before : N.V. Ramana, CJI, Surya…