ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
SC allowed the appeals filed by the Appellant, set aside the arbitral award dated 27.04.2022 (corrected 26.07.2022) and quashed the judgments/orders of the high court, and dismissed the appeals by the Respondents. The Court held the arbitrator exceeded jurisdiction by effectively rewriting contract terms and applying a post-hoc policy, rendering the award patently illegal and in conflict with public policy. The award was set aside under s.34(2A) and s.34(2)(b)(ii) of the Arbitration and Conciliation Act, 1996, the errors constituting a breach of fundamental principles of justice that could not be cured by merits review.
SC allowed the appeals filed by the Appellant, set aside the arbitral award dated 27.04.2022 (corrected 26.07.2022) and quashed the judgments/orders of the high court, and dismissed the appeals by the Respondents. The Court held the arbitrator exceeded jurisdiction by effectively rewriting contract terms and applying a post-hoc policy, rendering the award patently illegal and in conflict with public policy. The award was set aside under s.34(2A) and s.34(2)(b)(ii) of the Arbitration and Conciliation Act, 1996, the errors constituting a breach of fundamental principles of justice that could not be cured by merits review.
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