Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
Interference with a domestic arbitral award under s.37, after affirmance under s.34, was limited to the statutorily prescribed grounds, including "patent illegality" under s.34(2A), which excludes mere erroneous application of law or reappreciation of evidence. "Patent illegality" requires perversity such as findings based on no relevant evidence, ignoring vital evidence, considering extraneous matters, or an irrational conclusion that shocks judicial conscience, and must be applied cautiously. Since the award was supported by some evidence and plausible reasoning, and the arbitrator's approach was a possible view, the appellate court impermissibly reassessed evidence and applied an unduly strict standard of proof; the appeal was allowed and the interference set aside - SC
Interference with a domestic arbitral award under s.37, after affirmance under s.34, was limited to the statutorily prescribed grounds, including "patent illegality" under s.34(2A), which excludes mere erroneous application of law or reappreciation of evidence. "Patent illegality" requires perversity such as findings based on no relevant evidence, ignoring vital evidence, considering extraneous matters, or an irrational conclusion that shocks judicial conscience, and must be applied cautiously. Since the award was supported by some evidence and plausible reasoning, and the arbitrator's approach was a possible view, the appellate court impermissibly reassessed evidence and applied an unduly strict standard of proof; the appeal was allowed and the interference set aside - SC
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