Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
In a second application for regular bail in an SFIO prosecution alleging diversion of cooperative society funds and offences including fraud under the Companies Act, the court considered whether prolonged incarceration and delay in trial justified relaxation of the twin conditions under s.212(6). While acknowledging that such conditions may be diluted where incarceration is unduly prolonged, it held that a successive bail plea must still demonstrate a substantial change in circumstances. Given the gravity of allegations (including large-scale siphoning), absence of substantiation of claimed repayment, and the prior reasoned rejection of bail affirmed by the apex court, no such change was shown; bail was refused and the trial court was directed to expedite the trial. - HC
In a second application for regular bail in an SFIO prosecution alleging diversion of cooperative society funds and offences including fraud under the Companies Act, the court considered whether prolonged incarceration and delay in trial justified relaxation of the twin conditions under s.212(6). While acknowledging that such conditions may be diluted where incarceration is unduly prolonged, it held that a successive bail plea must still demonstrate a substantial change in circumstances. Given the gravity of allegations (including large-scale siphoning), absence of substantiation of claimed repayment, and the prior reasoned rejection of bail affirmed by the apex court, no such change was shown; bail was refused and the trial court was directed to expedite the trial. - HC
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