Well Reasoned Award Cannot Be Interfered With Under Section 37 Of Arbitration Act: Delhi High Court

The Delhi High Court bench of Justices Vibhu Bakhru and Tara Vitasta Ganju affirmed that Courts should not customarily interfere with Arbitral Awards that are well reasoned, and contain a plausible view.Judges, by nature, may incline towards using a corrective lens, however, under Section 34 of the Arbitration Act, this corrective lens is inappropriate especially under Section 37 of...

'Concealment Of Income' & 'Furnishing Inaccurate Income Particulars' Distinct Grounds For Penalty U/S 271(1)(c) Of IT Act, Can't Be Clubbed: Delhi HC

The Delhi High Court has made it clear that when the Revenue proposes to impose penalty on an assessee under Section 271(1)(c) of the Income Tax Act, 1961 for alleged 'concealment of particulars of income' or for 'furnishing inaccurate particulars of income'- it must specify which one of the two charges it seeks to press and the Revenue cannot be permitted to club both. A division bench...

Award In Which Damages Are Awarded In Absence Of Proven Loss Or Injury Can Be Set Aside U/S 34 On Grounds Of Patent Illegality: Delhi HC

The Delhi High Court bench of Justices Vibhu Bakhru and Sachin Datta has held that awarding damages by Arbitrator in the absence of proven injury or loss qualifies to be a patent illegality under section 34 of the Arbitration Act. Such an award is liable to be set aside under section 34..Brief FactsIndian Oil Corporation Ltd. (hereafter IOCL) has filed the present intra court appeal under...

Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC

The Delhi High Court has made it clear that once an assessee offers explanation about nature and source of a credit transaction standing in its books, the burden of proof to show that such explanation is unsatisfactory shifts on the Assessing Officer.A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma further held that in evaluating the transaction so explained by the assessee,...

Recourse To Section 147 Of Income Tax Act Not Barred In Cases Where Assessing Officer Is Empowered To Proceed U/S 153C: Delhi High Court

S.153C Income Tax Act doesn't bar AO's jurisdiction to reopen assessment u/S 147 when information against assessee is received from search conducted on another person: Delhi High CourtThe Delhi High Court has held that Section 153C of the Income Tax Act, 1961 does not by itself preclude an Assessing Officer from reopening assessments under Section 147/148 of the Act, on the basis of...

Delhi High Court Permanently Restrains Two Businessmen From Infringing Trademark Of French Luxury Brand Louis Vuitton

The Delhi High Court has issued a permanent injunction in favour of the French luxury brand Louis Vuitton, against trademark infringement and passing off of its products bearing the 'LV' trademark by two businessmen.The plaintiff Louis Vuitton Malletier which manufactures and sells clothing, footwear, fashion accessories and cosmetics and has several trademark registrations in India, had moved...

'Shocking State Of Affairs': Delhi High Court Asks Authorities To Remove 'Illegal Activities' At Chandni Chowk Redevelopment Project Area

The Delhi High Court on Friday directed the city authorities to remove the deficiencies and illegal activities at the Chandni Chowk redevelopment project and surrounding areas. A division bench comprising of Chief Justice Manmohan and Justice Tushar Rao Gedela observed that prima facie, the illegal activities and deficiencies in the area must be attended to and removed by the MCD and Delhi...

Transfer Pricing-Assessee's Objections On 'Functional Dissimilarity' Not Adjudicated: Delhi HC Asks TPO To Determine Comparable Entity Afresh

The Delhi High Court recently directed a Transfer Pricing Officer (TPO) to determine afresh the inclusion of a comparable entity with respect to an assessee, this time taking into consideration the latter's objections on 'functional dissimilarity' of the two. A division bench of Justices Vibhu Bakhru and Swarana Kanta Sharma ruled, “Assessee's contention that E4e...

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC

“Putting together a structure of plywood sheets cannot be construed as constructing a residential house,” the Delhi High Court has held. It thus upheld an ITAT order which disallowed capital gains exemption to the appellant-assessee under Section 54 of the Income Tax Act, 1961 on the ground that a mere 'makeshift' structure was raised in the name of residential house. Section...

Can't Fault AO's Estimation Of Undisclosed Deposits In Foreign Bank When Assessee Fails To Produce Account Statement: Delhi HC

The Delhi High Court has made it clear that it cannot fault the estimation of an Assessing Officer regarding the quantum of deposits made by an assessee in an undisclosed foreign bank, when the latter himself fails to produce the account statement. “Counsel for the Assessee also concedes that in the absence of the Assessee producing the relevant material, the AO was well...

Arbitration Clause From Another Contract Can Be Incorporated Into Contract Only By Specific Reference: Delhi High Court

The Delhi High Court bench of Justice Subramonium Prasad affirmed that the arbitration clause from another contract can be incorporated into the contract when there is a clear intention that arbitration clause contained in another contract would also be incorporated in the contract by which the disputes would be resolved. Brief Facts The present petition has been filed under...

Court's Supervisory Role Over Arbitral Proceedings Would Be Determined As Per CPC If No Neutral Location Is Specified: Delhi High Court

The Delhi High Court bench of Justice Jasmeet Singh affirmed that if there is a neutral location specified in the contract data, that location would be the place of arbitration and the court having supervisory jurisdiction over the place would have jurisdiction. If no such location is specified, the provisions of the CPC from sections 16 to 20 would be attracted for determining the...