From cheque bounce to intellectual property cases, here're key court orders

A weekly selection of key court orders

Bank an ‘industrial undertaking’?

Is a bank an ‘industrial undertaking’ eligible to claim deduction according to Section 35-D of the Income Tax Act? YES Bank has raised the question and the Supreme Court has asked the Bombay High Court to answer it. The bank has cited an earlier judgment of the Bombay High Court, in which it had presumably held that banks are "industrial undertakings". It also relied on a ruling of the Income Tax Appellate Tribunal (ITAT), which held that even a share broking entity is an "industrial undertaking" for the purpose of Section 35-D. The revenue authorities had rejected