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Two landlords, who were practising advocates, said they needed the rented premises to set up a law office. The tenant argued that the landlords had changed their stated purpose for seeking possession and already had other properties that could be used for their professional work. The tenant opposed the eviction and applied for leave to defend.
The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm. The assessing officer accepted that Rs 1.25 lakh had been paid by cheque, but the source of the remaining Rs 10 lakh, was questioned. Before considering the tax dispute, the tribunal had to address the delay in filing the appeals
Anticipation is high in Indian stock markets as volatility and consolidation loom, particularly with September's inflation data on the horizon. These figures will shed light on price movements and may sway the Reserve Bank of India's policy decisions. The week also promises notable quarterly earnings from key corporations, adding another layer of influence on market behavior.