#Judicial Hierarchy

Bombay HC set aside an arbitral award that revived a prior award after an appellate tribunal's remand order, reinforcing judicial hierarchy and the fundamental policy of Indian arbitration law. The ruling underscores that arbitral tribunals lack jurisdiction to override appellate remand directions, limiting scope for Section 34 challenges to awards.

ITAT Bangalore rules that interest earned by co-operative societies on surplus funds parked in banks is attributable to their credit business under Section 80P(2)(a)(i), entitling them to tax exemption. The ruling overturns the revenue's restrictive interpretation, clarifying that such income cannot be reclassified as 'income from other sources' for co-operatives engaged in lending operations.