Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
Page of 4816
Press 'Enter' after typing page number.
5281 to 5300 of 96301 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The Appellate Tribunal upheld the finding of fraudulent conduct where the suspended directors continued to show a subsidiary investment in the corporate debtor's financial statements despite alleging an earlier sale, disclosed the transaction only during CIRP, and failed to substantiate the alleged diversion or external payment of sale consideration. It held that section 66(1) and section 66(2) operate independently, and that once the resolution professional produces sufficient material, the burden shifts to the directors to explain the impugned transactions. The direction to contribute to the assets of the corporate debtor was sustained. However, the direction for SFIO investigation was set aside because the power to order such investigation vests in the Central Government, and the matter was instead referred for investigation through Inspector or Inspectors.
The Appellate Tribunal upheld the finding of fraudulent conduct where the suspended directors continued to show a subsidiary investment in the corporate debtor's financial statements despite alleging an earlier sale, disclosed the transaction only during CIRP, and failed to substantiate the alleged diversion or external payment of sale consideration. It held that section 66(1) and section 66(2) operate independently, and that once the resolution professional produces sufficient material, the burden shifts to the directors to explain the impugned transactions. The direction to contribute to the assets of the corporate debtor was sustained. However, the direction for SFIO investigation was set aside because the power to order such investigation vests in the Central Government, and the matter was instead referred for investigation through Inspector or Inspectors.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
