Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
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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.
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