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...
Section 24(5) permits recovery of company tax dues from directors of a private company in liquidation only after recovery from the company itself has become impossible, including where recovery is barred by insolvency or no assets remain. Before attaching directors' bank accounts, the tax authority must disclose the foundational basis for alleging gross negligence, misfeasance or breach of duty, so that directors get an opportunity to object. Because the notice failed to state that basis, the bank attachment was not compliant with the statute and was set aside, with liberty to proceed afresh in accordance with the section.
Section 24(5) permits recovery of company tax dues from directors of a private company in liquidation only after recovery from the company itself has become impossible, including where recovery is barred by insolvency or no assets remain. Before attaching directors' bank accounts, the tax authority must disclose the foundational basis for alleging gross negligence, misfeasance or breach of duty, so that directors get an opportunity to object. Because the notice failed to state that basis, the bank attachment was not compliant with the statute and was set aside, with liberty to proceed afresh in accordance with the section.
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