Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
In liquidation, a guarantor or assignee can claim as a secured creditor only to the extent it proves payment of the discharged debt and its subrogation into the original creditor's shoes; without documentary proof of full discharge, the claim remains limited to the amount actually paid. An assignment supported by a registered charge was treated as covering the secured debt itself, not merely the value of the hypothecated machinery, and computation issues such as exchange-rate conversion were left to the Chartered Accountant's report. Allegations that the assignment was fraudulent were not accepted on the facts stated.
In liquidation, a guarantor or assignee can claim as a secured creditor only to the extent it proves payment of the discharged debt and its subrogation into the original creditor's shoes; without documentary proof of full discharge, the claim remains limited to the amount actually paid. An assignment supported by a registered charge was treated as covering the secured debt itself, not merely the value of the hypothecated machinery, and computation issues such as exchange-rate conversion were left to the Chartered Accountant's report. Allegations that the assignment was fraudulent were not accepted on the facts stated.
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