Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Winding up is not maintainable where the claimed debt is bona fide disputed and the liability depends on unresolved questions of fact. The Court applied this principle to a petition based on unpaid price for supplied goods, noting a serious dispute over the agreed rates, the company's account statement indicating excess payment, and the seller's failure to pursue reconciliation despite a request. As the factual assertions in the reply were not controverted, the dispute was treated as genuine and substantial. The winding up petition was rejected, and both sides were left free to pursue their claims before the appropriate forum.
Winding up is not maintainable where the claimed debt is bona fide disputed and the liability depends on unresolved questions of fact. The Court applied this principle to a petition based on unpaid price for supplied goods, noting a serious dispute over the agreed rates, the company's account statement indicating excess payment, and the seller's failure to pursue reconciliation despite a request. As the factual assertions in the reply were not controverted, the dispute was treated as genuine and substantial. The winding up petition was rejected, and both sides were left free to pursue their claims before the appropriate forum.
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