Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
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Section 531(1) protects creditors against transfers made within the statutory period as a fraudulent preference, and it can apply even where no formal conveyance is executed if title is effectively shifted through mutation entries. A company's immovable property was entered in the names of its promoters, who controlled the company, without disclosed consideration, valuation, or material supporting any quantified liability said to be owed to them. The absence of consideration and supporting records negatived good faith and showed an attempt to place the property beyond the reach of creditors. The transfer was declared void, and the mutation entries were directed to be reversed so the property stands restored in the company's name.
Section 531(1) protects creditors against transfers made within the statutory period as a fraudulent preference, and it can apply even where no formal conveyance is executed if title is effectively shifted through mutation entries. A company's immovable property was entered in the names of its promoters, who controlled the company, without disclosed consideration, valuation, or material supporting any quantified liability said to be owed to them. The absence of consideration and supporting records negatived good faith and showed an attempt to place the property beyond the reach of creditors. The transfer was declared void, and the mutation entries were directed to be reversed so the property stands restored in the company's name.
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