Timing mismatch in income recognition requires verification whether receipts were already taxed in an earlier year; matter remitted for fresh examinat...
FOB transaction value and export incentives: customs valuation cannot override contractual export benefits or support confiscation without valid proof...
Unwinding allegedly fraudulent and void transactions in oppression and mismanagement proceedings does not depend on prior consent where the pleadings seek to expose sham, circuitous arrangements and their true effect. The Tribunal held that the earlier appellate order did not make mutual agreement an inflexible precondition, and that the proviso governing termination or modification of subsisting third-party agreements did not bar wider relief when illegality was alleged. Detailed pleadings, annexures and investigative materials were sufficient to require merits examination. Election, estoppel and approbate-reprobate could not be used to shut out scrutiny of transactions said to bypass binding regulatory directions, which were treated as statutory and enforceable.
Unwinding allegedly fraudulent and void transactions in oppression and mismanagement proceedings does not depend on prior consent where the pleadings seek to expose sham, circuitous arrangements and their true effect. The Tribunal held that the earlier appellate order did not make mutual agreement an inflexible precondition, and that the proviso governing termination or modification of subsisting third-party agreements did not bar wider relief when illegality was alleged. Detailed pleadings, annexures and investigative materials were sufficient to require merits examination. Election, estoppel and approbate-reprobate could not be used to shut out scrutiny of transactions said to bypass binding regulatory directions, which were treated as statutory and enforceable.
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