Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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A creditor under the Presidency-Towns Insolvency Act may lodge and prove a claim without first obtaining a decree, because "creditor" and "debt" are used in an inclusive sense and the official assignee must independently verify the claim by a reasoned order. The assignee may admit or reject the claim on law and facts, and cannot accept it mechanically merely because the insolvent admits liability. Where proceedings were already pending, they do not transfer to the official assignee; the competent forum retains jurisdiction, while the claim may be preserved for dividend distribution pending the eventual adjudication. The decree-only view was rejected, and insolvency adjudication was treated as operating for the benefit of all creditors.
A creditor under the Presidency-Towns Insolvency Act may lodge and prove a claim without first obtaining a decree, because "creditor" and "debt" are used in an inclusive sense and the official assignee must independently verify the claim by a reasoned order. The assignee may admit or reject the claim on law and facts, and cannot accept it mechanically merely because the insolvent admits liability. Where proceedings were already pending, they do not transfer to the official assignee; the competent forum retains jurisdiction, while the claim may be preserved for dividend distribution pending the eventual adjudication. The decree-only view was rejected, and insolvency adjudication was treated as operating for the benefit of all creditors.
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