Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Direct assessment of a beneficiary under representative assessee provisions does not dispense with prior determination of the trust's income or loss. The Tribunal found that, where the trust was created by a duly executed instrument, its trustees had to be assessed in that representative capacity and the alleged losses first had to be examined, verified and quantified under the Act. As no return was filed and no verification was made, the beneficiary's loss claim was set aside and remanded for fresh determination.
Direct assessment of a beneficiary under representative assessee provisions does not dispense with prior determination of the trust's income or loss. The Tribunal found that, where the trust was created by a duly executed instrument, its trustees had to be assessed in that representative capacity and the alleged losses first had to be examined, verified and quantified under the Act. As no return was filed and no verification was made, the beneficiary's loss claim was set aside and remanded for fresh determination.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
