Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Transfer of pending winding-up proceedings to the NCLT under the fifth proviso to Section 434(1)(c) is discretionary, not automatic. An erstwhile director's locus is limited once the winding-up order is made and the Official Liquidator has taken charge, so no representative right over the company in liquidation can be claimed. A transfer request filed years after the winding-up order was found vitiated by delay, acquiescence, and lack of bona fides. Given the mature stage of liquidation, pending Official Liquidator proceedings, and no demonstrated benefit to creditors or revival, the prayer for transfer was declined and the winding-up petition was directed to continue before the High Court.
Transfer of pending winding-up proceedings to the NCLT under the fifth proviso to Section 434(1)(c) is discretionary, not automatic. An erstwhile director's locus is limited once the winding-up order is made and the Official Liquidator has taken charge, so no representative right over the company in liquidation can be claimed. A transfer request filed years after the winding-up order was found vitiated by delay, acquiescence, and lack of bona fides. Given the mature stage of liquidation, pending Official Liquidator proceedings, and no demonstrated benefit to creditors or revival, the prayer for transfer was declined and the winding-up petition was directed to continue before the High Court.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
