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...
A bona fide change from the mercantile to the cash system for interest on loans may be permissible where it serves a legitimate purpose, is consistently followed, duly disclosed, and is not intended to avoid or reduce tax liability. The notes state that financial distress of the borrower and non-receipt of accrued interest supported the change, while the Revenue produced no material showing lack of legitimacy or frequent switching of methods. As the assessment record acknowledged use of the cash method, the change was treated as disclosed, and the addition for accrued but unrealised interest was deleted.
A bona fide change from the mercantile to the cash system for interest on loans may be permissible where it serves a legitimate purpose, is consistently followed, duly disclosed, and is not intended to avoid or reduce tax liability. The notes state that financial distress of the borrower and non-receipt of accrued interest supported the change, while the Revenue produced no material showing lack of legitimacy or frequent switching of methods. As the assessment record acknowledged use of the cash method, the change was treated as disclosed, and the addition for accrued but unrealised interest was deleted.
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