Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Interest credited under a partnership deed may be allowable when calculated on daily running credit balances, even if opening and closing capital-account balances are debit balances and the credit is recorded through year-end journal entries under the mercantile system. The notes state that detailed account workings, contractual authorisation, recipient income recognition and tax deduction at source negate allegations of fictitious expenditure or income diversion; the related disallowance was deleted. Interest expenditure credited to a lender is also described as not disallowable where Form 16A evidences tax deduction and the recipient has recognised and returned the income; banking-channel payment is not stated to be required for accrued interest. The appeal was partly allowed.
Interest credited under a partnership deed may be allowable when calculated on daily running credit balances, even if opening and closing capital-account balances are debit balances and the credit is recorded through year-end journal entries under the mercantile system. The notes state that detailed account workings, contractual authorisation, recipient income recognition and tax deduction at source negate allegations of fictitious expenditure or income diversion; the related disallowance was deleted. Interest expenditure credited to a lender is also described as not disallowable where Form 16A evidences tax deduction and the recipient has recognised and returned the income; banking-channel payment is not stated to be required for accrued interest. The appeal was partly allowed.
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