Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Commercial expediency of interest-free advances to a wholly owned subsidiary should be assessed from the perspective of a prudent businessman, without substituting the Revenue's commercial judgment. The note addresses deduction of interest on borrowed funds advanced to a special purpose vehicle formed to acquire land for group business operations. Documentary evidence of the subsidiary's land-acquisition purpose, subsequent lease of the land for the proposed business, and a board-approved start-up interest holiday supports the business purpose of the advance. Delay in completing land-acquisition formalities does not, by itself, negate that purpose. Interest expenditure under section 36(1)(iii) is described as allowable, with the disallowance deleted.
Commercial expediency of interest-free advances to a wholly owned subsidiary should be assessed from the perspective of a prudent businessman, without substituting the Revenue's commercial judgment. The note addresses deduction of interest on borrowed funds advanced to a special purpose vehicle formed to acquire land for group business operations. Documentary evidence of the subsidiary's land-acquisition purpose, subsequent lease of the land for the proposed business, and a board-approved start-up interest holiday supports the business purpose of the advance. Delay in completing land-acquisition formalities does not, by itself, negate that purpose. Interest expenditure under section 36(1)(iii) is described as allowable, with the disallowance deleted.
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