Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
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