Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Forfeiture of earnest money in an e-auction required fresh consideration under Section 74 of the Indian Contract Act because the statutory requirements governing contractual forfeiture, including the necessity and quantum of loss, had not been raised or examined. The applicable e-auction terms also required determination of whether the forfeitable amount was 25% or 10% of the successful bid. The High Court set aside the rejection of the refund claim and remitted that issue to the Company Judge after completion of pleadings, leaving the merits of forfeiture open.
Forfeiture of earnest money in an e-auction required fresh consideration under Section 74 of the Indian Contract Act because the statutory requirements governing contractual forfeiture, including the necessity and quantum of loss, had not been raised or examined. The applicable e-auction terms also required determination of whether the forfeitable amount was 25% or 10% of the successful bid. The High Court set aside the rejection of the refund claim and remitted that issue to the Company Judge after completion of pleadings, leaving the merits of forfeiture open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
