Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
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