Jurisdictional validity of revision notices: incorrect official capacity and mere change of opinion invalidate revision of property income assessments...
Bogus-purchase additions are limited to embedded profit where corresponding sales are accepted, while accommodation-entry information can support reas...
Pre-existing disputes concerning the genuineness of purchase orders, supplies and underlying operational-debt transactions prevent corporate insolvency resolution proceedings from being used to determine contested claims. Information Utility records marked the debt as disputed, while the corporate debtor's legal notice and fraud-related complaints pre-dated the demand notice. As the dispute was neither spurious nor illusory and required detailed trial, a Section 9 application was not maintainable for adjudicating it. Rejection of the operational creditor's insolvency application was therefore sustained, and the appeal was dismissed.
Pre-existing disputes concerning the genuineness of purchase orders, supplies and underlying operational-debt transactions prevent corporate insolvency resolution proceedings from being used to determine contested claims. Information Utility records marked the debt as disputed, while the corporate debtor's legal notice and fraud-related complaints pre-dated the demand notice. As the dispute was neither spurious nor illusory and required detailed trial, a Section 9 application was not maintainable for adjudicating it. Rejection of the operational creditor's insolvency application was therefore sustained, and the appeal was dismissed.
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TaxTMI 
TaxTMI 
of 4881 
