Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Section 179 cannot fasten unrecovered company tax on a director of an unlisted public company merely because shareholding is concentrated or shares were not publicly offered. Public or private status depends on the Memorandum and Articles of Association; lifting the corporate veil requires exceptional facts, which were absent. Liability also requires a finding that non-recovery was attributable to the director's gross neglect, misfeasance or breach of duty, assessed against the director's role in the non-recovery. Reliance on an undisclosed adverse statement while disregarding relevant material from the director breached natural justice. The order imposing the company's tax liability on the director was quashed.
Section 179 cannot fasten unrecovered company tax on a director of an unlisted public company merely because shareholding is concentrated or shares were not publicly offered. Public or private status depends on the Memorandum and Articles of Association; lifting the corporate veil requires exceptional facts, which were absent. Liability also requires a finding that non-recovery was attributable to the director's gross neglect, misfeasance or breach of duty, assessed against the director's role in the non-recovery. Reliance on an undisclosed adverse statement while disregarding relevant material from the director breached natural justice. The order imposing the company's tax liability on the director was quashed.
Note: It is a system-generated summary and is for quick reference only.
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