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...
Notice to a mortgagee bank in benami attachment proceedings was not treated as defective where the bank knew of the adjudication, could approach the Adjudicating Authority, and failed to show prejudice; its challenge to confirmation of attachment therefore failed. Secured-creditor priority under SARFAESI did not require release of mortgaged benami property, because attachment serves prospective confiscation rather than government-debt recovery. The bank was required to seek recovery from other mortgaged securities first and could make a statutory claim if any dues remained unrecovered. The attachment remained confirmed.
Notice to a mortgagee bank in benami attachment proceedings was not treated as defective where the bank knew of the adjudication, could approach the Adjudicating Authority, and failed to show prejudice; its challenge to confirmation of attachment therefore failed. Secured-creditor priority under SARFAESI did not require release of mortgaged benami property, because attachment serves prospective confiscation rather than government-debt recovery. The bank was required to seek recovery from other mortgaged securities first and could make a statutory claim if any dues remained unrecovered. The attachment remained confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
