Section 153C jurisdiction requires timely deemed search and assessee-specific satisfaction material; otherwise reassessment must use the proper statut...
Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
Fraudulent removal and replacement of financed, hypothecated machinery with lower-value machinery can establish fraudulent trading through cumulative documentary and circumstantial evidence. Financing records, invoices, hypothecation, independent valuations, physical indications of removal, lack of creditor consent, and an unsupported explanation for substituted machinery supported the inference of fraudulent intent. A technical dispute over the machinery's identity did not remove the Adjudicating Authority's jurisdiction. The Appellate Tribunal upheld fraudulent trading under the Code and affirmed the contribution direction, finding no basis to treat the quantified depletion of the corporate debtor's assets as arbitrary; depreciation and realisable-value arguments did not displace that finding.
Fraudulent removal and replacement of financed, hypothecated machinery with lower-value machinery can establish fraudulent trading through cumulative documentary and circumstantial evidence. Financing records, invoices, hypothecation, independent valuations, physical indications of removal, lack of creditor consent, and an unsupported explanation for substituted machinery supported the inference of fraudulent intent. A technical dispute over the machinery's identity did not remove the Adjudicating Authority's jurisdiction. The Appellate Tribunal upheld fraudulent trading under the Code and affirmed the contribution direction, finding no basis to treat the quantified depletion of the corporate debtor's assets as arbitrary; depreciation and realisable-value arguments did not displace that finding.
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TaxTMI 
TaxTMI 
of 4879 
