Inter-terminal container movement requires customs escort, permit reconciliation, and indemnity, while delayed DPD cargo may move to designated CFS ya...
Year-wise GST tax periods make composite show cause notices impermissible, requiring separate proceedings despite contrary non-jurisdictional preceden...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4883 
