Social forestry expenditure requires activity-based classification, limiting book-profit adjustments and preserving penalty relief where normal additi...
Inaccurate-particulars penalties fail where transfer-pricing documentation shows good faith and due diligence, and underlying capital-gains additions ...
Transfer-pricing tolerance for software sub-licensing falls within the services range, eliminating the adjustment and requiring TDS-credit verificatio...
Customs Broker due diligence requires prescribed KYC, not detecting misdeclarations discoverable only through physical examination, defeating licence ...
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 4891 
