Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Insolvency and BankruptcyFebruary 2, 2022Case LawsAT
Liquidation of Corporate Debtor - No records reflects that the Appellant has challenged his cancellation of DIN with any appropriate Authority. No board meeting in which he has participated since cessation of his vacation of office after DIN cancellation were produced before us. Hence, the Appellant is not part of the Suspended Board of Directors and he cannot challenge the decision of the CoC as Hon’ble Apex Court has made amply clear that the Commercial Wisdom of the CoC is non- justiciable. - AT
Liquidation of Corporate Debtor - No records reflects that the Appellant has challenged his cancellation of DIN with any appropriate Authority. No board meeting in which he has participated since cessation of his vacation of office after DIN cancellation were produced before us. Hence, the Appellant is not part of the Suspended Board of Directors and he cannot challenge the decision of the CoC as Hon’ble Apex Court has made amply clear that the Commercial Wisdom of the CoC is non- justiciable. - AT
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