Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of decisions by the Review Committee, finding that the RC provided independent findings. - Regarding the defense against wilful default due to the CIRP, the Court held that an OTS does not absolve wilful default, especially if part of the loan is written off. - The Court noted evidence from the borrower-Company's balance sheets suggesting diversion of funds and disposal of assets, supporting the bank's allegations of wilful default. - Directors were held responsible for wilful default, irrespective of ongoing CIRP proceedings or OTS agreements. - The High Court dismissed the writ petition challenging the declaration of wilful defaulter status against the petitioner.
Declaration of Wilful Defaulter of the petitioner - Liability of Directors - The High Court dismissed the petitioner's arguments regarding the mechanical repetition of decisions by the Review Committee, finding that the RC provided independent findings. - Regarding the defense against wilful default due to the CIRP, the Court held that an OTS does not absolve wilful default, especially if part of the loan is written off. - The Court noted evidence from the borrower-Company's balance sheets suggesting diversion of funds and disposal of assets, supporting the bank's allegations of wilful default. - Directors were held responsible for wilful default, irrespective of ongoing CIRP proceedings or OTS agreements. - The High Court dismissed the writ petition challenging the declaration of wilful defaulter status against the petitioner.
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