Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Validity of order passed by the ITSC - Settlement of a case - Bogus purchases and Accommodation entries - ITSC allowed certain amounts to be capitalized with depreciation - ITSC also granted immunity from penalties and prosecution - The High Court concluded that the ITSC acted within its powers in accepting the expenditure claims based on the documents seized during raids, which showed the cash generated from the bogus purchases was indeed used for stated capital expenditures. Regarding the deduction under Section 80IB(10), the High Court supported the ITSC’s decision, stating that the ITSC appropriately allowed the deduction after considering the ad hoc disallowances made in the previous years which impacted the project's profitability in the assessment year 2009-10. - The High Court dismissed the Revenue’s petition, upholding the ITSC’s order.
Validity of order passed by the ITSC - Settlement of a case - Bogus purchases and Accommodation entries - ITSC allowed certain amounts to be capitalized with depreciation - ITSC also granted immunity from penalties and prosecution - The High Court concluded that the ITSC acted within its powers in accepting the expenditure claims based on the documents seized during raids, which showed the cash generated from the bogus purchases was indeed used for stated capital expenditures. Regarding the deduction under Section 80IB(10), the High Court supported the ITSC’s decision, stating that the ITSC appropriately allowed the deduction after considering the ad hoc disallowances made in the previous years which impacted the project's profitability in the assessment year 2009-10. - The High Court dismissed the Revenue’s petition, upholding the ITSC’s order.
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