Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The petition challenged the criminal complaint filed against the petitioner u/s 138 read with Section 141 of the Negotiable Instruments Act for dishonor of cheque. The petitioner was impleaded as an accused in the capacity of Director of the company. However, the documents revealed that the petitioner was appointed as an Additional Independent Non-Executive Director after the loan was taken and had resigned before the cheque was dishonored. The complaint lacked specific allegations regarding the petitioner's involvement in the day-to-day affairs and conduct of the company's business. The Annual Report showed the petitioner did not attend any Board Meetings or the Annual General Meeting, indicating non-involvement. The High Court, following Supreme Court precedents, held that the petitioner cannot be made vicariously liable as an Additional Independent Non-Executive Director without specific allegations of involvement. Continuing the criminal complaint against the petitioner would be an abuse of the process of law. Consequently, the High Court quashed the criminal complaint against the petitioner.
The petition challenged the criminal complaint filed against the petitioner u/s 138 read with Section 141 of the Negotiable Instruments Act for dishonor of cheque. The petitioner was impleaded as an accused in the capacity of Director of the company. However, the documents revealed that the petitioner was appointed as an Additional Independent Non-Executive Director after the loan was taken and had resigned before the cheque was dishonored. The complaint lacked specific allegations regarding the petitioner's involvement in the day-to-day affairs and conduct of the company's business. The Annual Report showed the petitioner did not attend any Board Meetings or the Annual General Meeting, indicating non-involvement. The High Court, following Supreme Court precedents, held that the petitioner cannot be made vicariously liable as an Additional Independent Non-Executive Director without specific allegations of involvement. Continuing the criminal complaint against the petitioner would be an abuse of the process of law. Consequently, the High Court quashed the criminal complaint against the petitioner.
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