Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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...
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The Supreme Court held that the liability of directors of a private company arises only when the company is wound up after the commencement of the relevant Act. Since no order of winding up was produced, Section 12(1) of the Act had no application. The court quashed the recovery notice issued against the appellant director, as there was no provision under the Act to recover dues of a limited company from its directors. The judgments of the Single Judge and Division Bench were set aside, and the appeal was allowed.
The Supreme Court held that the liability of directors of a private company arises only when the company is wound up after the commencement of the relevant Act. Since no order of winding up was produced, Section 12(1) of the Act had no application. The court quashed the recovery notice issued against the appellant director, as there was no provision under the Act to recover dues of a limited company from its directors. The judgments of the Single Judge and Division Bench were set aside, and the appeal was allowed.
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