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...
The crux of the matter revolves around allegations of oppression, mismanagement, illegal sale of company land, allotment of equity shares, appointment and removal of directors, and the legality of extraordinary general meetings and resolutions. The key findings are: the sale of land parcels at a lower price, though below market value, does not constitute oppression or mismanagement as the company urgently required funds, and the petitioner had consented to the sale price. The lease deed with Padmavatahi Ispat, though signed, was never executed and subsequently cancelled, hence not amounting to oppression. The allotment of 17,29,000 equity shares to respondents is held to be legal and valid. The acts of respondents are not prejudicial or oppressive to petitioners, nor are the company's affairs conducted prejudicially. Consequently, the petition lacks merit and is dismissed by the Tribunal.
The crux of the matter revolves around allegations of oppression, mismanagement, illegal sale of company land, allotment of equity shares, appointment and removal of directors, and the legality of extraordinary general meetings and resolutions. The key findings are: the sale of land parcels at a lower price, though below market value, does not constitute oppression or mismanagement as the company urgently required funds, and the petitioner had consented to the sale price. The lease deed with Padmavatahi Ispat, though signed, was never executed and subsequently cancelled, hence not amounting to oppression. The allotment of 17,29,000 equity shares to respondents is held to be legal and valid. The acts of respondents are not prejudicial or oppressive to petitioners, nor are the company's affairs conducted prejudicially. Consequently, the petition lacks merit and is dismissed by the Tribunal.
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