Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
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Wilful misconduct - Scope of judicial review limited - Seeking removal of Resolution Professional, providing documents for objections to Resolution plan, disqualifying proposed Resolution applicant, and action against petitioner for alleged fraudulent transactions - Court held that once Resolution Professional found guilty of breach, there was no occasion for the Board to take a lenient view, especially as violations went to the root of the matter - Court cannot reappraise facts as if sitting in appeal, merely because alternate punishment seems more appropriate - Resolution Professional cautioned and warned to be careful in future, with repetition treated as willful negligence - Clarified that Insolvency and Bankruptcy Code allows single-member Disciplinary Committee - No infirmity or irregularity in constitution of single-member Committee, no malafide alleged - No merit in argument that petitioners should have been afforded personal hearing by Disciplinary Committee prior to decision on complaint - Petition disposed of.
Wilful misconduct - Scope of judicial review limited - Seeking removal of Resolution Professional, providing documents for objections to Resolution plan, disqualifying proposed Resolution applicant, and action against petitioner for alleged fraudulent transactions - Court held that once Resolution Professional found guilty of breach, there was no occasion for the Board to take a lenient view, especially as violations went to the root of the matter - Court cannot reappraise facts as if sitting in appeal, merely because alternate punishment seems more appropriate - Resolution Professional cautioned and warned to be careful in future, with repetition treated as willful negligence - Clarified that Insolvency and Bankruptcy Code allows single-member Disciplinary Committee - No infirmity or irregularity in constitution of single-member Committee, no malafide alleged - No merit in argument that petitioners should have been afforded personal hearing by Disciplinary Committee prior to decision on complaint - Petition disposed of.
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