Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and Jamnadas Khimji Kothari cases held that for calculating accumulated profits u/s 2(22)(e), depreciation should be deducted at rates prescribed by Income-tax Act, not as per company's balance sheet. Profits disclosed in balance sheet are subject to adjustment by deducting depreciation as per Income-tax Act rates to determine accumulated profits for deemed dividend taxation u/s 2(22)(e).
Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and Jamnadas Khimji Kothari cases held that for calculating accumulated profits u/s 2(22)(e), depreciation should be deducted at rates prescribed by Income-tax Act, not as per company's balance sheet. Profits disclosed in balance sheet are subject to adjustment by deducting depreciation as per Income-tax Act rates to determine accumulated profits for deemed dividend taxation u/s 2(22)(e).
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