Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
