Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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 4805
Join Channel
TaxTMI 
