Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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HC dismissed the petition, holding that an independent non-executive director cannot be personally liable for export obligation non-compliance without specific allegations demonstrating direct involvement in the company's operational affairs. The court emphasized that export licenses were issued during 1989-1991, and subsequent notices issued between 2002-2009 lacked substantive explanation for delayed action. Moreover, since the company entered liquidation in 1998 with documents transferred to the Official Liquidator, procedural requirements for initiating proceedings against the company were not followed. The absence of specific allegations regarding the director's role precluded personal liability, rendering the respondent's contentions unsustainable.
HC dismissed the petition, holding that an independent non-executive director cannot be personally liable for export obligation non-compliance without specific allegations demonstrating direct involvement in the company's operational affairs. The court emphasized that export licenses were issued during 1989-1991, and subsequent notices issued between 2002-2009 lacked substantive explanation for delayed action. Moreover, since the company entered liquidation in 1998 with documents transferred to the Official Liquidator, procedural requirements for initiating proceedings against the company were not followed. The absence of specific allegations regarding the director's role precluded personal liability, rendering the respondent's contentions unsustainable.
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