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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The HC dismissed the suit seeking a declaration that the plaintiff bank was discharged from its obligations under unconditional and irrevocable bank guarantees (BGs) issued in favor of the respondent. The court held that the BGs constituted independent contracts guaranteeing due repayment upon mere demand, regardless of disputes between the principal debtor and beneficiary. The plaintiff failed to establish any variation or discharge of the principal debtor's liability, including the unilateral alteration of payment methodology, which was not a contractual term. Consequently, the plaintiff remained liable under the BGs. The court distinguished prior rulings where the principal debtor was discharged, thereby releasing the surety, noting such was not the case here. The plaintiff was granted liberty to pursue its claims against the principal debtor through insolvency proceedings or other legal remedies.
The HC dismissed the suit seeking a declaration that the plaintiff bank was discharged from its obligations under unconditional and irrevocable bank guarantees (BGs) issued in favor of the respondent. The court held that the BGs constituted independent contracts guaranteeing due repayment upon mere demand, regardless of disputes between the principal debtor and beneficiary. The plaintiff failed to establish any variation or discharge of the principal debtor's liability, including the unilateral alteration of payment methodology, which was not a contractual term. Consequently, the plaintiff remained liable under the BGs. The court distinguished prior rulings where the principal debtor was discharged, thereby releasing the surety, noting such was not the case here. The plaintiff was granted liberty to pursue its claims against the principal debtor through insolvency proceedings or other legal remedies.
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