Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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The AT affirms that alleged collusion between bank officials and the directors of the company is not foreclosed and must be adjudicated by the Special Judge, PMLA, in the trial court. The AT holds that where two statutes conflict, the later enactment prevails absent a saving clause. The liquidator of the company is granted leave to move the Special Judge, PMLA, under section 8(7) of the PMLA for permission to auction the specified property to satisfy the consortium of banks and other creditors; the liquidator must undertake to deposit any surplus realisation in an FDR with the Respondent and the Special Judge will adjudicate its disposal after conclusion of the PMLA trial. Appeal dismissed.
The AT affirms that alleged collusion between bank officials and the directors of the company is not foreclosed and must be adjudicated by the Special Judge, PMLA, in the trial court. The AT holds that where two statutes conflict, the later enactment prevails absent a saving clause. The liquidator of the company is granted leave to move the Special Judge, PMLA, under section 8(7) of the PMLA for permission to auction the specified property to satisfy the consortium of banks and other creditors; the liquidator must undertake to deposit any surplus realisation in an FDR with the Respondent and the Special Judge will adjudicate its disposal after conclusion of the PMLA trial. Appeal dismissed.
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