Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The HC affirms the impugned order and dismisses the appeal. The court held that the Official Liquidator, acting pursuant to statutory duty, incurred bona fide preservation and security expenses in reliance on the appellant's officers' statements and court undertakings identifying the subject property as an asset of the company in liquidation. The appellant is estopped and barred by waiver from repudiating those unchallenged undertakings and court orders, and its unexplained, belated objection cannot vitiate the lawful actions of the Official Liquidator. Misrepresentation or suppression by officers undermines the liquidation process and attracts civil and penal consequences. The HC found the Official Liquidator's actions reasonable and justified, and affirmed the impugned order dated 20.04.2022.
The HC affirms the impugned order and dismisses the appeal. The court held that the Official Liquidator, acting pursuant to statutory duty, incurred bona fide preservation and security expenses in reliance on the appellant's officers' statements and court undertakings identifying the subject property as an asset of the company in liquidation. The appellant is estopped and barred by waiver from repudiating those unchallenged undertakings and court orders, and its unexplained, belated objection cannot vitiate the lawful actions of the Official Liquidator. Misrepresentation or suppression by officers undermines the liquidation process and attracts civil and penal consequences. The HC found the Official Liquidator's actions reasonable and justified, and affirmed the impugned order dated 20.04.2022.
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