Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The HC held that the Company Court's statutory jurisdiction under the Companies Act is confined to supervising winding up, realising company assets, adjudicating creditor claims and distributing proceeds; it is not a forum to shelter personal guarantors from independent recovery proceedings once liquidation has attained finality. After the winding up order, appointment of a provisional liquidator and Official Liquidator, sale of company properties and distribution to secured creditors and workmen pursuant to court directions with a fixed cut-off for claims, guarantor liability remains independent of the company's liquidation. Guarantors must pursue remedies in appropriate fora; the Company Court cannot restrain creditor recovery post-liquidation. Appeal dismissed.
The HC held that the Company Court's statutory jurisdiction under the Companies Act is confined to supervising winding up, realising company assets, adjudicating creditor claims and distributing proceeds; it is not a forum to shelter personal guarantors from independent recovery proceedings once liquidation has attained finality. After the winding up order, appointment of a provisional liquidator and Official Liquidator, sale of company properties and distribution to secured creditors and workmen pursuant to court directions with a fixed cut-off for claims, guarantor liability remains independent of the company's liquidation. Guarantors must pursue remedies in appropriate fora; the Company Court cannot restrain creditor recovery post-liquidation. Appeal dismissed.
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