Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
The HC allowed the petition and set aside the impugned attachment notice against the petitioner, holding that liability of a deceased partner's legal representative under s.159 is confined to the value of the estate inherited and cannot exceed inherited assets. The court found the respondent had mechanically attached the petitioner's bank account containing only Rs. 60,002 and there was no evidence the petitioner had inherited assets of partners of the defaulting firm; therefore the attachment was unlawful. The respondents remain at liberty to pursue recovery against the partnership firm, its partners and their legal heirs in accordance with s.159 read with s.189 of the 1961 Act.
The HC allowed the petition and set aside the impugned attachment notice against the petitioner, holding that liability of a deceased partner's legal representative under s.159 is confined to the value of the estate inherited and cannot exceed inherited assets. The court found the respondent had mechanically attached the petitioner's bank account containing only Rs. 60,002 and there was no evidence the petitioner had inherited assets of partners of the defaulting firm; therefore the attachment was unlawful. The respondents remain at liberty to pursue recovery against the partnership firm, its partners and their legal heirs in accordance with s.159 read with s.189 of the 1961 Act.
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