Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
Insolvency resolution plan's loan assignment between approving and dissenting creditors: post-approval redistribution blocked; original distribution e...
The appellants alleged breach of natural justice due to non-supply of relied-upon documents and lack of effective hearing, but the record showed all seized and relied documents were supplied under acknowledgment and notices were ignored, indicating deliberate non-cooperation; the adjudication was therefore sustained. Confiscation of seized Indian currency was upheld as the appellants failed to explain its source. Separate penalties for contraventions of ss. 3(a), 3(b), 3(d) and 4 were held permissible under s. 13(1)-(2), but the cumulative penalty on each appellant was reduced in the interest of justice, with prior pre-deposit adjusted against the reduced penalty. - AT
The appellants alleged breach of natural justice due to non-supply of relied-upon documents and lack of effective hearing, but the record showed all seized and relied documents were supplied under acknowledgment and notices were ignored, indicating deliberate non-cooperation; the adjudication was therefore sustained. Confiscation of seized Indian currency was upheld as the appellants failed to explain its source. Separate penalties for contraventions of ss. 3(a), 3(b), 3(d) and 4 were held permissible under s. 13(1)-(2), but the cumulative penalty on each appellant was reduced in the interest of justice, with prior pre-deposit adjusted against the reduced penalty. - AT
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