Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Avoidance of a pre-CIRP sale as a fraudulent transaction was sought on the ground that it was without consideration and intended to defraud creditors. In the absence of any pending creditor claims at the time of execution, the subsequent classification of the debtor's bank account as NPA, and the presence of other secured assets, the requisite intent to defraud was not established; the liquidator failed to discharge the heavy burden of proof. Alleged সনà§à¦¦ about an old acknowledgment letter and the purchaser's non-production of decades-old payment records did not negate consideration, especially where contemporaneous corporate disclosures and financial statements corroborated the transfer, and consideration could be furnished by a third party. The appeal was dismissed. - SC
Avoidance of a pre-CIRP sale as a fraudulent transaction was sought on the ground that it was without consideration and intended to defraud creditors. In the absence of any pending creditor claims at the time of execution, the subsequent classification of the debtor's bank account as NPA, and the presence of other secured assets, the requisite intent to defraud was not established; the liquidator failed to discharge the heavy burden of proof. Alleged সনà§à¦¦ about an old acknowledgment letter and the purchaser's non-production of decades-old payment records did not negate consideration, especially where contemporaneous corporate disclosures and financial statements corroborated the transfer, and consideration could be furnished by a third party. The appeal was dismissed. - SC
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