Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
The dominant issue was whether a deed clause and related pleadings created a "contract of guarantee" under s.126 of the Contract Act so as to support initiation of CIRP against the alleged surety under s.7 of the IBC. The Court held that a guarantee requires an unambiguous undertaking to discharge a third party's liability upon default; a limited statement in mortgage-enforcement pleadings that liability was confined to the mortgaged property did not establish such a guarantee, and case law on admissions under s.58 of the Evidence Act was inapplicable. Consequently, the rejection of the s.7 application was affirmed and the appeal was dismissed. - SC
The dominant issue was whether a deed clause and related pleadings created a "contract of guarantee" under s.126 of the Contract Act so as to support initiation of CIRP against the alleged surety under s.7 of the IBC. The Court held that a guarantee requires an unambiguous undertaking to discharge a third party's liability upon default; a limited statement in mortgage-enforcement pleadings that liability was confined to the mortgaged property did not establish such a guarantee, and case law on admissions under s.58 of the Evidence Act was inapplicable. Consequently, the rejection of the s.7 application was affirmed and the appeal was dismissed. - SC
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