Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Arbitral proceedings were invalidated due to procedural irregularities: the tribunal denied a timely application to amend defence and counterclaim despite the petitioners contention that knowledge of suppression of an ongoing insolvency process against a lead consortium member arose after the pleadings deadline, and thus failed to decide a crucial challenge to contract validity rendering the arbitration agreement and award tainted by alleged fraud; the tribunal further awarded substantial claims without any oral evidence, framed issues after directing earlier evidence filings, and recorded findings without referring to supporting documents. Consequence: the award was set aside and fresh arbitration was permitted with full opportunity to lead evidence and raise the validity defence.
Arbitral proceedings were invalidated due to procedural irregularities: the tribunal denied a timely application to amend defence and counterclaim despite the petitioners contention that knowledge of suppression of an ongoing insolvency process against a lead consortium member arose after the pleadings deadline, and thus failed to decide a crucial challenge to contract validity rendering the arbitration agreement and award tainted by alleged fraud; the tribunal further awarded substantial claims without any oral evidence, framed issues after directing earlier evidence filings, and recorded findings without referring to supporting documents. Consequence: the award was set aside and fresh arbitration was permitted with full opportunity to lead evidence and raise the validity defence.
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