Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Advance not reflected as borrowing in the balance sheet does not acquire the character of financial debt; therefore classification in accounts is determinative of financial debt character and precludes claim as such. A loan expressly restricted by contract to land development and diverted the same day to purchase a personal luxury car constituted misuse of corporate funds and breached the loan diversion clause, rendering the transaction non-genuine and the claim bonafide-disputed. Directors role in permitting diversion engages responsibility for misuse. Where a transaction is found to have defrauded creditors, the claim may be rejected and the transaction declared void.
Advance not reflected as borrowing in the balance sheet does not acquire the character of financial debt; therefore classification in accounts is determinative of financial debt character and precludes claim as such. A loan expressly restricted by contract to land development and diverted the same day to purchase a personal luxury car constituted misuse of corporate funds and breached the loan diversion clause, rendering the transaction non-genuine and the claim bonafide-disputed. Directors role in permitting diversion engages responsibility for misuse. Where a transaction is found to have defrauded creditors, the claim may be rejected and the transaction declared void.
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