Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
The text addresses preferential transactions under insolvency law, emphasizing reliance on a transaction auditor report to identify transfers to related parties and direct restitution under the Code. The Tribunal accepted the transaction auditors methodology and rejected appellants objections as insufficient; consequence: sums received via preferential transactions were ordered repayable. The burden shifted to suspended directors to prove transactions occurred in the ordinary course of business, which they failed to discharge, resulting in upholding of adjudicating authoritys directions. The legal representative status of a deceased proprietor triggered successor liability to the extent of benefits received from the impugned transactions, and the appeal was dismissed.
The text addresses preferential transactions under insolvency law, emphasizing reliance on a transaction auditor report to identify transfers to related parties and direct restitution under the Code. The Tribunal accepted the transaction auditors methodology and rejected appellants objections as insufficient; consequence: sums received via preferential transactions were ordered repayable. The burden shifted to suspended directors to prove transactions occurred in the ordinary course of business, which they failed to discharge, resulting in upholding of adjudicating authoritys directions. The legal representative status of a deceased proprietor triggered successor liability to the extent of benefits received from the impugned transactions, and the appeal was dismissed.
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