Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
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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