Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
Scientific Research approval for Sikshya O Anusandhan under section 35(1)(ii) granted subject to reporting, certification, and compliance requirements...
Vicarious liability of directors under the Negotiable Instruments framework was affirmed, with the court applying the statutory presumption in favor of the complainant where cheques bore the director's signature, making a prima facie case for prosecution at the summoning stage; consequence: summoning orders not quashed. The contention of violation of bank mandate, alleged forgery, and mastermind/fraud were held to be triable factual defenses that must be tested at trial and do not negate prima facie liability. The High Court also rejected parallel forum approach and abuse of process by petitioners, noting inherent jurisdiction should be exercised sparingly when revisional remedies exist.
Vicarious liability of directors under the Negotiable Instruments framework was affirmed, with the court applying the statutory presumption in favor of the complainant where cheques bore the director's signature, making a prima facie case for prosecution at the summoning stage; consequence: summoning orders not quashed. The contention of violation of bank mandate, alleged forgery, and mastermind/fraud were held to be triable factual defenses that must be tested at trial and do not negate prima facie liability. The High Court also rejected parallel forum approach and abuse of process by petitioners, noting inherent jurisdiction should be exercised sparingly when revisional remedies exist.
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