Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Adjudicatory authority rejected claimed interest as an inadmissible component of financial debt where interest at 24% p.a. compounded monthly was unsupported by bona fide documentation. Related-party advances lacked board resolutions, were not registered as a charge with RoC, and interest was not reflected in the corporate debtor's books; repayment terms were unset. The tribunal accepted these factual and accounting defects and upheld disallowance of the disputed interest, dismissing the appeal and affirming the liquidator's position.
Adjudicatory authority rejected claimed interest as an inadmissible component of financial debt where interest at 24% p.a. compounded monthly was unsupported by bona fide documentation. Related-party advances lacked board resolutions, were not registered as a charge with RoC, and interest was not reflected in the corporate debtor's books; repayment terms were unset. The tribunal accepted these factual and accounting defects and upheld disallowance of the disputed interest, dismissing the appeal and affirming the liquidator's position.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
