Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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To establish fraudulent trading the tribunal must find transactions knowingly made with dishonest intent to defraud creditors, while wrongful trading targets directors or partners who knew or ought to have known insolvency was inevitable and failed to minimize creditor loss; the tribunal applied these distinct standards and found false entries and collusion between the corporate debtor and the counterparty, concluding receivables were wiped out without actual sales. Evidence met the civil standard of preponderance of probability on these facts, relevant earlier appellate and Supreme Court affirmations were noted, and the appeal was dismissed with the direction for contribution to the corporate debtor's assets.
To establish fraudulent trading the tribunal must find transactions knowingly made with dishonest intent to defraud creditors, while wrongful trading targets directors or partners who knew or ought to have known insolvency was inevitable and failed to minimize creditor loss; the tribunal applied these distinct standards and found false entries and collusion between the corporate debtor and the counterparty, concluding receivables were wiped out without actual sales. Evidence met the civil standard of preponderance of probability on these facts, relevant earlier appellate and Supreme Court affirmations were noted, and the appeal was dismissed with the direction for contribution to the corporate debtor's assets.
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