Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Authority to appoint a third party developer for completion of predominantly completed residential projects is sustained where protection of home buyers is the predominant consideration; the appellate tribunal's direction to bring in a government entity for completion is not found unfair or contrary to insolvency law and is upheld with specified modifications. Use of the court's equitable remedial power to ensure completion and orderly distribution is endorsed, permitting surplus distribution to other claimants by pari passu or other fair mechanisms. Interim injunctions that would impede the court approved completion mechanism are prohibited; the appeals are dismissed accordingly.
Authority to appoint a third party developer for completion of predominantly completed residential projects is sustained where protection of home buyers is the predominant consideration; the appellate tribunal's direction to bring in a government entity for completion is not found unfair or contrary to insolvency law and is upheld with specified modifications. Use of the court's equitable remedial power to ensure completion and orderly distribution is endorsed, permitting surplus distribution to other claimants by pari passu or other fair mechanisms. Interim injunctions that would impede the court approved completion mechanism are prohibited; the appeals are dismissed accordingly.
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