Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Fraudulent preference transfers by a company shortly before winding up are void ab initio when designed to defeat creditors; such transfers differ from otherwise bona fide transactions that may be avoidable under a separate provision requiring good faith and valuable consideration. A related-party lease of significant company assets executed immediately prior to the winding-up petition was held sham, not at arm's length, and void from inception; the official liquidator's application to take possession and sell the property for creditor realization should not have been dismissed on limitation grounds. The appellate court allowed the appeal and declared the transfer void.
Fraudulent preference transfers by a company shortly before winding up are void ab initio when designed to defeat creditors; such transfers differ from otherwise bona fide transactions that may be avoidable under a separate provision requiring good faith and valuable consideration. A related-party lease of significant company assets executed immediately prior to the winding-up petition was held sham, not at arm's length, and void from inception; the official liquidator's application to take possession and sell the property for creditor realization should not have been dismissed on limitation grounds. The appellate court allowed the appeal and declared the transfer void.
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