Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
