Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
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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