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...
The Court held that modification or waiver of a debenture trust deed required compliance with its express written-waiver procedure, so unilateral communications with a single debenture holder cannot bind absent the prescribed written document; estoppel against other debenture holders thus failed. The debenture trustee's duty is to protect debenture holders' interests, and adverse findings of collusion were unsupported. Concurrent findings by NCLT/NCLAT were interfered with for perversity where they reframed the DTD on conjecture. The petition by the debenture trustee under Section 7 was held to be admitable.
The Court held that modification or waiver of a debenture trust deed required compliance with its express written-waiver procedure, so unilateral communications with a single debenture holder cannot bind absent the prescribed written document; estoppel against other debenture holders thus failed. The debenture trustee's duty is to protect debenture holders' interests, and adverse findings of collusion were unsupported. Concurrent findings by NCLT/NCLAT were interfered with for perversity where they reframed the DTD on conjecture. The petition by the debenture trustee under Section 7 was held to be admitable.
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