Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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Direct disbursement to the corporate debtor is not mandated for classification as financial debt; funds advanced on behalf of or for the benefit of the corporate debtor may satisfy the disbursement element depending on the contractual and factual matrix. A covenant to pay in supplemental mortgage deeds, read with the debenture trust deed and related documents, operates as an enforceable contract of guarantee converting the claim into a secured financial debt. Substance of the transaction (express payment undertaking and joint-and-several liability) governs classification, and the matter is remitted for fresh adjudication consistent with these principles.
Direct disbursement to the corporate debtor is not mandated for classification as financial debt; funds advanced on behalf of or for the benefit of the corporate debtor may satisfy the disbursement element depending on the contractual and factual matrix. A covenant to pay in supplemental mortgage deeds, read with the debenture trust deed and related documents, operates as an enforceable contract of guarantee converting the claim into a secured financial debt. Substance of the transaction (express payment undertaking and joint-and-several liability) governs classification, and the matter is remitted for fresh adjudication consistent with these principles.
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