Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Validation under Section 536(2) is exercised by the court to save bona fide interregnum dispositions: the court may "order otherwise" and validate transactions that are fair, expedient and in the interest of the company and its creditors, and the 2019 agreements were upheld on that ground. Insufficient stamping renders instruments inadmissible in evidence but is a curable defect and does not ipso facto render the agreements void, so the stamping objection was rejected. An irrevocable power of attorney creating an interest cannot be unilaterally revoked in liquidation and remained effective. External departmental correspondence did not nullify internal joint-venture arrangements acted upon and subsequently validated.
Validation under Section 536(2) is exercised by the court to save bona fide interregnum dispositions: the court may "order otherwise" and validate transactions that are fair, expedient and in the interest of the company and its creditors, and the 2019 agreements were upheld on that ground. Insufficient stamping renders instruments inadmissible in evidence but is a curable defect and does not ipso facto render the agreements void, so the stamping objection was rejected. An irrevocable power of attorney creating an interest cannot be unilaterally revoked in liquidation and remained effective. External departmental correspondence did not nullify internal joint-venture arrangements acted upon and subsequently validated.
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