Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
The text addresses diversion of funds raised by preferential allotment and concludes that post-facto shareholders' ratification cannot validate prior diversion or negate breaches of disclosure and market integrity norms. It states that diverting proceeds to loans and share investments, particularly when done immediately after receipt, constitutes fraud and unfair trade practice under PFUTP Regulations and related securities disclosure obligations, attracting liability. It further explains that interim protective directions and subsequent adjudicatory penalty proceedings can coexist and that an Adjudicating Officer may impose monetary penalties notwithstanding earlier protective orders; the AO's penalty order was accordingly restored.
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