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Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
An alleged oral family settlement and bid dated 04.02.2008 failed to effect a lawful transfer of management because the buy-out terms were not performed: full consideration was not proved paid, share transfer deeds were not produced, and parties admitted only partial payments, so the asserted resignations and change of control could not be sustained. Immediate forensic examination of disputed documents was declined, but the Administrator is permitted to approach the adjudicating tribunal (NCLT) later to seek forensic examination if a concrete dispute over produced receipts or documents arises. Appointment of the administrator and attendant directions remain in force.
An alleged oral family settlement and bid dated 04.02.2008 failed to effect a lawful transfer of management because the buy-out terms were not performed: full consideration was not proved paid, share transfer deeds were not produced, and parties admitted only partial payments, so the asserted resignations and change of control could not be sustained. Immediate forensic examination of disputed documents was declined, but the Administrator is permitted to approach the adjudicating tribunal (NCLT) later to seek forensic examination if a concrete dispute over produced receipts or documents arises. Appointment of the administrator and attendant directions remain in force.
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