Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
The Appellate Tribunal treated the square-off of receivables as a related party preferential transaction within the relevant look-back period under the insolvency framework. It found that the appellant, as director and key managerial person, controlled the entities involved, that the adjustment was recorded within two years of the insolvency commencement date, and that accounting entries could amount to transfer of property by extinguishing the corporate debtor's receivable. The Tribunal also rejected the ordinary course of business defence because the set-off bypassed banking channels, lacked authorisation, and selectively settled the appellant's dues while other creditors remained unpaid. The impugned transaction was therefore liable to be avoided.
The Appellate Tribunal treated the square-off of receivables as a related party preferential transaction within the relevant look-back period under the insolvency framework. It found that the appellant, as director and key managerial person, controlled the entities involved, that the adjustment was recorded within two years of the insolvency commencement date, and that accounting entries could amount to transfer of property by extinguishing the corporate debtor's receivable. The Tribunal also rejected the ordinary course of business defence because the set-off bypassed banking channels, lacked authorisation, and selectively settled the appellant's dues while other creditors remained unpaid. The impugned transaction was therefore liable to be avoided.
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