Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Income from sale of assets of a bank under liquidation was held not to be diverted at source by overriding title in favour of DICGC; the income accrued to the official liquidator, and the claim of no taxable accrual was rejected. In rectification proceedings, the Tribunal held that the set-off of deemed short-term capital gain on depreciable assets against brought forward business loss was a debatable issue and could not be corrected as an apparent mistake under section 154; the rectification order was quashed. It also held that a bad debt written off in the ordinary course of banking business satisfied the statutory conditions, and actual proof of irrecoverability was not required once the write-off was made; the disallowance was deleted.
Income from sale of assets of a bank under liquidation was held not to be diverted at source by overriding title in favour of DICGC; the income accrued to the official liquidator, and the claim of no taxable accrual was rejected. In rectification proceedings, the Tribunal held that the set-off of deemed short-term capital gain on depreciable assets against brought forward business loss was a debatable issue and could not be corrected as an apparent mistake under section 154; the rectification order was quashed. It also held that a bad debt written off in the ordinary course of banking business satisfied the statutory conditions, and actual proof of irrecoverability was not required once the write-off was made; the disallowance was deleted.
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