Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
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NCLAT held that repeated non-deposit of amounts deducted from employees' salaries, which were held in trust for remittance to the employees' co-operative society, attracted fraudulent trading liability under Section 66 of the Code. The appellants admitted the deductions and failed to produce reliable material showing any legitimate use of the funds as working capital. The Tribunal further held that proof of personal gain is not essential for fraud; an act or omission intended to deceive or to injure the interests of the corporate debtor or its creditors is sufficient. The finding of liability and the direction for contribution were affirmed.
NCLAT held that repeated non-deposit of amounts deducted from employees' salaries, which were held in trust for remittance to the employees' co-operative society, attracted fraudulent trading liability under Section 66 of the Code. The appellants admitted the deductions and failed to produce reliable material showing any legitimate use of the funds as working capital. The Tribunal further held that proof of personal gain is not essential for fraud; an act or omission intended to deceive or to injure the interests of the corporate debtor or its creditors is sufficient. The finding of liability and the direction for contribution were affirmed.
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