Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Sections 397, 398 and 399 were construed in an equitable and remedial manner, so the expression "member" was not confined to formal entry in the register of members under Section 41(2). The SC accepted that Section 2(27) provides a wider membership framework and that strict insistence on register entry would defeat protection against oppression and mismanagement. On the facts, the company had consistently acknowledged the respondent's proprietary stake through correspondence, conciliation material, his appointment as Managing Director, rebranding linked to his concern, and acceptance of his investment. Those circumstances justified treating him as a member for the limited purpose of invoking the statutory remedy, and the appeals were dismissed.
Sections 397, 398 and 399 were construed in an equitable and remedial manner, so the expression "member" was not confined to formal entry in the register of members under Section 41(2). The SC accepted that Section 2(27) provides a wider membership framework and that strict insistence on register entry would defeat protection against oppression and mismanagement. On the facts, the company had consistently acknowledged the respondent's proprietary stake through correspondence, conciliation material, his appointment as Managing Director, rebranding linked to his concern, and acceptance of his investment. Those circumstances justified treating him as a member for the limited purpose of invoking the statutory remedy, and the appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
