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...
Simultaneous insolvency proceedings against a principal borrower and its corporate guarantor were held maintainable, so a status quo order in the borrower's case did not bar liquidation of the guarantor. A proposed settlement could not be used to resist liquidation after commencement of liquidation, because withdrawal under Section 12A is unavailable at that stage; any post-liquidation compromise must proceed through a Section 230 scheme. The tribunal also found no error in deciding an interlocutory application on merits despite the applicant's absence, as the rules permit dismissal for default or decision on merits. Liquidation was sustained on the unanimous CoC decision, absence of any resolution plan, and failure of settlement efforts.
Simultaneous insolvency proceedings against a principal borrower and its corporate guarantor were held maintainable, so a status quo order in the borrower's case did not bar liquidation of the guarantor. A proposed settlement could not be used to resist liquidation after commencement of liquidation, because withdrawal under Section 12A is unavailable at that stage; any post-liquidation compromise must proceed through a Section 230 scheme. The tribunal also found no error in deciding an interlocutory application on merits despite the applicant's absence, as the rules permit dismissal for default or decision on merits. Liquidation was sustained on the unanimous CoC decision, absence of any resolution plan, and failure of settlement efforts.
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