Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
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A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
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