Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exem...
Functional, asset and risk analysis excludes diversified technology companies from captive software development comparables under cost-plus arrangemen...
Mobile-phone electronic evidence failed to establish customs undervaluation, while duty survived on non-authentic origin certificates without importer...
Automotive radio classification treats integrated infotainment features as supplementary, placing complete and qualifying unassembled units under the ...
Separate corporate personality prevents directors from being personally liable for company deposits without a guarantee or independent legal undertaki...
Fair opportunity to a non-party affected by insolvency proceedings requires consideration of its pending intervention application before final adjudication of the Section 7 company petition. The application under Section 60(5) alleged collusive initiation of insolvency proceedings and asserted potential effects on the applicant's rights and property. In the stated circumstances, judicial fairness required the Tribunal to determine that application first because no compelling urgency justified finalising the insolvency petition while it remained pending. The Tribunal was directed to decide the application within three months, if not already decided, and thereafter determine the insolvency petition on merits.
Fair opportunity to a non-party affected by insolvency proceedings requires consideration of its pending intervention application before final adjudication of the Section 7 company petition. The application under Section 60(5) alleged collusive initiation of insolvency proceedings and asserted potential effects on the applicant's rights and property. In the stated circumstances, judicial fairness required the Tribunal to determine that application first because no compelling urgency justified finalising the insolvency petition while it remained pending. The Tribunal was directed to decide the application within three months, if not already decided, and thereafter determine the insolvency petition on merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
