https://www.taxtmi.com/caselaws?id=387411 A party claiming that assets standing in another entity's name were not part of the group must produce the best evidence of the source of acquisition funds. Where bank records, account statements, transfer instruments and other primary documents are withheld, an adverse inference may be drawn and the assets may be treated as belonging to the group for winding up purposes. A belated request for framing issues and recording evidence may also be refused where complete records were already sought, prior refusal of cross-examination has attained finality, and the further evidence would not answer the central question of source of funds. The applications were found to lack merit and the Official Liquidator was allowed to proceed according to law. en-us Fri, 18 Oct 2019 00:00:00 +0530 Wed, 23 Oct 2019 08:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387411 A party claiming that assets standing in another entity's name were not part of the group must produce the best evidence of the source of acquisition funds. Where bank records, account statements, transfer instruments and other primary documents are withheld, an adverse inference may be drawn and the assets may be treated as belonging to the group for winding up purposes. A belated request for framing issues and recording evidence may also be refused where complete records were already sought, prior refusal of cross-examination has attained finality, and the further evidence would not answer the central question of source of funds. The applications were found to lack merit and the Official Liquidator was allowed to proceed according to law. Case-Laws Companies Law Fri, 18 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387411