https://www.taxtmi.com/highlights?id=77488 Willful Defaulters - The Calcutta High Court, in its judgement, set aside and quashed the decisions of both the First Committee and the Review Committee (RC) declaring the petitioners as willful defaulters. The Court found that the reliance on the Transaction Audit Report (TAR) was legally untenable, as the report itself was inconclusive and rejected in related legal proceedings. The procedural lapses by the RC in not providing a reasoned order further vitiated its decision. en-us Thu, 16 May 2024 08:22:36 +0530 Thu, 16 May 2024 08:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77488 Willful Defaulters - The Calcutta High Court, in its judgement, set aside and quashed the decisions of both the First Committee and the Review Committee (RC) declaring the petitioners as willful defaulters. The Court found that the reliance on the Transaction Audit Report (TAR) was legally untenable, as the report itself was inconclusive and rejected in related legal proceedings. The procedural lapses by the RC in not providing a reasoned order further vitiated its decision. Highlights Companies Law Thu, 16 May 2024 08:22:36 +0530 https://www.taxtmi.com/highlights?id=77488