Dismissal of revision petition for misrepresentation of financial facts in Tobacco business

Vaddempudi Sivannarayana Vs Marella Venkata Rao and Others (Andhra Pradesh High Court) Conclusion: Revision petition filed by assessee was dismissed for misrepresentation of financial facts in his tobacco business as assessee never conducted any business in tobacco except growing the same in the lands belonging to him and in order to avoid the payment of debts to the 1st respondent filed the Insolvency Petition within unclean heads by suppressing of the material facts. Held: Assessee, had filed an Insolvency Petition under section 10 of the Provisional Insolvency Act, seeking to be declared in...