Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
The Tribunal applied a broad reading of "person aggrieved" under Section 61 IBC and held that both a shareholder-creditor and a decree-holder with garnishee orders had locus to challenge admission of the Section 7 application. It further found that the alleged loan transaction showed same-day fund transfers, round-tripping and other indicators of a sham or collusive arrangement, so the real nature of the transaction had to be examined rather than treating balance-sheet entries or MoUs as conclusive. On that material, it held that no genuine financial debt with disbursal for time value of money was established. The appeals were allowed and the Section 7 admission was set aside.
The Tribunal applied a broad reading of "person aggrieved" under Section 61 IBC and held that both a shareholder-creditor and a decree-holder with garnishee orders had locus to challenge admission of the Section 7 application. It further found that the alleged loan transaction showed same-day fund transfers, round-tripping and other indicators of a sham or collusive arrangement, so the real nature of the transaction had to be examined rather than treating balance-sheet entries or MoUs as conclusive. On that material, it held that no genuine financial debt with disbursal for time value of money was established. The appeals were allowed and the Section 7 admission was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
