Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
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