Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Insolvency and BankruptcyMarch 11, 2021Case LawsAT
Initiation of CIRP - transaction of Financial Debt or not - Loan taken by the Corporate debtor from the sister concern was assigned by the said sister concern to the present applicant - The basic nature of the loan as witnessed from the Loan Agreement (Annexure A-2) will not change. If it was a simple debt extended to the sister concern, merely because the original lender has now assigned the debt to the Appellant will not change the nature of the transaction. - AT
Initiation of CIRP - transaction of Financial Debt or not - Loan taken by the Corporate debtor from the sister concern was assigned by the said sister concern to the present applicant - The basic nature of the loan as witnessed from the Loan Agreement (Annexure A-2) will not change. If it was a simple debt extended to the sister concern, merely because the original lender has now assigned the debt to the Appellant will not change the nature of the transaction. - AT
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