Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
Insolvency and BankruptcyAugust 25, 2022Case LawsAT
CIRP - Period of limitation - When the acknowledgment is unequivocal and Auditor’s opinion in any manner does not detract it from being an acknowledgment under Section 18 of the Limitation Act, the mere fact that the financial document contains a counter claim shall not in any manner take away the acknowledgment under Section 18 of the Limitation Act. The Adjudicating Authority has rightly held that the balance sheets contain the acknowledgment under Section 18 hence the Application under Section 7 was not barred by time - AT
CIRP - Period of limitation - When the acknowledgment is unequivocal and Auditor’s opinion in any manner does not detract it from being an acknowledgment under Section 18 of the Limitation Act, the mere fact that the financial document contains a counter claim shall not in any manner take away the acknowledgment under Section 18 of the Limitation Act. The Adjudicating Authority has rightly held that the balance sheets contain the acknowledgment under Section 18 hence the Application under Section 7 was not barred by time - AT
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