Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Insolvency and BankruptcyDecember 15, 2022Case LawsAT
Initiation of CIRP - Demand Notice on unpaid Operational Debt - existence of dispute - When we look into the contents of allegations made in the Reply Notice, it is clear that Reply notice raises substantial and genuine issues to oppose the claim of the Operational Creditor’s amount due. - Present is a case where it cannot be said that defence taken by the Corporate Debtor in Reply Notice is a moonshine defence unsupported by any evidence. - NCLT ought not to have admitted the Section 9 Application. - AT
Initiation of CIRP - Demand Notice on unpaid Operational Debt - existence of dispute - When we look into the contents of allegations made in the Reply Notice, it is clear that Reply notice raises substantial and genuine issues to oppose the claim of the Operational Creditor’s amount due. - Present is a case where it cannot be said that defence taken by the Corporate Debtor in Reply Notice is a moonshine defence unsupported by any evidence. - NCLT ought not to have admitted the Section 9 Application. - AT
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