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    August 8, 2026   Case Laws IBC
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August 8, 2026   Case Laws IBC
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distribution.
August 8, 2026   Case Laws Money Laundering
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides remain unresolved.
August 8, 2026   Case Laws Service Tax
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly recorded.
August 8, 2026   Case Laws Service Tax
Original works valuation applies to showroom fit-outs, while forfeited purchase advances and fire-loss reimbursements are not taxable services.
August 7, 2026   Notifications Customs
Anti-dumping duty on Phthalic Anhydride imports from China and Korea continues following sunset review to prevent continued dumping.
August 7, 2026   Circulars DGFT
Tariff rate quota applications under the India-UK trade agreement receive an extended online submission deadline for 2026.
August 7, 2026   Circulars Customs
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validity period.
August 7, 2026   Case Laws GST
Interest on self-assessed tax must be determined before garnishee recovery where Electronic Cash Ledger adjustment representations remain undecided.
August 7, 2026   Case Laws GST
GST search safeguards require clear authorisation, verifiable DIN compliance, and genuinely voluntary pre-notice tax payments before recovery.
August 7, 2026   Case Laws GST
Retention of seized GST documents requires valid authorisation; withdrawal removes the basis for retention and requires their return.
August 7, 2026   Case Laws GST
Alternative statutory remedy restricts GST writ challenges unless specific natural justice prejudice establishes an exceptional case.
August 7, 2026   Case Laws GST
GST registration restoration for a genuine address discrepancy was granted subject to payment of applicable charges, late fees and penalty.
August 7, 2026   Case Laws GST
Alternative GST remedy prevails where demand disputes require factual examination and alleged inspection-authorisation bias lacks supporting material.
August 7, 2026   Case Laws GST
Consolidated GST show cause notices remain valid, while fraud-based demand allegations require factual adjudication through statutory remedies.
August 7, 2026   Case Laws GST
Instalment payment of admitted GST liability requires application to the Commissioner, who must consider the request under law.
August 7, 2026   Case Laws GST
Interest on delayed GST refunds may be scrutinised without Chartered Accountant certification where only refunded principal interest is claimed.
August 7, 2026   Case Laws GST
Disputed factual allegations in GST fraud claims require statutory appellate review rather than writ adjudication.
August 7, 2026   Case Laws GST
Electronic credit ledger restrictions require review when Rule 86A conditions no longer exist, enabling consideration of unblocking applications.
August 7, 2026   Case Laws GST
Additional input tax credit benefit was absent, so homebuyers were not entitled to a commensurate price reduction under anti-profiteering rules.
August 7, 2026   Case Laws Income Tax
Capital gains classification upheld where investment intent, prolonged holding and consistent prior tax treatment outweighed isolated flat sales.

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Home › Highlights › Insolvency and Bankruptcy › 2024 › February, 2024 › This
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Insolvency and Bankruptcy

Initiation of CIRP u/s 7 - classification of Commission on sales...

Sales Commission Not Financial Debt Under IBC, NCLAT Rules; Attempts to Inflate Claim Amounts Criticized.

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Insolvency and Bankruptcy February 22, 2024 Case Laws AT
Initiation of CIRP u/s 7 - classification of Commission on sales - Financial Debt or not - threshold limit - The Adjudicating Authority analyzed the definition of 'financial debt' under Section 5(8) of the IBC and concluded that the commission on sale amount did not qualify as financial debt as it did not meet the criteria of disbursal against the consideration for the time value of money. - The NCLAT held that the Appellant having failed to meet the threshold limit in the earlier Section 7 application has now tried to overcome this impediment by inflating the claim amount by resorting to a calculation methodology which lacks rational basis.
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Acts Income Tax
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