Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
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Insolvency and BankruptcyMarch 13, 2024Case LawsAT
Admission of Section 7 petition - time barred debt or not - The appellant, a suspended director of the corporate debtor, challenges the admission of the petition, arguing that the debt claimed is time-barred. The respondent financial creditor contends that the debt acknowledgment was made by the corporate debtor in its financial statements. The NCLAT found that the appellant was not given a fair opportunity to contest the submissions made by the respondent and consequently set aside the impugned order, remanding the matter back for reconsideration with proper adherence to principles of natural justice.
Admission of Section 7 petition - time barred debt or not - The appellant, a suspended director of the corporate debtor, challenges the admission of the petition, arguing that the debt claimed is time-barred. The respondent financial creditor contends that the debt acknowledgment was made by the corporate debtor in its financial statements. The NCLAT found that the appellant was not given a fair opportunity to contest the submissions made by the respondent and consequently set aside the impugned order, remanding the matter back for reconsideration with proper adherence to principles of natural justice.
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