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    August 7, 2026   Case LawsGST
    Consolidated GST show cause notices remain valid, while fraud-based demand allegations require factual adjudication through statutory remedies.
    August 7, 2026   Case LawsGST
    Instalment payment of admitted GST liability requires application to the Commissioner, who must consider the request under law.
    August 7, 2026   Case LawsGST
    Interest on delayed GST refunds may be scrutinised without Chartered Accountant certification where only refunded principal interest is claimed.
    August 7, 2026   Case LawsGST
    Disputed factual allegations in GST fraud claims require statutory appellate review rather than writ adjudication.
    August 7, 2026   Case LawsGST
    Electronic credit ledger restrictions require review when Rule 86A conditions no longer exist, enabling consideration of unblocking applications.
    August 7, 2026   Case LawsGST
    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 LawsIncome Tax
    Capital gains classification upheld where investment intent, prolonged holding and consistent prior tax treatment outweighed isolated flat sales.
    August 7, 2026   Case LawsIncome Tax
    Restricted government grants remain non-income, while block depreciation applies despite retirement of individual business assets from active use.
    August 7, 2026   Case LawsIncome Tax
    Revisionary jurisdiction is barred for appealed purchase issues and cannot replace a plausible assessment after inquiry.
    August 7, 2026   Case LawsIncome Tax
    Rejection of Books Requires Specific Accounting Defects; missing quality-wise stock details alone cannot support estimated-profit additions.
    August 7, 2026   Case LawsIncome Tax
    Foreign tax credit for partnership legal-service receipts remains available where overseas income is taxed in India and documented.
    August 7, 2026   Case LawsIncome Tax
    Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
    August 7, 2026   Case LawsIncome Tax
    Explained foreign life-insurance investments remain outside undisclosed-asset taxation, while foreign insurer maturity proceeds qualify for exemption.
    August 7, 2026   Case LawsIncome Tax
    Section 80P deduction for deposit income and strict reassessment limitation determine the treatment of consequential penalty proceedings.
    August 7, 2026   Case LawsIncome Tax
    Timely reassessment returns satisfy deduction-filing requirements, while revision fails where the assessment examined the deduction claim.
    August 7, 2026   Case LawsIncome Tax
    Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
    August 7, 2026   Case LawsBenami Property
    Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
    August 7, 2026   Case LawsCustoms
    Provisional release representations require a hearing and reasoned decision, while the merits of seizure remain open.
    August 7, 2026   Case LawsCustoms
    Customs transaction value rejection requires cogent proof of undervaluation; unsupported evidence cannot sustain duty demands or penalties.
    August 7, 2026   Case LawsCustoms
    Reliability of delayed sample re-testing: contemporaneous iron ore evidence supported export duty and cess exemption for qualifying fines.
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    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.
    August 7, 2026   Case Laws Income Tax
    Restricted government grants remain non-income, while block depreciation applies despite retirement of individual business assets from active use.
    August 7, 2026   Case Laws Income Tax
    Revisionary jurisdiction is barred for appealed purchase issues and cannot replace a plausible assessment after inquiry.
    August 7, 2026   Case Laws Income Tax
    Rejection of Books Requires Specific Accounting Defects; missing quality-wise stock details alone cannot support estimated-profit additions.
    August 7, 2026   Case Laws Income Tax
    Foreign tax credit for partnership legal-service receipts remains available where overseas income is taxed in India and documented.
    August 7, 2026   Case Laws Income Tax
    Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer.
    August 7, 2026   Case Laws Income Tax
    Explained foreign life-insurance investments remain outside undisclosed-asset taxation, while foreign insurer maturity proceeds qualify for exemption.
    August 7, 2026   Case Laws Income Tax
    Section 80P deduction for deposit income and strict reassessment limitation determine the treatment of consequential penalty proceedings.
    August 7, 2026   Case Laws Income Tax
    Timely reassessment returns satisfy deduction-filing requirements, while revision fails where the assessment examined the deduction claim.
    August 7, 2026   Case Laws Income Tax
    Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubts.
    August 7, 2026   Case Laws Benami Property
    Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations remain unaddressed.
    August 7, 2026   Case Laws Customs
    Provisional release representations require a hearing and reasoned decision, while the merits of seizure remain open.
    August 7, 2026   Case Laws Customs
    Customs transaction value rejection requires cogent proof of undervaluation; unsupported evidence cannot sustain duty demands or penalties.
    August 7, 2026   Case Laws Customs
    Reliability of delayed sample re-testing: contemporaneous iron ore evidence supported export duty and cess exemption for qualifying fines.

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

      Admission of Section 7 application under IBC - The Appellant...

      Appellant Granted 90 Days to Deposit Settlement in Insolvency Case, Tribunal Balances Justice and Efficiency.

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      Insolvency and BankruptcyMarch 29, 2024Case LawsAT
      Admission of Section 7 application under IBC - The Appellant contests the admission, citing the submission of a One Time Settlement (OTS) proposal and the Reserve Bank of India (RBI) circular regarding OTS proposals. - The Tribunal acknowledges the OTS proposal and the Bank's 'no objection' for deferring the pronouncement of the order. However, it emphasizes the need for justice and provides an opportunity for the Appellant to deposit the offered amount within 90 days. The Tribunal also addresses the validity of Section 10-A of IBC, directing the deposit of the offered amount within the specified time frame. Overall, the Tribunal focuses on resolving the matter effectively while ensuring fairness and justice.
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