Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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Insolvency and BankruptcyApril 30, 2024Case LawsAT
CIRP - Validity of resolution plan - Nil Payment to Operational Creditors - waterfall mechanism - The Appellate Tribunal acknowledged the appellants' contention that fairness and equity should be ensured in the distribution of funds, including payment to operational creditors. However, it held that since the liquidation value of the corporate debtor was NIL, and the amount distributed to the corporate debtor under the resolution plan would also be NIL, the plan did not violate Section 30(2)(b) of the IBC. The Tribunal upheld the commercial wisdom of the CoC in approving the resolution plan. It cited established legal precedents that the CoC's decision is beyond judicial review, especially when it does not contravene any provisions of the law. The Tribunal found no error in the impugned order and dismissed the appeal.
CIRP - Validity of resolution plan - Nil Payment to Operational Creditors - waterfall mechanism - The Appellate Tribunal acknowledged the appellants' contention that fairness and equity should be ensured in the distribution of funds, including payment to operational creditors. However, it held that since the liquidation value of the corporate debtor was NIL, and the amount distributed to the corporate debtor under the resolution plan would also be NIL, the plan did not violate Section 30(2)(b) of the IBC. The Tribunal upheld the commercial wisdom of the CoC in approving the resolution plan. It cited established legal precedents that the CoC's decision is beyond judicial review, especially when it does not contravene any provisions of the law. The Tribunal found no error in the impugned order and dismissed the appeal.
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