Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Maintainability of application u/s 7 - time limitation - The Appellate Tribunal referenced recent Supreme Court judgments, affirming that a liability arising from a Recovery Certificate constitutes a financial debt under the IBC. Thus, the application filed within the limitation period was deemed valid. The Tribunal upheld the FC's status as a Financial Creditor based on recent Supreme Court rulings, which clarified that a Recovery Certificate gives rise to a fresh cause of action under the IBC. - After thorough consideration of legal arguments and precedents, the NCLAT affirmed the NCLT's decision to admit the application for CIRP.
Maintainability of application u/s 7 - time limitation - The Appellate Tribunal referenced recent Supreme Court judgments, affirming that a liability arising from a Recovery Certificate constitutes a financial debt under the IBC. Thus, the application filed within the limitation period was deemed valid. The Tribunal upheld the FC's status as a Financial Creditor based on recent Supreme Court rulings, which clarified that a Recovery Certificate gives rise to a fresh cause of action under the IBC. - After thorough consideration of legal arguments and precedents, the NCLAT affirmed the NCLT's decision to admit the application for CIRP.
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