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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The NCLAT held that Section 238 of the IBC gives overriding effect to proceedings u/s 7, despite Section 10 of CPC. Proceedings u/s 7 must proceed, as the Code's provisions prevail over inconsistent laws. Insolvency resolution must be detected early, and remedial measures taken. Section 7 proceedings cannot be barred by Section 19 proceedings, as they cover different fields. The DRT's rejection of Section 19 proceedings cannot bar a Section 7 application. The determination of default in DRT proceedings, pending in the High Court, is relevant for Section 19 but not a reason to bar Section 7 proceedings. The Supreme Court held that a Section 7 petition is an independent proceeding, unaffected by other pending proceedings. The DRT's order and inconclusive Section 19 proceedings cannot bar a Section 7 application. The Adjudicating Authority erred in barring the Section 7 application. The appeal was allowed, and the Company Petition was revived for fresh consideration.
The NCLAT held that Section 238 of the IBC gives overriding effect to proceedings u/s 7, despite Section 10 of CPC. Proceedings u/s 7 must proceed, as the Code's provisions prevail over inconsistent laws. Insolvency resolution must be detected early, and remedial measures taken. Section 7 proceedings cannot be barred by Section 19 proceedings, as they cover different fields. The DRT's rejection of Section 19 proceedings cannot bar a Section 7 application. The determination of default in DRT proceedings, pending in the High Court, is relevant for Section 19 but not a reason to bar Section 7 proceedings. The Supreme Court held that a Section 7 petition is an independent proceeding, unaffected by other pending proceedings. The DRT's order and inconclusive Section 19 proceedings cannot bar a Section 7 application. The Adjudicating Authority erred in barring the Section 7 application. The appeal was allowed, and the Company Petition was revived for fresh consideration.
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