Reassessment for unreturned property sales survives where transfer information, non-filing, and unsupported exemption claims establish a prima facie l...
Profit-element taxation limits additions for unaccounted flat-sale receipts and grey-market purchases, while reliable search records support partial a...
Non-participating bidders cannot disturb concluded liquidation sales on speculative prejudice, while costs for such challenges must remain proportiona...
The NCLAT held that the Adjudicating Authority erred in relying solely on the NeSL report as conclusive evidence of a financial debt without affording the Corporate Debtor an opportunity to present its defense. The Balance Sheets mentioned long-term borrowings and liabilities under separate heads, and the nature of the transaction needed examination to determine if it constituted a financial debt. The matter was remitted to the Adjudicating Authority for fresh consideration, allowing the Corporate Debtor to file a reply within three weeks to the Section 7 application. The appeal was allowed due to the lack of appropriate consideration of the real nature of the transaction by the Adjudicating Authority.
The NCLAT held that the Adjudicating Authority erred in relying solely on the NeSL report as conclusive evidence of a financial debt without affording the Corporate Debtor an opportunity to present its defense. The Balance Sheets mentioned long-term borrowings and liabilities under separate heads, and the nature of the transaction needed examination to determine if it constituted a financial debt. The matter was remitted to the Adjudicating Authority for fresh consideration, allowing the Corporate Debtor to file a reply within three weeks to the Section 7 application. The appeal was allowed due to the lack of appropriate consideration of the real nature of the transaction by the Adjudicating Authority.
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