Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
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