Transfer pricing requires evidence for AMP transactions, functionally reliable comparables, and appropriate aggregation or Berry Ratio benchmarking me...
Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
Reassessment jurisdiction fails where unverified portal information is aggregated without examining the taxpayer's explanation or relevance of entries...
Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
Transfer pricing margin adjustments require matching treatment of non-operating income and related costs, with comparability issues reconsidered on ev...
Preliminary-expense amortisation and MAT exempt-income adjustments prevailed, while trademark costs and managerial remuneration require fresh verifica...
Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held that the Financial Creditor had a financial debt which had become due and payable, and there was an incidence of default. The application was filed within the time limitation as the Corporate Debtor had acknowledged the outstanding debt. The Corporate Debtor was given an opportunity to regularize its loan account but failed to pay the required amount. The declaration of the account as NPA under SARFAESI Act did not obstruct the Financial Creditor from initiating CIRP. The loan disbursement by the Financial Creditor was interest-bearing, satisfying the definition of financial debt u/s 5(8) of the IBC. The acknowledgment of debt and default was clear and unambiguous. As a debt was due and payable by the Corporate Debtor, and a default had occurred, the Financial Creditor was entitled to file the Section 7 application, which was rightly admitted by the Adjudicating Authority.
The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held that the Financial Creditor had a financial debt which had become due and payable, and there was an incidence of default. The application was filed within the time limitation as the Corporate Debtor had acknowledged the outstanding debt. The Corporate Debtor was given an opportunity to regularize its loan account but failed to pay the required amount. The declaration of the account as NPA under SARFAESI Act did not obstruct the Financial Creditor from initiating CIRP. The loan disbursement by the Financial Creditor was interest-bearing, satisfying the definition of financial debt u/s 5(8) of the IBC. The acknowledgment of debt and default was clear and unambiguous. As a debt was due and payable by the Corporate Debtor, and a default had occurred, the Financial Creditor was entitled to file the Section 7 application, which was rightly admitted by the Adjudicating Authority.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
