Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
Customs Broker licence proceedings require accurate procedural facts before delay or natural-justice findings can justify setting aside regulatory act...
Provisional assessment finalisation must precede export duty recovery, while redemption fine fails for goods already exported and unavailable for conf...
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The summary focuses on the dismissal of an appeal challenging the rejection of an insolvency application u/s 9 of the Insolvency and Bankruptcy Code (IBC). The key points are: 1) The appellant claimed interest on license fees, which was disallowed as interest was not agreed upon in the agreement. 2) A portion of the claimed default fell within the prohibited period u/s 10A of the IBC, which the corporate debtor was entitled to exclude. 3) The appellant argued continuous default before, during, and after the prohibited period, but the tribunal found it to be an artificial creation by inflating claims and omitting revised license fees. 4) After recalculating the actual unpaid amount by excluding the portion protected u/s 10A and improperly calculated interest, the outstanding default was below the Rs 1 crore threshold required u/s 4 of the IBC. 5) The appellate tribunal upheld the adjudicating authority's correct interpretation and application of Section 10A, concluding that the outstanding default did not meet the threshold, and dismissed the appeal.
The summary focuses on the dismissal of an appeal challenging the rejection of an insolvency application u/s 9 of the Insolvency and Bankruptcy Code (IBC). The key points are: 1) The appellant claimed interest on license fees, which was disallowed as interest was not agreed upon in the agreement. 2) A portion of the claimed default fell within the prohibited period u/s 10A of the IBC, which the corporate debtor was entitled to exclude. 3) The appellant argued continuous default before, during, and after the prohibited period, but the tribunal found it to be an artificial creation by inflating claims and omitting revised license fees. 4) After recalculating the actual unpaid amount by excluding the portion protected u/s 10A and improperly calculated interest, the outstanding default was below the Rs 1 crore threshold required u/s 4 of the IBC. 5) The appellate tribunal upheld the adjudicating authority's correct interpretation and application of Section 10A, concluding that the outstanding default did not meet the threshold, and dismissed the appeal.
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