Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
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The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
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