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...
The NCLAT held that the Adjudicating Authority had jurisdiction to determine whether the subject land is an asset of the corporate debtor, as such questions arise out of or relate to the insolvency resolution process. The proceedings conducted by the Sole Arbitrator and the orders passed did not amount to an arbitral award under the Arbitration & Conciliation Act, 1996, and thus were not binding on the parties. The IRP/RP could rightly include the subject land in the Information Memorandum/CIRP process by virtue of Section 18(1)(f) explanation, as the corporate debtor claimed development rights over the land. The Adjudicating Authority did not err in allowing the intervention petition filed by Art Construction Pvt. Ltd. Consequently, the appeal was dismissed.
The NCLAT held that the Adjudicating Authority had jurisdiction to determine whether the subject land is an asset of the corporate debtor, as such questions arise out of or relate to the insolvency resolution process. The proceedings conducted by the Sole Arbitrator and the orders passed did not amount to an arbitral award under the Arbitration & Conciliation Act, 1996, and thus were not binding on the parties. The IRP/RP could rightly include the subject land in the Information Memorandum/CIRP process by virtue of Section 18(1)(f) explanation, as the corporate debtor claimed development rights over the land. The Adjudicating Authority did not err in allowing the intervention petition filed by Art Construction Pvt. Ltd. Consequently, the appeal was dismissed.
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