Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
The order addresses the computation of the limitation period for filing an appeal before the Appellate Tribunal u/s 61 of the Insolvency and Bankruptcy Code (IBC). The key points are: The appellant has a statutory right to file an appeal within 30 days u/s 61(2), with an additional 15 days if there is sufficient cause for delay. The appeal was filed on 30.05.2022 through e-filing, and the hard copy was filed on 20.06.2022, before the effective date of the Standard Operating Procedure (SOP) dated 21.10.2022. The SOP dated 21.10.2022 was withdrawn by the SOP dated 24.12.2022, which stipulated that the limitation period is to be counted from the date of e-filing. Following the Supreme Court's decision in Somdev Kappor, the rules prevalent at the time of considering the application are applicable. Therefore, the SOP dated 24.12.2022 is applicable, and the limitation period is to be calculated from the date of e-filing. The respondent's objection that the limitation should be counted from the date of presentation at the counter is overruled. The delay of three days in filing the appeal is condoned as sufficient reason has been assigned by the appellant u/s 61(2) proviso.
The order addresses the computation of the limitation period for filing an appeal before the Appellate Tribunal u/s 61 of the Insolvency and Bankruptcy Code (IBC). The key points are: The appellant has a statutory right to file an appeal within 30 days u/s 61(2), with an additional 15 days if there is sufficient cause for delay. The appeal was filed on 30.05.2022 through e-filing, and the hard copy was filed on 20.06.2022, before the effective date of the Standard Operating Procedure (SOP) dated 21.10.2022. The SOP dated 21.10.2022 was withdrawn by the SOP dated 24.12.2022, which stipulated that the limitation period is to be counted from the date of e-filing. Following the Supreme Court's decision in Somdev Kappor, the rules prevalent at the time of considering the application are applicable. Therefore, the SOP dated 24.12.2022 is applicable, and the limitation period is to be calculated from the date of e-filing. The respondent's objection that the limitation should be counted from the date of presentation at the counter is overruled. The delay of three days in filing the appeal is condoned as sufficient reason has been assigned by the appellant u/s 61(2) proviso.
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