Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
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The NCLAT dismissed the appeal, upholding the order of the Adjudicating Authority. The Appellant had informed the liquidator of its decision to relinquish its security interest, rendering Regulation 21A(1) inapplicable. As the Appellant proceeded to realize its security interest without paying the proportionate liquidation costs as per Regulations 21A(2) and (3), the Adjudicating Authority rightly held that the security interest stood relinquished. The Appellant had agreed for joint sale of assets by both liquidators but failed to pay the CIRP and liquidation costs. The NCLAT found no grounds to interfere with the impugned order.
The NCLAT dismissed the appeal, upholding the order of the Adjudicating Authority. The Appellant had informed the liquidator of its decision to relinquish its security interest, rendering Regulation 21A(1) inapplicable. As the Appellant proceeded to realize its security interest without paying the proportionate liquidation costs as per Regulations 21A(2) and (3), the Adjudicating Authority rightly held that the security interest stood relinquished. The Appellant had agreed for joint sale of assets by both liquidators but failed to pay the CIRP and liquidation costs. The NCLAT found no grounds to interfere with the impugned order.
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