Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
NCLAT dismissed appeals regarding disputed machinery ownership in insolvency proceedings. The Corporate Debtor (CD) had previously hypothecated the machinery to Financial Creditor (FC) through a loan agreement dated 06.06.2014. Appellant's subsequent claim of machinery being on lease was rejected as no lease deed or payment records were produced. The tribunal noted that CD had created prior charge in favor of FC, claimed depreciation as owner, and the appellant's attempt to remove the asset through a backdated journal entry after CIRP initiation was deemed improper. The machinery was confirmed as CD's property to be included in resolution plan, with the tribunal emphasizing that depreciation claims under tax law establish ownership rather than lease status.
NCLAT dismissed appeals regarding disputed machinery ownership in insolvency proceedings. The Corporate Debtor (CD) had previously hypothecated the machinery to Financial Creditor (FC) through a loan agreement dated 06.06.2014. Appellant's subsequent claim of machinery being on lease was rejected as no lease deed or payment records were produced. The tribunal noted that CD had created prior charge in favor of FC, claimed depreciation as owner, and the appellant's attempt to remove the asset through a backdated journal entry after CIRP initiation was deemed improper. The machinery was confirmed as CD's property to be included in resolution plan, with the tribunal emphasizing that depreciation claims under tax law establish ownership rather than lease status.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
