Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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NCLAT ruled that a Section 9 application filed by the Operational Creditor was non-maintainable as the majority of claimed defaults occurred during the COVID-19 protected period under Section 10A of IBC (March 15, 2020 to February 28, 2022). Following the Supreme Court's Ramesh Kymal precedent, defaults during this period cannot form the basis for CIRP initiation. After excluding these protected defaults, the remaining debt fell below the mandatory Rs. 1 Cr threshold required under Section 4. Additionally, the tribunal condemned the Operational Creditor's "rapacious and intimidatory conduct" in pursuing insolvency proceedings despite having received full payment under the Settlement Deed. The impugned order was set aside, the appeal allowed, and the Corporate Debtor released from CIRP.
NCLAT ruled that a Section 9 application filed by the Operational Creditor was non-maintainable as the majority of claimed defaults occurred during the COVID-19 protected period under Section 10A of IBC (March 15, 2020 to February 28, 2022). Following the Supreme Court's Ramesh Kymal precedent, defaults during this period cannot form the basis for CIRP initiation. After excluding these protected defaults, the remaining debt fell below the mandatory Rs. 1 Cr threshold required under Section 4. Additionally, the tribunal condemned the Operational Creditor's "rapacious and intimidatory conduct" in pursuing insolvency proceedings despite having received full payment under the Settlement Deed. The impugned order was set aside, the appeal allowed, and the Corporate Debtor released from CIRP.
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