Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Page of 4782
Press 'Enter' after typing page number.
401 to 420 of 95636 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The NCLAT upheld the dismissal of a Section 7 petition filed by the appellant against the corporate debtor (CD), finding it was initiated with malicious intent. The tribunal determined that the Rs. 92,00,000 transferred to the CD was not a financial debt but an equity investment to acquire control and directorship. During the relevant period (July-October 2019), common directors served in both entities, indicating the appellant was a related party. The arrangement appeared designed to obstruct SBI's recovery efforts under SARFAESI Act rather than seek genuine resolution. The tribunal concluded the petition was fraudulent, with transactions orchestrated by Mittal family members who controlled both entities, making the claim self-serving and legally untenable. The Rs. 10,00,000 penalty imposed on the appellant was deemed justified.
The NCLAT upheld the dismissal of a Section 7 petition filed by the appellant against the corporate debtor (CD), finding it was initiated with malicious intent. The tribunal determined that the Rs. 92,00,000 transferred to the CD was not a financial debt but an equity investment to acquire control and directorship. During the relevant period (July-October 2019), common directors served in both entities, indicating the appellant was a related party. The arrangement appeared designed to obstruct SBI's recovery efforts under SARFAESI Act rather than seek genuine resolution. The tribunal concluded the petition was fraudulent, with transactions orchestrated by Mittal family members who controlled both entities, making the claim self-serving and legally untenable. The Rs. 10,00,000 penalty imposed on the appellant was deemed justified.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
