Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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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.
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