Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
The NCLAT dismissed an appeal against admission of a Section 7 application filed by SBI for a default of 1049.72 Crore. The Tribunal found that debt and default were established facts, with the corporate debtor's accounts declared NPA on 26.07.2017 and a loan recall notice issued on 11.01.2019 demanding payment of 2078.04 Crore from consortium lenders. Despite multiple opportunities and interim orders that delayed the CIRP, the appellant failed to produce any accepted one-time settlement proposal. The Tribunal concluded that the corporate debtor was demonstrably unable to clear its debt, making this an appropriate case for insolvency proceedings to continue. The appellant's dilatory tactics and failure to reach settlement justified dismissal of the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
