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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The NCLAT dismissed a Section 7 application by a Financial Creditor as time-barred. While acknowledging that balance sheet entries can extend limitation periods under Section 18 of the Limitation Act, the Tribunal held that the relevant balance sheet was signed on 12.08.2020, making the petition filed on 15.01.2024 clearly time-barred. The Tribunal rejected the appellant's contention that limitation should be calculated from the date of uploading the balance sheet on the MCA portal (14.02.2021) rather than its signing date. The NCLAT affirmed that for acknowledgment of debt in a balance sheet to extend limitation, the material date is when the document is signed, as this constitutes the conscious admission of liability required under Section 18, not when it is subsequently uploaded.
The NCLAT dismissed a Section 7 application by a Financial Creditor as time-barred. While acknowledging that balance sheet entries can extend limitation periods under Section 18 of the Limitation Act, the Tribunal held that the relevant balance sheet was signed on 12.08.2020, making the petition filed on 15.01.2024 clearly time-barred. The Tribunal rejected the appellant's contention that limitation should be calculated from the date of uploading the balance sheet on the MCA portal (14.02.2021) rather than its signing date. The NCLAT affirmed that for acknowledgment of debt in a balance sheet to extend limitation, the material date is when the document is signed, as this constitutes the conscious admission of liability required under Section 18, not when it is subsequently uploaded.
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