Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
NCLAT held that the 10-day period under Section 99(1) for resolution professional (RP) to submit report is directory, not mandatory. The legislative scheme allows RPs to seek additional information and submit supplementary reports. In this case, the RP's initial and amended reports were properly submitted and considered by the adjudicating authority. The court found no undue delay or prejudice warranting rejection of reports. The Section 95(1) application by financial creditor was correctly admitted. Appellant's arguments challenging report timelines were rejected, and the appeal was dismissed without substantive merit.
NCLAT held that the 10-day period under Section 99(1) for resolution professional (RP) to submit report is directory, not mandatory. The legislative scheme allows RPs to seek additional information and submit supplementary reports. In this case, the RP's initial and amended reports were properly submitted and considered by the adjudicating authority. The court found no undue delay or prejudice warranting rejection of reports. The Section 95(1) application by financial creditor was correctly admitted. Appellant's arguments challenging report timelines were rejected, and the appeal was dismissed without substantive merit.
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