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...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
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NCLAT addressed a dispute regarding an onerous Leave and License Agreement under Regulation 10 of Liquidation Regulations. The Tribunal unanimously held that the transaction dated 07.06.2019 was unprofitable and burdensome, qualifying as an onerous property. Both Technical and Judicial Members concurred that the liquidator could disclaim the contract. The Tribunal definitively ruled that Regulation 10 is not ultra vires to the Insolvency and Bankruptcy Code, as it was validly enacted under Section 35(1)(o). Consequently, the NCLAT dismissed the appeal, upholding the adjudicating authority's original order and confirming the liquidator's power to disclaim the onerous property.
NCLAT addressed a dispute regarding an onerous Leave and License Agreement under Regulation 10 of Liquidation Regulations. The Tribunal unanimously held that the transaction dated 07.06.2019 was unprofitable and burdensome, qualifying as an onerous property. Both Technical and Judicial Members concurred that the liquidator could disclaim the contract. The Tribunal definitively ruled that Regulation 10 is not ultra vires to the Insolvency and Bankruptcy Code, as it was validly enacted under Section 35(1)(o). Consequently, the NCLAT dismissed the appeal, upholding the adjudicating authority's original order and confirming the liquidator's power to disclaim the onerous property.
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