Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
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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