Electronic WhatsApp evidence without authentication or independent corroboration cannot sustain an unexplained-investment addition based on third-part...
Mutual current-account transactions excluded from deemed dividend treatment where no fresh borrowing arose; unsupported unsecured-loan addition also f...
NCLAT held that the transaction between parties was a sale and purchase of assets, not a financial debt under Section 5(8) of Insolvency and Bankruptcy Code. The amounts transferred were for asset consideration, not disbursed for time value of money. The mere inclusion of 2% monthly interest does not transform the transaction into a financial debt. Consequently, the Adjudicating Authority's order admitting the Section 7 application was set aside, and the Corporate Insolvency Resolution Process against the Corporate Debtor was closed.
NCLAT held that the transaction between parties was a sale and purchase of assets, not a financial debt under Section 5(8) of Insolvency and Bankruptcy Code. The amounts transferred were for asset consideration, not disbursed for time value of money. The mere inclusion of 2% monthly interest does not transform the transaction into a financial debt. Consequently, the Adjudicating Authority's order admitting the Section 7 application was set aside, and the Corporate Insolvency Resolution Process against the Corporate Debtor was closed.
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