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 rejected appellants' challenge to IBC Section 7 application for corporate insolvency resolution. The tribunal found appellants were direct borrowers, not guarantors, in loan agreements totaling Rs. 5.85 Crores. Despite appellants' claims of financial distress and alleged coercion, the court determined the loan documentation clearly designated them as borrowers. The tribunal dismissed allegations of impropriety, affirming the Adjudicating Authority's decision to initiate corporate insolvency proceedings against the corporate debtor. The appeal was consequently dismissed, upholding the original insolvency resolution order.
NCLAT rejected appellants' challenge to IBC Section 7 application for corporate insolvency resolution. The tribunal found appellants were direct borrowers, not guarantors, in loan agreements totaling Rs. 5.85 Crores. Despite appellants' claims of financial distress and alleged coercion, the court determined the loan documentation clearly designated them as borrowers. The tribunal dismissed allegations of impropriety, affirming the Adjudicating Authority's decision to initiate corporate insolvency proceedings against the corporate debtor. The appeal was consequently dismissed, upholding the original insolvency resolution order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
