Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The NCLAT set aside the impugned order admitting the Section 7 application, holding that the petition stood withdrawn under the third Proviso to Section 7(1) as amended by the IBC (Amendment) Act, 2020. The original Section 7 application, filed by eight homebuyers prior to the amendment, was required to be modified to meet the threshold of 100 allottees or 10% of total unit holders, which was not complied with. The appellant was directed to honor its settlement proposal by allowing withdrawal of amounts deposited with interest at SBI FD rates within 60 days and reviving allotments canceled by the corporate debtor post-filing, subject to payment of the balance consideration under the Builder Buyer Agreement. The appeal was disposed of accordingly, emphasizing strict adherence to the amended provisions for Section 7 applications.
The NCLAT set aside the impugned order admitting the Section 7 application, holding that the petition stood withdrawn under the third Proviso to Section 7(1) as amended by the IBC (Amendment) Act, 2020. The original Section 7 application, filed by eight homebuyers prior to the amendment, was required to be modified to meet the threshold of 100 allottees or 10% of total unit holders, which was not complied with. The appellant was directed to honor its settlement proposal by allowing withdrawal of amounts deposited with interest at SBI FD rates within 60 days and reviving allotments canceled by the corporate debtor post-filing, subject to payment of the balance consideration under the Builder Buyer Agreement. The appeal was disposed of accordingly, emphasizing strict adherence to the amended provisions for Section 7 applications.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
