Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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The SC allowed the appeal, setting aside the dismissal of the Section 7 application under the IBC on limitation grounds. The Court held that the entry in the respondent's Balance Sheet for FY 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963, thereby restarting the limitation period. Applying Section 238A of the IBC and Article 137 of the Limitation Act, the Court found the application filed on 15.01.2024 to be within the permissible limitation period, commencing from the acknowledgment dated 12.08.2020. The prior exclusion period under the Court's earlier order did not apply to expire limitation in this case. The matter was remitted to the adjudicating authority to decide the Section 7 application on merits in accordance with law, treating it as timely filed.
The SC allowed the appeal, setting aside the dismissal of the Section 7 application under the IBC on limitation grounds. The Court held that the entry in the respondent's Balance Sheet for FY 2019-20 constituted a valid acknowledgment of debt under Section 18 of the Limitation Act, 1963, thereby restarting the limitation period. Applying Section 238A of the IBC and Article 137 of the Limitation Act, the Court found the application filed on 15.01.2024 to be within the permissible limitation period, commencing from the acknowledgment dated 12.08.2020. The prior exclusion period under the Court's earlier order did not apply to expire limitation in this case. The matter was remitted to the adjudicating authority to decide the Section 7 application on merits in accordance with law, treating it as timely filed.
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