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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NCLAT affirmed the AA's admission of the Section 7 application, dismissing the appeal. The Tribunal held the asserted Rs.2,50,00,000 obligation constituted "financial debt" under Section 5(8) of the IBC, noting consistent acknowledgement in the corporate debtor's audited balance sheets for FY 2017-18, 2018-19, 2020-21, 2021-22 and 2022-23. Pursuant to Section 18 of the Limitation Act, those acknowledgements extended the limitation period, rendering the Section 7 petition filed on 30.03.2024 time-barred. On review of materials, the AA correctly found debt and default; no infirmity was shown in admitting the petition. The appeal lacked merit and was dismissed.
NCLAT affirmed the AA's admission of the Section 7 application, dismissing the appeal. The Tribunal held the asserted Rs.2,50,00,000 obligation constituted "financial debt" under Section 5(8) of the IBC, noting consistent acknowledgement in the corporate debtor's audited balance sheets for FY 2017-18, 2018-19, 2020-21, 2021-22 and 2022-23. Pursuant to Section 18 of the Limitation Act, those acknowledgements extended the limitation period, rendering the Section 7 petition filed on 30.03.2024 time-barred. On review of materials, the AA correctly found debt and default; no infirmity was shown in admitting the petition. The appeal lacked merit and was dismissed.
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