Reassessment under s.148A held valid; s.69 additions totaling Rs.7,00,000 deleted after acceptable contemporaneous explanations for property investmen...
Adjudication set aside; Rule 9 valuation based on internet engineer report quashed for Rule 3(4) non-compliance; Section 138B cross-examination requir...
The NCLAT dismissed the appeal and refused restoration of the company petition under Section 9, affirming the adjudicating authority's rejection of revival and delay-condonation applications under NCLT Rule 48. The Tribunal held that repeated non-appearance of the Appellant's designated counsel evidenced lack of due diligence and absence of sufficient cause, not mere procedural lapse; shifting blame to former counsel and belatedly filing the restoration and condonation applications were insufficient. Restoration under Rule 48(2) was held available only on bona fide, prompt, and satisfactorily explained absence. Given repeated defaults, absence of credible justification and inaction, the appeal lacked merit and was dismissed.
The NCLAT dismissed the appeal and refused restoration of the company petition under Section 9, affirming the adjudicating authority's rejection of revival and delay-condonation applications under NCLT Rule 48. The Tribunal held that repeated non-appearance of the Appellant's designated counsel evidenced lack of due diligence and absence of sufficient cause, not mere procedural lapse; shifting blame to former counsel and belatedly filing the restoration and condonation applications were insufficient. Restoration under Rule 48(2) was held available only on bona fide, prompt, and satisfactorily explained absence. Given repeated defaults, absence of credible justification and inaction, the appeal lacked merit and was dismissed.
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