Authority rules B+G+31 service apartment is commercial building construction, not multi-storey residential for tax classification under RERA definitio...
Resale price method upheld for distribution; assessee's margins accepted and certain transfer-pricing adjustments deleted due to documented reimbursem...
NCLAT dismissed the appeal and upheld the AA's rejection of a Section 7 IBC petition seeking admission of a Rs 1 crore claim as financial debt. The Tribunal affirmed that disbursal, time-value and commercial effect can constitute financial debt even if interest is not charged and absence of a written contract is not determinative. However, the AA correctly found that default and exigibility of the debt were not established: the asserted date of default tied to completion of a project was disputed and the debt was not shown to be due and payable. No infirmity was found in the impugned order; the appeal was dismissed.
NCLAT dismissed the appeal and upheld the AA's rejection of a Section 7 IBC petition seeking admission of a Rs 1 crore claim as financial debt. The Tribunal affirmed that disbursal, time-value and commercial effect can constitute financial debt even if interest is not charged and absence of a written contract is not determinative. However, the AA correctly found that default and exigibility of the debt were not established: the asserted date of default tied to completion of a project was disputed and the debt was not shown to be due and payable. No infirmity was found in the impugned order; the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
