ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
NCLAT upheld the Adjudicating Authority's finding that the 25.08.2009 Deed of Guarantee was a continuing, irrevocable guarantee binding the guarantor for subsequent renewals and variations under its express clauses; consequently the guarantor remained liable for obligations arising after variations. The tribunal rejected the appellant's contention that resignation from directorship or selective clause reading discharged the guarantee, and found no procedural prejudice in consideration of the Additional Report. Debt and default under the guarantee were established and initiation of CIRP against the appellant was affirmed, subject to limitation of the appellant's liability to Rs. 3.84 crore as stipulated in the 2009 Deed; appeal disposed.
NCLAT upheld the Adjudicating Authority's finding that the 25.08.2009 Deed of Guarantee was a continuing, irrevocable guarantee binding the guarantor for subsequent renewals and variations under its express clauses; consequently the guarantor remained liable for obligations arising after variations. The tribunal rejected the appellant's contention that resignation from directorship or selective clause reading discharged the guarantee, and found no procedural prejudice in consideration of the Additional Report. Debt and default under the guarantee were established and initiation of CIRP against the appellant was affirmed, subject to limitation of the appellant's liability to Rs. 3.84 crore as stipulated in the 2009 Deed; appeal disposed.
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