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 allowed the appeal and directed the RP to classify the appellant as a secured financial creditor. The Tribunal held that the bank had established a security interest by cash collateral in fixed deposits bearing lien endorsements in its favour supporting a non-fund based facility; absence of a separate sanction order did not negate the secured status where the corporate debtor applied for the facility and fixed deposit particulars were on record. The adjudicating authority's order compelling release of amounts held as security was set aside. No evidentiary basis existed to infer waiver by the bank of its liened fixed deposits securing the facility.
NCLAT allowed the appeal and directed the RP to classify the appellant as a secured financial creditor. The Tribunal held that the bank had established a security interest by cash collateral in fixed deposits bearing lien endorsements in its favour supporting a non-fund based facility; absence of a separate sanction order did not negate the secured status where the corporate debtor applied for the facility and fixed deposit particulars were on record. The adjudicating authority's order compelling release of amounts held as security was set aside. No evidentiary basis existed to infer waiver by the bank of its liened fixed deposits securing the facility.
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