Refund claim dismissed as time-barred under s.142(5); non-obstante clause read restrictively, merits not decided, self-assessment payments not mere de...
Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
