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...
The NCLAT dismissed the appeal and upheld the impugned order refusing access to the first set of valuation reports to the suspended management of the corporate debtor. The Tribunal held the resolution professional acted within the statutory scheme of Section 24 of the IBC and CIRP Regulation 35(2): voting and full member rights of CoC are distinct from participative status of suspended directors, and confidential valuation material need not be furnished to persons bereft of voting rights. The RP's omission to circulate two valuers' reports with the earlier notice was attributable to their receipt on the meeting date, not wilful non-compliance, and the Appellant was permitted to participate in non-confidential agenda items. No interference was warranted; appeal dismissed.
The NCLAT dismissed the appeal and upheld the impugned order refusing access to the first set of valuation reports to the suspended management of the corporate debtor. The Tribunal held the resolution professional acted within the statutory scheme of Section 24 of the IBC and CIRP Regulation 35(2): voting and full member rights of CoC are distinct from participative status of suspended directors, and confidential valuation material need not be furnished to persons bereft of voting rights. The RP's omission to circulate two valuers' reports with the earlier notice was attributable to their receipt on the meeting date, not wilful non-compliance, and the Appellant was permitted to participate in non-confidential agenda items. No interference was warranted; appeal dismissed.
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