Business deductions and transfer pricing issues: tribunal treatment of software write-offs, donation receipts, warranty provisions, and related expens...
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NCLAT held that the NCLT committed a manifest illegality by declining release of Flat No. 2402 in "Mantri Pinnacle", Bengaluru, to the successful resolution applicant (SRA) solely on the basis of an interim order of the SC, without first determining whether the said flat was actually covered by the ED's provisional attachment order. NCLT improperly shifted the burden to the enforcement authority by granting liberty to the SRA to approach it, instead of adjudicating the specific issue of attachment. NCLAT set aside the impugned order and remanded the matter to NCLT to reconsider the application afresh, ascertain the attachment status of the property, and pass appropriate orders in accordance with law after granting due hearing to all parties.
NCLAT held that the NCLT committed a manifest illegality by declining release of Flat No. 2402 in "Mantri Pinnacle", Bengaluru, to the successful resolution applicant (SRA) solely on the basis of an interim order of the SC, without first determining whether the said flat was actually covered by the ED's provisional attachment order. NCLT improperly shifted the burden to the enforcement authority by granting liberty to the SRA to approach it, instead of adjudicating the specific issue of attachment. NCLAT set aside the impugned order and remanded the matter to NCLT to reconsider the application afresh, ascertain the attachment status of the property, and pass appropriate orders in accordance with law after granting due hearing to all parties.
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