Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
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NCLAT allowed the appeal, setting aside the NCLT's order dismissing the creditor's application under Section 95 IBC against the personal guarantor as time-barred. It held that the corporate debtor's balance sheets for FY 2016-17 to 2019-20 contained unequivocal acknowledgments of debt, which, by virtue of Section 18 of the Limitation Act and Clauses 12 and 19 of the deed of guarantee, validly extended limitation against the guarantor, whose liability is co-extensive under Section 128 of the Contract Act. The Tribunal further held that the exclusion of limitation from 15.03.2020 to 28.02.2022 made the October 2021 filing within time. It also found the personal guarantee duly invoked through a demand-cum-recall notice issued to both debtor and guarantor.
NCLAT allowed the appeal, setting aside the NCLT's order dismissing the creditor's application under Section 95 IBC against the personal guarantor as time-barred. It held that the corporate debtor's balance sheets for FY 2016-17 to 2019-20 contained unequivocal acknowledgments of debt, which, by virtue of Section 18 of the Limitation Act and Clauses 12 and 19 of the deed of guarantee, validly extended limitation against the guarantor, whose liability is co-extensive under Section 128 of the Contract Act. The Tribunal further held that the exclusion of limitation from 15.03.2020 to 28.02.2022 made the October 2021 filing within time. It also found the personal guarantee duly invoked through a demand-cum-recall notice issued to both debtor and guarantor.
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