Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
NCLAT dismissed the appeal filed by the appellants challenging the NCLT's order directing investigation under s.213 of the Companies Act, 2013 into the affairs of Appellant No.1. Relying on established principles that such investigation cannot be ordered on bare allegations and requires subjective satisfaction based on material indicating public interest prejudice or detriment to members, NCLAT held that the NCLT had correctly applied the law. The Tribunal noted multiple observer reports by a former High Court judge alleging fraudulent transactions, siphoning of funds, and data gaps, and found no prima facie bias. NCLAT held that conclusive proof is not required at this stage, only good reasons and a prima facie case, both of which were adequately recorded in the impugned order.
NCLAT dismissed the appeal filed by the appellants challenging the NCLT's order directing investigation under s.213 of the Companies Act, 2013 into the affairs of Appellant No.1. Relying on established principles that such investigation cannot be ordered on bare allegations and requires subjective satisfaction based on material indicating public interest prejudice or detriment to members, NCLAT held that the NCLT had correctly applied the law. The Tribunal noted multiple observer reports by a former High Court judge alleging fraudulent transactions, siphoning of funds, and data gaps, and found no prima facie bias. NCLAT held that conclusive proof is not required at this stage, only good reasons and a prima facie case, both of which were adequately recorded in the impugned order.
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