Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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NCLAT upheld the NCLT's finding that the impugned memorandum of understanding between the erstwhile directors of the corporate debtor and a counterparty was a fraudulent transaction under s.66 of the IBC. The Tribunal held that the payment structure (98.997% consideration paid, with the balance enabling forfeiture) was intentionally designed to siphon funds from the corporate debtor and defraud creditors. It reiterated that no statutory "look back" period applies to fraudulent transactions and that once fraud is established on a preponderance of probabilities supported by substantial evidence, the transaction is void ab initio and non est without requiring civil court cancellation. Finding no procedural or jurisdictional error by NCLT, NCLAT affirmed the direction to the former directors to contribute Rs. 36,53,00,000 to the assets of the corporate debtor and dismissed the appeal.
NCLAT upheld the NCLT's finding that the impugned memorandum of understanding between the erstwhile directors of the corporate debtor and a counterparty was a fraudulent transaction under s.66 of the IBC. The Tribunal held that the payment structure (98.997% consideration paid, with the balance enabling forfeiture) was intentionally designed to siphon funds from the corporate debtor and defraud creditors. It reiterated that no statutory "look back" period applies to fraudulent transactions and that once fraud is established on a preponderance of probabilities supported by substantial evidence, the transaction is void ab initio and non est without requiring civil court cancellation. Finding no procedural or jurisdictional error by NCLT, NCLAT affirmed the direction to the former directors to contribute Rs. 36,53,00,000 to the assets of the corporate debtor and dismissed the appeal.
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