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...
NCLAT dismissed the appeal challenging rejection of a CIRP petition, holding that the appellant is not a "Financial Creditor" under the IBC. Examining the Reseller Agreement, the Tribunal found no disbursement of money as a loan, no obligation of repayment with interest, and no element of time value of money as required under Section 5(8) IBC. The arrangement was characterized as a commercial collaboration and revenue-sharing model linked to resale of goods on an online platform, with contingent, profit-based returns rather than assured interest. The Tribunal held the alleged debt does not qualify as "financial debt"; consequently, the insolvency proceedings were not maintainable and the appeal was rejected.
NCLAT dismissed the appeal challenging rejection of a CIRP petition, holding that the appellant is not a "Financial Creditor" under the IBC. Examining the Reseller Agreement, the Tribunal found no disbursement of money as a loan, no obligation of repayment with interest, and no element of time value of money as required under Section 5(8) IBC. The arrangement was characterized as a commercial collaboration and revenue-sharing model linked to resale of goods on an online platform, with contingent, profit-based returns rather than assured interest. The Tribunal held the alleged debt does not qualify as "financial debt"; consequently, the insolvency proceedings were not maintainable and the appeal was rejected.
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