Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
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...
NCLAT upheld the NCLT's order directing Appellants to jointly and severally refund Rs. 91,00,000 to the corporate debtor. It held that cheques dated prior to commencement of CIRP but encashed during the moratorium, when no sufficient funds existed on the date of issuance and amounts were realized from post-moratorium credits, violated Section 14 IBC. The doctrine of relation back was rejected, as the cheques were issued in anticipation of future funds and not in the ordinary course of business, especially when a Section 7 petition stood reserved for orders. Allegations of a pre-existing internal understanding and of violation of principles of natural justice were disbelieved. The appeal was dismissed.
NCLAT upheld the NCLT's order directing Appellants to jointly and severally refund Rs. 91,00,000 to the corporate debtor. It held that cheques dated prior to commencement of CIRP but encashed during the moratorium, when no sufficient funds existed on the date of issuance and amounts were realized from post-moratorium credits, violated Section 14 IBC. The doctrine of relation back was rejected, as the cheques were issued in anticipation of future funds and not in the ordinary course of business, especially when a Section 7 petition stood reserved for orders. Allegations of a pre-existing internal understanding and of violation of principles of natural justice were disbelieved. The appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
