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 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.
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