Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Interest on an electricity security deposit was claimed by a successful auction purchaser on the basis that prior electricity liabilities stood extinguished and that regulatory interest was payable. The NCLAT held that the liquidation-related concessions merely directed restoration of supply and continuation of the security deposit in the corporate debtor's name, and did not create any entitlement to interest. Further, the interest-adjustment mechanism under the applicable electricity regulations operated through annual billing, but supply had been permanently disconnected years earlier and the deposit was withheld against dues resolved through separate HC-directed payments; the auction purchaser, entering in 2021, could not assert interest from the 2016-17 disconnection period. The appeal was dismissed.
Interest on an electricity security deposit was claimed by a successful auction purchaser on the basis that prior electricity liabilities stood extinguished and that regulatory interest was payable. The NCLAT held that the liquidation-related concessions merely directed restoration of supply and continuation of the security deposit in the corporate debtor's name, and did not create any entitlement to interest. Further, the interest-adjustment mechanism under the applicable electricity regulations operated through annual billing, but supply had been permanently disconnected years earlier and the deposit was withheld against dues resolved through separate HC-directed payments; the auction purchaser, entering in 2021, could not assert interest from the 2016-17 disconnection period. The appeal was dismissed.
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