Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Fraudulent trading under s.66(1) IBC was alleged based on suspected round-tripping and non-genuine purchase transactions reflected in the corporate debtor's books. The deciding authority held that absence of purchase invoices, transport/delivery proofs, and supporting payment trails constituted strong circumstantial evidence of sham trading and fund diversion, undermining the claim that payments were in the ordinary course of business. It further held that managing directors, given their control over day-to-day operations, could be held liable where allegations were specific and remained unrebutted, and no breach of natural justice arose as replies were filed and hearing granted. The direction to contribute to the corporate debtor's assets was upheld and the appeal was dismissed - NCLAT
Fraudulent trading under s.66(1) IBC was alleged based on suspected round-tripping and non-genuine purchase transactions reflected in the corporate debtor's books. The deciding authority held that absence of purchase invoices, transport/delivery proofs, and supporting payment trails constituted strong circumstantial evidence of sham trading and fund diversion, undermining the claim that payments were in the ordinary course of business. It further held that managing directors, given their control over day-to-day operations, could be held liable where allegations were specific and remained unrebutted, and no breach of natural justice arose as replies were filed and hearing granted. The direction to contribute to the corporate debtor's assets was upheld and the appeal was dismissed - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
