Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
Pending one-time settlement negotiations with a bank consortium did not justify keeping Section 7 IBC proceedings in abeyance, since the settlement was never unconditionally approved by all consortium members and a borrower cannot claim OTS acceptance as a right; with debt and default undisputed, the financial creditor's statutory right to trigger CIRP could not be subordinated to any inter-creditor/consortium arrangement, leading to affirmation of CIRP admission. Consent of other consortium lenders was not a precondition for a single consortium member to file a standalone Section 7 application, so the admission order suffered no illegality and the appeal was dismissed. - NCLAT
Pending one-time settlement negotiations with a bank consortium did not justify keeping Section 7 IBC proceedings in abeyance, since the settlement was never unconditionally approved by all consortium members and a borrower cannot claim OTS acceptance as a right; with debt and default undisputed, the financial creditor's statutory right to trigger CIRP could not be subordinated to any inter-creditor/consortium arrangement, leading to affirmation of CIRP admission. Consent of other consortium lenders was not a precondition for a single consortium member to file a standalone Section 7 application, so the admission order suffered no illegality and the appeal was dismissed. - NCLAT
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