CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Limitation for a Section 9 IBC application based on MSME Council awards was examined, specifically whether issuance of a Section 8 demand notice in 2019 revived limitation for an application filed in 2020. It was held that the 10-day period after service of a Section 8 notice is only a condition precedent to filing and cannot be used to compute or extend limitation. The limitation period is governed by Article 137 of the Limitation Act, requiring filing within three years from when the right to sue accrues, i.e., when the award became final and operative. Since the claim was already time-barred when the Section 8 notice was issued, the application remained barred and the appeal was dismissed - NCLAT
Limitation for a Section 9 IBC application based on MSME Council awards was examined, specifically whether issuance of a Section 8 demand notice in 2019 revived limitation for an application filed in 2020. It was held that the 10-day period after service of a Section 8 notice is only a condition precedent to filing and cannot be used to compute or extend limitation. The limitation period is governed by Article 137 of the Limitation Act, requiring filing within three years from when the right to sue accrues, i.e., when the award became final and operative. Since the claim was already time-barred when the Section 8 notice was issued, the application remained barred and the appeal was dismissed - NCLAT
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