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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The dominant issue was whether the Section 9 IBC application filed on 06.05.2021 was within limitation. Since the claim was founded on the last invoice dated 07.11.2016, the right to apply accrued on 07.11.2016 and limitation was governed by Article 137 of the Limitation Act, not Article 1 on running accounts; a later invoice raised by the corporate debtor on 29.11.2018 could not shift the date of default, rendering the application time-barred. The tribunal also erred in relying on unilateral invoice terms on interest, which were inconsistent and not shown to be accepted by the corporate debtor. The impugned order was set aside and the appeal was allowed. - NCLAT
The dominant issue was whether the Section 9 IBC application filed on 06.05.2021 was within limitation. Since the claim was founded on the last invoice dated 07.11.2016, the right to apply accrued on 07.11.2016 and limitation was governed by Article 137 of the Limitation Act, not Article 1 on running accounts; a later invoice raised by the corporate debtor on 29.11.2018 could not shift the date of default, rendering the application time-barred. The tribunal also erred in relying on unilateral invoice terms on interest, which were inconsistent and not shown to be accepted by the corporate debtor. The impugned order was set aside and the appeal was allowed. - NCLAT
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