Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The challenge to dismissal of objections to a scheme of amalgamation was examined on locus standi and maintainability. Since the scheme expressly provided for transfer of legal and other proceedings, the tribunal found no cause to continue the appeal and declined to interfere with rejection of the objections; the objector was left to seek impleadment in any pending insolvency proceeding or pursue other remedies in law. On costs, considering the objector's plea of bona fides and the absence of serious opposition, the costs were reduced from Rs. 10 lakhs to Rs. 2.5 lakhs, payable to the Prime Minister National Relief Fund within six weeks, and the appeal was disposed accordingly. - NCLAT
The challenge to dismissal of objections to a scheme of amalgamation was examined on locus standi and maintainability. Since the scheme expressly provided for transfer of legal and other proceedings, the tribunal found no cause to continue the appeal and declined to interfere with rejection of the objections; the objector was left to seek impleadment in any pending insolvency proceeding or pursue other remedies in law. On costs, considering the objector's plea of bona fides and the absence of serious opposition, the costs were reduced from Rs. 10 lakhs to Rs. 2.5 lakhs, payable to the Prime Minister National Relief Fund within six weeks, and the appeal was disposed accordingly. - NCLAT
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