Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
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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