Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
A Section 7 application was rejected as time-barred, raising issues whether the claimant was a financial creditor and whether the claim was within limitation. The underlying contract treated the trade advance as converting into a debt carrying time value of money upon default, satisfying the statutory elements of "financial debt"; consequently, the claimant was correctly classified as a financial creditor. On limitation, the exclusion/extension period directed in the SC suo motu proceedings required adding the balance limitation from 15.03.2020 to 01.03.2022, rendering the filing within time; therefore, the rejection on limitation was unsustainable and the appeal was allowed. - NCLAT
A Section 7 application was rejected as time-barred, raising issues whether the claimant was a financial creditor and whether the claim was within limitation. The underlying contract treated the trade advance as converting into a debt carrying time value of money upon default, satisfying the statutory elements of "financial debt"; consequently, the claimant was correctly classified as a financial creditor. On limitation, the exclusion/extension period directed in the SC suo motu proceedings required adding the balance limitation from 15.03.2020 to 01.03.2022, rendering the filing within time; therefore, the rejection on limitation was unsustainable and the appeal was allowed. - NCLAT
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