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...
Whether operational debt and default existed: the tribunal found invoices for supply of 346 units undisputedly delivered, partial payments accepted without quality/quantity or pricing objections, and an outstanding unpaid balance of €1,28,204.70 - therefore default on an operational debt that was due and payable was established. Whether pre-existing disputes barred Section 9 relief: the alleged exclusivity agreement involved a different legal entity, the injunction suit concerned distinct subject-matter and was not raised in the demand notice, and the asserted disputes were held frivolous - consequently no bona fide pre-existing dispute existed and admission under Section 9/CIRP initiation was valid. - NCLAT
Whether operational debt and default existed: the tribunal found invoices for supply of 346 units undisputedly delivered, partial payments accepted without quality/quantity or pricing objections, and an outstanding unpaid balance of €1,28,204.70 - therefore default on an operational debt that was due and payable was established. Whether pre-existing disputes barred Section 9 relief: the alleged exclusivity agreement involved a different legal entity, the injunction suit concerned distinct subject-matter and was not raised in the demand notice, and the asserted disputes were held frivolous - consequently no bona fide pre-existing dispute existed and admission under Section 9/CIRP initiation was valid. - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
