Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
The central issue was whether initiation of CIRP under Section 7 failed because the alleged debt arose from an oral agreement. The tribunal held that documentary evidence - balance-sheet entries, interest accruals as per the cited agreement, TDS Form-16A and the respondent's own admissions recorded in the impugned order - establish existence of debt and default; therefore the oral-agreement contention is unsustainable. Consequence: the admission of the Section 7 application and initiation of CIRP is upheld and the appeal is dismissed. - NCLAT
The central issue was whether initiation of CIRP under Section 7 failed because the alleged debt arose from an oral agreement. The tribunal held that documentary evidence - balance-sheet entries, interest accruals as per the cited agreement, TDS Form-16A and the respondent's own admissions recorded in the impugned order - establish existence of debt and default; therefore the oral-agreement contention is unsustainable. Consequence: the admission of the Section 7 application and initiation of CIRP is upheld and the appeal is dismissed. - NCLAT
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