Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
Dominant issue one: Whether admission under Section 7 requires inquiry beyond existence of financial debt and default - court held the mandatory inquiry is limited to debt and occurrence of default; admitted defaults, breach of restructuring and non-payment were conclusively established and the narrow Vidarbha exception was inapplicable, therefore admission into CIRP was correctly ordered. Dominant issue two: Whether a homebuyers' society has locus standi to intervene at the Section 7/admission or appellate stage - court held pre-admission proceedings are in personam, the society is neither a financial nor operational creditor and produced no representative mandate, so it has no statutory right to be heard and cannot appeal. - SC
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