Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
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Treatment of a creditors claim as contingent liability versus classification as an unsecured creditor determined whether the Adjudicating Authority must admit a Section 9 petition; the Authority is obliged to decide existence of debt, default and any pre-existing dispute, and if debt and default are proved with no dispute, admit the petition. Contingent liabilities require crystallisation before becoming due, a process not shown by the respondent, undermining its contingent classification; binding effect of a BIFR-sanctioned rehabilitation scheme on unsecured creditors does not apply where the claim remained contingent. Appeal allowed and matter restored for fresh adjudication on debt, default and dispute.
Treatment of a creditors claim as contingent liability versus classification as an unsecured creditor determined whether the Adjudicating Authority must admit a Section 9 petition; the Authority is obliged to decide existence of debt, default and any pre-existing dispute, and if debt and default are proved with no dispute, admit the petition. Contingent liabilities require crystallisation before becoming due, a process not shown by the respondent, undermining its contingent classification; binding effect of a BIFR-sanctioned rehabilitation scheme on unsecured creditors does not apply where the claim remained contingent. Appeal allowed and matter restored for fresh adjudication on debt, default and dispute.
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