Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
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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