Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
