Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Payments of Rs. 19,66,698.77 made to a related party director within the two year look back period were treated as preferential transactions because the payments reduced the corporate debtor's liability to the related party and could not be excluded by tracing the source of funds. The tribunal held that Regulation 35A timelines are directory, not mandatory, and principles of natural justice were not breached where the adjudicating authority considered the appellant's written objections on merits despite an earlier ex parte notation. The liquidator's investigative power during liquidation to challenge preferential or undervalued transactions validated the challenge; appeals were dismissed.
Payments of Rs. 19,66,698.77 made to a related party director within the two year look back period were treated as preferential transactions because the payments reduced the corporate debtor's liability to the related party and could not be excluded by tracing the source of funds. The tribunal held that Regulation 35A timelines are directory, not mandatory, and principles of natural justice were not breached where the adjudicating authority considered the appellant's written objections on merits despite an earlier ex parte notation. The liquidator's investigative power during liquidation to challenge preferential or undervalued transactions validated the challenge; appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
