Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Application under the Insolvency Code seeking initiation of insolvency via a guarantor was time barred under the Limitation Act: the tribunal applied the Article 137 three year limitation to applications under Section 94 and found that invocation of the guarantee in 2016-2017, after NPAs declared in 2013-2014, and the applicants' knowledge of potential insolvency filing rendered the 2023 filing barred. Pending debt recovery/security enforcement proceedings did not extend or exclude the limitation period sufficient to save the belated application, which was dismissed.
Application under the Insolvency Code seeking initiation of insolvency via a guarantor was time barred under the Limitation Act: the tribunal applied the Article 137 three year limitation to applications under Section 94 and found that invocation of the guarantee in 2016-2017, after NPAs declared in 2013-2014, and the applicants' knowledge of potential insolvency filing rendered the 2023 filing barred. Pending debt recovery/security enforcement proceedings did not extend or exclude the limitation period sufficient to save the belated application, which was dismissed.
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