Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Financial debt characterization was examined for payments described as share subscription money; the rules exclude share subscription amounts from the definition of deposit under Rule 2(c)(vii) of the Companies (Acceptance of Deposits) Rules, 2014, and therefore such payments do not convert into financial debt permitting invocation of the Insolvency Code. An acknowledgment in the debtor's books was considered but found insufficient to alter character into financial debt. Resultantly the tribunal found no financial debt enabling a petition under insolvency law and dismissed the appeal.
Financial debt characterization was examined for payments described as share subscription money; the rules exclude share subscription amounts from the definition of deposit under Rule 2(c)(vii) of the Companies (Acceptance of Deposits) Rules, 2014, and therefore such payments do not convert into financial debt permitting invocation of the Insolvency Code. An acknowledgment in the debtor's books was considered but found insufficient to alter character into financial debt. Resultantly the tribunal found no financial debt enabling a petition under insolvency law and dismissed the appeal.
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