Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Authorization requirements for customs brokers and benami shipping bills: tribunal upholds licence revocation and penalties after COVID time limit fou...
Eligibility for notification exemption on imported fertilizers challenged; penalty, interest and confiscation set aside after voluntary payment and no...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
