Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Existence of debt and default is the determinative test for admitting a financial creditor's Section 7 application; once debt and default are established the Adjudicating Authority need not determine exact quantum and must admit if the petition is complete. The tribunal found the financial creditor's calculations showed the statutory threshold was met and that acknowledgments in accounts can extend limitation under the Limitation Act. The COVID-19 exclusion of limitation was applied so limitation recommenced from 01.03.2022, rendering the Section 7 filing timely. The appeal was dismissed for lack of merit and for negligent conduct by the appellant.
Existence of debt and default is the determinative test for admitting a financial creditor's Section 7 application; once debt and default are established the Adjudicating Authority need not determine exact quantum and must admit if the petition is complete. The tribunal found the financial creditor's calculations showed the statutory threshold was met and that acknowledgments in accounts can extend limitation under the Limitation Act. The COVID-19 exclusion of limitation was applied so limitation recommenced from 01.03.2022, rendering the Section 7 filing timely. The appeal was dismissed for lack of merit and for negligent conduct by the appellant.
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