Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
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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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