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    February 28, 2026   Case LawsIncome Tax
    Undervalued property under Section 56(2)(vii) - remanded for AO to verify books, CBDT guidance and afford hearing.
    February 28, 2026   Case LawsIncome Tax
    Transfer Pricing methods: Bright Line Test rejected; limited ALP uplift ordered using adjusted TNMM comparability margin.
    February 28, 2026   Case LawsIncome Tax
    Substantial justice over technical non compliance: non deliberate delay in Form 10CCB cannot deny a valid start up tax exemption.
    February 28, 2026   Case LawsIncome Tax
    Books of account rejection required before estimation; estimated additions quashed where AO accepted the books and yet made independent estimates.
    February 28, 2026   Case LawsIncome Tax
    Excessiveness under section 40A(2) must be found; lack of minute employee details alone cannot justify disallowance.
    February 28, 2026   Case LawsIncome Tax
    Goodwill Depreciation disallowed as artificial creation; buy-back distributed-income tax sustained and valuation rejected on related-party transaction...
    February 28, 2026   Case LawsIncome Tax
    Revenue v Capital classification: temporary, site-specific works that yield no enduring business benefit are revenue expenditure, not capital.
    February 28, 2026   Case LawsBenami Property
    Benami Transactions: Provisional attachment upheld; beneficial ownership investigation remains open and appeal dismissed pending reinvestigation.
    February 28, 2026   Case LawsCustoms
    Limitation on Redemption Option: failure to pay within the statutory period and lack of pending appeal nullified the redemption right.
    February 28, 2026   Case LawsCustoms
    Import entitlement for repairs and after sales service extends to authorised service agents; provisional release allowed subject to bond and quantitat...
    February 28, 2026   Case LawsCustoms
    Distinctness of software for customs valuation: software excluded from assessable value; reassessment and penalties disallowed.
    February 28, 2026   Case LawsCustoms
    Conversion of ores into concentrates treated as manufacture, so processed imports lose exemption and attract duty and interest.
    February 28, 2026   Case LawsCustoms
    Customs Broker duty to inform: confirmed penalty for failing to report mixed passenger baggage; licence revocation overturned.
    February 28, 2026   Case LawsCustoms
    Burden of proof on Revenue: failure to prove open cells led to LED/LCD panel classification and exemption restored.
    February 28, 2026   Case LawsFEMA
    Legitimacy of foreign funds governs post residence transfer rights; unexplained funds attract contravention and permit penalty reduction.
    February 28, 2026   Case LawsFEMA
    Standard of proof by preponderance confirms FEMA contraventions based on bank credits and TT corroboration, with confiscation and penalty adjustment.
    February 28, 2026   Case LawsService Tax
    Reverse Charge Liability: recipient bears service tax for manpower supply; extended limitation and penalty disallowed.
    February 28, 2026   Case LawsCentral Excise
    Levy of Clean Energy Cess and excise duty arises at removal from mines; captive use does not automatically exclude liability.
    February 27, 2026   NotificationsIBC
    Valuation report requirement: registered valuers must use Board notified format and retain documentation per circular upon voluntary liquidation.
    February 27, 2026   NotificationsIBC
    Valuation standards now set by Board circular; valuers must use Board-prescribed report format and retain required documentation.
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    February 28, 2026   Case Laws Income Tax
    Undervalued property under Section 56(2)(vii) - remanded for AO to verify books, CBDT guidance and afford hearing.
    February 28, 2026   Case Laws Income Tax
    Transfer Pricing methods: Bright Line Test rejected; limited ALP uplift ordered using adjusted TNMM comparability margin.
    February 28, 2026   Case Laws Income Tax
    Substantial justice over technical non compliance: non deliberate delay in Form 10CCB cannot deny a valid start up tax exemption.
    February 28, 2026   Case Laws Income Tax
    Books of account rejection required before estimation; estimated additions quashed where AO accepted the books and yet made independent estimates.
    February 28, 2026   Case Laws Income Tax
    Excessiveness under section 40A(2) must be found; lack of minute employee details alone cannot justify disallowance.
    February 28, 2026   Case Laws Income Tax
    Goodwill Depreciation disallowed as artificial creation; buy-back distributed-income tax sustained and valuation rejected on related-party transaction.
    February 28, 2026   Case Laws Income Tax
    Revenue v Capital classification: temporary, site-specific works that yield no enduring business benefit are revenue expenditure, not capital.
    February 28, 2026   Case Laws Benami Property
    Benami Transactions: Provisional attachment upheld; beneficial ownership investigation remains open and appeal dismissed pending reinvestigation.
    February 28, 2026   Case Laws Customs
    Limitation on Redemption Option: failure to pay within the statutory period and lack of pending appeal nullified the redemption right.
    February 28, 2026   Case Laws Customs
    Import entitlement for repairs and after sales service extends to authorised service agents; provisional release allowed subject to bond and quantitative ceiling.
    February 28, 2026   Case Laws Customs
    Distinctness of software for customs valuation: software excluded from assessable value; reassessment and penalties disallowed.
    February 28, 2026   Case Laws Customs
    Conversion of ores into concentrates treated as manufacture, so processed imports lose exemption and attract duty and interest.
    February 28, 2026   Case Laws Customs
    Customs Broker duty to inform: confirmed penalty for failing to report mixed passenger baggage; licence revocation overturned.
    February 28, 2026   Case Laws Customs
    Burden of proof on Revenue: failure to prove open cells led to LED/LCD panel classification and exemption restored.
    February 28, 2026   Case Laws FEMA
    Legitimacy of foreign funds governs post residence transfer rights; unexplained funds attract contravention and permit penalty reduction.
    February 28, 2026   Case Laws FEMA
    Standard of proof by preponderance confirms FEMA contraventions based on bank credits and TT corroboration, with confiscation and penalty adjustment.
    February 28, 2026   Case Laws Service Tax
    Reverse Charge Liability: recipient bears service tax for manpower supply; extended limitation and penalty disallowed.
    February 28, 2026   Case Laws Central Excise
    Levy of Clean Energy Cess and excise duty arises at removal from mines; captive use does not automatically exclude liability.
    February 27, 2026   Notifications IBC
    Valuation report requirement: registered valuers must use Board notified format and retain documentation per circular upon voluntary liquidation.
    February 27, 2026   Notifications IBC
    Valuation standards now set by Board circular; valuers must use Board-prescribed report format and retain required documentation.

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      Home› Highlights › IBC › 2026 › March, 2026 › This
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      IBC

      Direct disbursement to the corporate debtor is not mandated for...

      Financial debt: indirect disbursement and a covenant to pay can create secured financial creditor status on the facts.

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      IBCMarch 2, 2026Case LawsAT
      Direct disbursement to the corporate debtor is not mandated for classification as financial debt; funds advanced on behalf of or for the benefit of the corporate debtor may satisfy the disbursement element depending on the contractual and factual matrix. A covenant to pay in supplemental mortgage deeds, read with the debenture trust deed and related documents, operates as an enforceable contract of guarantee converting the claim into a secured financial debt. Substance of the transaction (express payment undertaking and joint-and-several liability) governs classification, and the matter is remitted for fresh adjudication consistent with these principles.
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      ActsIncome Tax
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