Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
The Tribunal excused a 14 day delay because the financial creditor showed sufficient cause-internal referral and head office approval-so the appeal was admitted. On the central issue of costs imposed when the corporate debtor withdrew under the insolvency withdrawal procedure, the Tribunal found no recorded reason for penalising financial creditors who negotiated settlements and facilitated withdrawal; noting other creditors had not objected, it held the Adjudicating Authority could have adopted alternative measures if withdrawal was improper. Consequently, the direction to impose costs on each financial creditor was set aside.
The Tribunal excused a 14 day delay because the financial creditor showed sufficient cause-internal referral and head office approval-so the appeal was admitted. On the central issue of costs imposed when the corporate debtor withdrew under the insolvency withdrawal procedure, the Tribunal found no recorded reason for penalising financial creditors who negotiated settlements and facilitated withdrawal; noting other creditors had not objected, it held the Adjudicating Authority could have adopted alternative measures if withdrawal was improper. Consequently, the direction to impose costs on each financial creditor was set aside.
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