Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
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