Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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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