Condonation of Delay: directoral disputes and pending company proceedings can constitute reasonable cause, allowing a belated return to be treated as ...
Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
Debt and default were sufficiently proved from the Section 7 materials, including unit-wise allotment details, amounts paid, amounts claimed in default, and supporting allotment and sale documents, so admission of the CIRP was sustained. The NCLAT held that where allottees of a single real-estate project initiate insolvency, the CIRP must be confined to that project and cannot spill over to other separate projects of the same corporate debtor. The admission order was therefore modified to limit the CIRP to Raheja Shilas (Low Rise) only, while creditors linked to other projects were left free to pursue independent remedies. The CIRP was not closed, and withdrawal by settlement under Section 12A was left open.
Debt and default were sufficiently proved from the Section 7 materials, including unit-wise allotment details, amounts paid, amounts claimed in default, and supporting allotment and sale documents, so admission of the CIRP was sustained. The NCLAT held that where allottees of a single real-estate project initiate insolvency, the CIRP must be confined to that project and cannot spill over to other separate projects of the same corporate debtor. The admission order was therefore modified to limit the CIRP to Raheja Shilas (Low Rise) only, while creditors linked to other projects were left free to pursue independent remedies. The CIRP was not closed, and withdrawal by settlement under Section 12A was left open.
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