Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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Acknowledgment of debt in the corporate debtor's auditor's report and balance sheet extended limitation for insolvency proceedings against the personal guarantors, and an acknowledgment by the principal borrower was treated as effective for the guarantors. On that basis, a fresh limitation period began from 31.12.2020, with the COVID-19 exclusion applied, so the Section 95 petitions filed on 13.10.2023 were within time. The Tribunal also held that SARFAESI, arbitration and DRT proceedings do not bar concurrent insolvency action against personal guarantors, because remedies under SARFAESI and the IBC are independent and the Code has overriding effect. The dismissal on limitation was reversed and both petitions were allowed.
Acknowledgment of debt in the corporate debtor's auditor's report and balance sheet extended limitation for insolvency proceedings against the personal guarantors, and an acknowledgment by the principal borrower was treated as effective for the guarantors. On that basis, a fresh limitation period began from 31.12.2020, with the COVID-19 exclusion applied, so the Section 95 petitions filed on 13.10.2023 were within time. The Tribunal also held that SARFAESI, arbitration and DRT proceedings do not bar concurrent insolvency action against personal guarantors, because remedies under SARFAESI and the IBC are independent and the Code has overriding effect. The dismissal on limitation was reversed and both petitions were allowed.
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