Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
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Section 10A exclusion under the Insolvency and Bankruptcy Code must be computed with the correct contractual credit period, and invoices cannot be mechanically placed in the excluded period without reference to the supply terms. The tribunal found that goods from the Indian warehouse carried a 40-day credit period, so the remaining operational debt still crossed the Section 9 threshold. It also held that a later tripartite arrangement, executed after default, did not establish any pre-existing dispute, and that a mismatch between the demand notice and the insolvency claim was explained by post-notice part-payments and contractual interest. The rejection of the Section 9 application was set aside.
Section 10A exclusion under the Insolvency and Bankruptcy Code must be computed with the correct contractual credit period, and invoices cannot be mechanically placed in the excluded period without reference to the supply terms. The tribunal found that goods from the Indian warehouse carried a 40-day credit period, so the remaining operational debt still crossed the Section 9 threshold. It also held that a later tripartite arrangement, executed after default, did not establish any pre-existing dispute, and that a mismatch between the demand notice and the insolvency claim was explained by post-notice part-payments and contractual interest. The rejection of the Section 9 application was set aside.
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