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...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
