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Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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