Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Interest stated only in invoices, without a contractual term or established mutual acceptance, was held not to form part of the enforceable operational debt. The Appellate Tribunal treated the invoice clause as a unilateral stipulation, excluded the interest component from the debt computation, and found that only the admitted principal remained below the statutory threshold for a Section 9 application. It further held that the corporate debtor's denial of liability to pay interest created a live pre-existing dispute, which could not be decided in summary insolvency proceedings. The insolvency application was therefore not maintainable.
Interest stated only in invoices, without a contractual term or established mutual acceptance, was held not to form part of the enforceable operational debt. The Appellate Tribunal treated the invoice clause as a unilateral stipulation, excluded the interest component from the debt computation, and found that only the admitted principal remained below the statutory threshold for a Section 9 application. It further held that the corporate debtor's denial of liability to pay interest created a live pre-existing dispute, which could not be decided in summary insolvency proceedings. The insolvency application was therefore not maintainable.
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