Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
