Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
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Section 65 of the IBC permits termination of CIRP where initiation is shown to be fraudulent or malicious, but only on specific pleadings and supporting material. The NCLAT held that the provision can be invoked even after a Section 7 admission order attains finality, yet it cannot be used to reopen the earlier finding on debt and default. On the facts, the bank relied on the same assignment-based contention already considered in the Section 7 proceedings, and the record did not show collusion, fraud or malicious intent. The forensic audit direction was also set aside because no such relief had been sought and it was unnecessary once Section 65 relief was refused.
Section 65 of the IBC permits termination of CIRP where initiation is shown to be fraudulent or malicious, but only on specific pleadings and supporting material. The NCLAT held that the provision can be invoked even after a Section 7 admission order attains finality, yet it cannot be used to reopen the earlier finding on debt and default. On the facts, the bank relied on the same assignment-based contention already considered in the Section 7 proceedings, and the record did not show collusion, fraud or malicious intent. The forensic audit direction was also set aside because no such relief had been sought and it was unnecessary once Section 65 relief was refused.
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