Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
The NCLAT held that, under the approved resolution plan and insolvency framework, the power to admit or re-determine claims vested in the resolution professional, not the successful resolution applicant, and the applicant's right to further verification had lapsed after the stipulated 60-day period. Admitted homebuyer claims supported by payment records, creditor-list inclusion and allotment documents could not be reopened belatedly to defeat implementation of the plan. The Tribunal set aside the direction for fresh scrutiny, ordered allotment of the flats and possession in terms of the allotment letters and builder-buyer agreements on payment of the differential amount, and directed IBBI inquiry into alleged fraud and systemic issues.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
