Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
A consortium under a resolution process could not be reconstituted after the original resolution plan had already been approved by the CoC. The Tribunal held that the RFRP clause permitting a change in consortium applied only before plan approval, because eligibility, financial strength, feasibility and viability had already been assessed on the original consortium and its consortium agreement. Induction of a new member with a substantial shareholding after approval created a reconstituted applicant outside the final list of prospective resolution applicants, contrary to the RFRP and the CIRP framework. The plea based on CoC commercial wisdom was rejected, as judicial deference does not extend to plans that fail statutory and process compliance. The remand for reconsideration was upheld.
A consortium under a resolution process could not be reconstituted after the original resolution plan had already been approved by the CoC. The Tribunal held that the RFRP clause permitting a change in consortium applied only before plan approval, because eligibility, financial strength, feasibility and viability had already been assessed on the original consortium and its consortium agreement. Induction of a new member with a substantial shareholding after approval created a reconstituted applicant outside the final list of prospective resolution applicants, contrary to the RFRP and the CIRP framework. The plea based on CoC commercial wisdom was rejected, as judicial deference does not extend to plans that fail statutory and process compliance. The remand for reconsideration was upheld.
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