Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
In a back-to-back construction contract, the NCLAT held that where the corporate debtor was entitled only to a 4% margin and had assigned the risks, liabilities and profit share to the sub-contractor, the remaining 96% of receivables from the principal employer belonged to the sub-contractor and was held in trust outside the liquidation estate under section 36(4)(a)(i). It also held that, because the project continued during CIRP to keep the corporate debtor as a going concern, the sub-contractor's running bills formed part of CIRP costs rather than operational debt, and no claim in Form C was required. Interest on the withheld amount was confined to simple interest at 9% up to the date of the impugned order.
In a back-to-back construction contract, the NCLAT held that where the corporate debtor was entitled only to a 4% margin and had assigned the risks, liabilities and profit share to the sub-contractor, the remaining 96% of receivables from the principal employer belonged to the sub-contractor and was held in trust outside the liquidation estate under section 36(4)(a)(i). It also held that, because the project continued during CIRP to keep the corporate debtor as a going concern, the sub-contractor's running bills formed part of CIRP costs rather than operational debt, and no claim in Form C was required. Interest on the withheld amount was confined to simple interest at 9% up to the date of the impugned order.
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