Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
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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