Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
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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