Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
An application under Section 7 of the Insolvency and Bankruptcy Code is governed by Article 137 of the Limitation Act, and time runs from the date of default. The Court held that limitation began when the accounts were classified as NPA on 06.12.2016, not from the later end of SARFAESI proceedings. After excluding the moratorium period under Section 60(6) and the Covid-related exclusion orders, the petition was still filed beyond the remaining limitation period and was time-barred. The Court also held that admission of a claim by the IRP/RP is only an administrative act and does not amount to acknowledgment under Section 18 of the Limitation Act, which requires a conscious admission by the debtor or authorised person before limitation expires.
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