Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
A pre-existing dispute barred admission of the Section 9 insolvency application where the corporate debtor's reply to the demand notice expressly denied liability and disputed the claim amount, and prior correspondence had already recorded defects, delay and deficient performance. Applying the Mobilox test, the Tribunal held that it was enough that the defence disclosed a plausible dispute requiring further adjudication; the Adjudicating Authority was not to decide the merits of the contractual controversy. The dispute was neither moonshine nor illusory, so insolvency could not be used as a substitute for recovery or contractual adjudication. The rejection of the Section 9 application was therefore affirmed, with liberty to pursue other remedies in law.
A pre-existing dispute barred admission of the Section 9 insolvency application where the corporate debtor's reply to the demand notice expressly denied liability and disputed the claim amount, and prior correspondence had already recorded defects, delay and deficient performance. Applying the Mobilox test, the Tribunal held that it was enough that the defence disclosed a plausible dispute requiring further adjudication; the Adjudicating Authority was not to decide the merits of the contractual controversy. The dispute was neither moonshine nor illusory, so insolvency could not be used as a substitute for recovery or contractual adjudication. The rejection of the Section 9 application was therefore affirmed, with liberty to pursue other remedies in law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
