Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
Section 7 of the Insolvency and Bankruptcy Code requires the existence of a financial debt and default, but the Supreme Court held that insolvency cannot be used as a coercive recovery tool. Reading the quadripartite agreement, the Court found that the disbursement was made to the builder and was tied to construction, transfer, refund contingencies, non-transfer without consent, and security creation, making the dispute predominantly contractual rather than a simple lending default. As recovery proceedings were already pending before the DRT, initiation of CIRP was unwarranted and the refusal to admit the Section 7 application was upheld.
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