Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
The NCLAT held that the insolvency framework empowers a resolution professional to appoint professionals when needed for the CIRP, and no CoC approval is required for appointing a transaction auditor or for filing an avoidance application; those objections were rejected. It also held that preferential transaction proceedings are summary in nature and do not require joinder of transferee entities where the corporate debtor's records suffice; the non-joinder plea therefore failed. On Section 43, the Tribunal found a preferential transfer only where the recipient was a creditor and the payment was within the related-party look-back period without material showing ordinary-course supply. The transfer to K. Sera Sera Digital Cinema Ltd. was upheld as preferential, while the transfer to K. Sera Sera Miniplex Ltd. was set aside.
The NCLAT held that the insolvency framework empowers a resolution professional to appoint professionals when needed for the CIRP, and no CoC approval is required for appointing a transaction auditor or for filing an avoidance application; those objections were rejected. It also held that preferential transaction proceedings are summary in nature and do not require joinder of transferee entities where the corporate debtor's records suffice; the non-joinder plea therefore failed. On Section 43, the Tribunal found a preferential transfer only where the recipient was a creditor and the payment was within the related-party look-back period without material showing ordinary-course supply. The transfer to K. Sera Sera Digital Cinema Ltd. was upheld as preferential, while the transfer to K. Sera Sera Miniplex Ltd. was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
