Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
A Section 7 application should not be rejected on maintainability without examining the real nature of the transaction where the materials disclose competing versions on whether the funds were a loan, a working-capital infusion, or a capital contribution. Entries in the corporate debtor's books showing the amount as long-term borrowing supported acknowledgment of debt, but the conflicting documents required fuller scrutiny, including the respondent's reply, before a decision on the nature of the debt could be made. The matter was therefore remanded for fresh consideration on merits, and capital contributions by directors or promoters were noted not to be retrospectively treated as financial debt without proper proof.
A Section 7 application should not be rejected on maintainability without examining the real nature of the transaction where the materials disclose competing versions on whether the funds were a loan, a working-capital infusion, or a capital contribution. Entries in the corporate debtor's books showing the amount as long-term borrowing supported acknowledgment of debt, but the conflicting documents required fuller scrutiny, including the respondent's reply, before a decision on the nature of the debt could be made. The matter was therefore remanded for fresh consideration on merits, and capital contributions by directors or promoters were noted not to be retrospectively treated as financial debt without proper proof.
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