Admission of Section 7 application upheld as documentary records prove Rs 50,00,000 financial debt and limitation extended under Section 18

1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available

2. New: “In Favour Of” filter added in Case Laws.

Try both these filters in Case Laws →

Admission of Section 7 application upheld as documentary records prove Rs 50,00,000 financial debt and limitation extended under Section 18

X X X X Extracts X X X X

....NCLAT dismissed the appeal and upheld admission of the Section 7 application. The Tribunal found sufficient evidence that the sum of Rs. 50,00,000 constituted a financial debt advanced for time value of money, supported by TDS entries, 26AS records, matching ledger entries and acknowledgment in the CD's balance sheet dated 31.03.2017. The adjudicating authority correctly held that the first demand arose 04.04.2016, and the balance-sheet acknowledgment within the limitation period extended limitation under Section 18 of the Limitation Act, permitting filing within time. A written agreement was not prerequisite; documentary evidence established debt and default. The appeal lacked merit and was dismissed.....

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

Admission of Section 7 application upheld as documentary records prove Rs 50,00,000 financial debt and limitation extended under Section 18