The Tribunal admitted the insolvency plea under Section 7 of the IBC after finding financial default and compliance with RBI norms, initiating CIRP and declaring moratorium.
The Tribunal initiated CIRP proceedings after the borrower acknowledged the loan and default, confirming the existence of a financial debt under Section 7 of the IBC.
Tribunal ruled that advertisement, promotional, and management service payments made by an importer are not a condition of sale and cannot be added to customs valuation under Rule 10(1)(e).
The Tribunal admitted an insolvency application after finding that the debtor failed to pay dues despite completion of consultancy services and no bona fide dispute existed.
Kerala High Court held that declaring income and paying tax under Income Tax Act does not preclude action under the Benami Transactions Act, as both operate independently.
The NCLAT Delhi held that adverse observations made against an IRP in NCLT proceedings should not affect his reputation when no opportunity to respond was given.
The Court directed the customs authority to complete the remanded adjudication within four weeks after prolonged inaction following a previous remand order.
The Madras High Court directed reassessment of GST interest, holding that tax already paid before notice issuance must be considered while computing interest under Section 39.
ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as relative for tax purposes.
The Court directed reconsideration of a GST demand after finding that the taxpayer’s reply was not fully evaluated in confirming an ITC discrepancy.
