The Bench observed that the Assessing Officer failed to corroborate the seized material with any independent enquiry or evidence. The ruling also remitted issues relating to unexplained credit card payments for fresh verification and clarified that search validity and notice-related objections were not maintainable before the Tribunal.

The Bench held that book entries and self-generated credit notes cannot extinguish a legally enforceable debt without mutual consent or supporting documentation. Finding that the claim was duly proved through invoices, ledgers, and acknowledgements, the Tribunal admitted the Section 9 petition and commenced CIRP proceedings.

The Bench held that book entries and self-generated credit notes cannot extinguish a legally enforceable debt without mutual consent or supporting documentation. Finding that the claim was duly proved through invoices, ledgers, and acknowledgements, the Tribunal admitted the Section 9 petition and commenced CIRP proceedings.