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Contributions for Business and Commercial Purposes Not Considered Deemed Dividend u/s 2(22)(e): ITAT [Read Order]
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) held that contributions made for business and commercial purposes do not qualify as ...

NCLT Upholds Rs. 1.03 Crore Operational Debt Despite 24% Interest Challenge, Initiates CIRP u/s 9 [Read Order]
NCLT observed that the corporate debtor had admitted the principal operational debt of Rs. 1.03 crore while disputing only the interest at 24% per annum. The Court held that under Section 9(5) of the IBC, 2016, a dispute limited to interest does not amount to a pre-existing dispute and therefore does not bar initiation of the Corporate Insolvency Resolution Process.

NCLT Upholds Rs. 1.03 Crore Operational Debt Despite 24% Interest Challenge, Initiates CIRP u/s 9 [Read Order]
NCLT observed that the corporate debtor had admitted the principal operational debt of Rs. 1.03 crore while disputing only the interest at 24% per annum. The Court held that under Section 9(5) of the IBC, 2016, a dispute limited to interest does not amount to a pre-existing dispute and therefore does not bar initiation of the Corporate Insolvency Resolution Process.