Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Timely resolution under the IBC was held to outweigh an indefinitely delayed plan approval process where the post-remand refiling timeline was missed, no extension or condonation was sought, and defects in the approval application remained unresolved for months. The Appellate Tribunal held that extension beyond the outer limit is reserved for exceptional cases where delay stems from legal proceedings or factors not attributable to the parties, which was not shown here because the delay was caused by the resolution professional and the committee of creditors. Liquidation was therefore upheld, and the challenge to the rejection of the plan failed. Adverse remarks against the resolution professional were also sustained as fact-based and supported by the record.
Timely resolution under the IBC was held to outweigh an indefinitely delayed plan approval process where the post-remand refiling timeline was missed, no extension or condonation was sought, and defects in the approval application remained unresolved for months. The Appellate Tribunal held that extension beyond the outer limit is reserved for exceptional cases where delay stems from legal proceedings or factors not attributable to the parties, which was not shown here because the delay was caused by the resolution professional and the committee of creditors. Liquidation was therefore upheld, and the challenge to the rejection of the plan failed. Adverse remarks against the resolution professional were also sustained as fact-based and supported by the record.
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