Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
Admissibility of Investigative Statements invalidated reliance on coerced emails and valuation redetermination, resulting in set aside of penalties an...
The amendment regulations expand and standardise the personal guarantor insolvency framework by removing clause (e) in regulation 3, replacing prescribed Forms A, B and C with forms notified by circular, and inserting a detailed statement-of-assets requirement for applications under sections 94 and 95. The new disclosure covers cash, business interests, investments, immovable property, retirement benefits, digital assets, intellectual property, valuables, agricultural assets, receivables, contingent claims, ESOPs and beneficial interests, including assets held indirectly, jointly, fiduciary or through nominees and other arrangements. They also introduce a coordination and creditor-approval mechanism for transfer of assets in related corporate insolvency proceedings and align certain procedural provisions with sections 106 and 28A.
The amendment regulations expand and standardise the personal guarantor insolvency framework by removing clause (e) in regulation 3, replacing prescribed Forms A, B and C with forms notified by circular, and inserting a detailed statement-of-assets requirement for applications under sections 94 and 95. The new disclosure covers cash, business interests, investments, immovable property, retirement benefits, digital assets, intellectual property, valuables, agricultural assets, receivables, contingent claims, ESOPs and beneficial interests, including assets held indirectly, jointly, fiduciary or through nominees and other arrangements. They also introduce a coordination and creditor-approval mechanism for transfer of assets in related corporate insolvency proceedings and align certain procedural provisions with sections 106 and 28A.
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