Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
The amendment streamlines the bankruptcy framework for personal guarantors by omitting clause (g) in regulation 2, replacing prescribed Forms A and B with forms notified by circular, and inserting section 164A into the relevant disclosure provision. It also adds regulation 20A to require the bankruptcy trustee to coordinate asset transfers with the corporate debtor's resolution professional, obtain committee of creditors approval for such transfers, and ensure proper disclosure of approved transfers under the applicable reporting provisions. Form A and Form B are omitted from the principal regulations.
The amendment streamlines the bankruptcy framework for personal guarantors by omitting clause (g) in regulation 2, replacing prescribed Forms A and B with forms notified by circular, and inserting section 164A into the relevant disclosure provision. It also adds regulation 20A to require the bankruptcy trustee to coordinate asset transfers with the corporate debtor's resolution professional, obtain committee of creditors approval for such transfers, and ensure proper disclosure of approved transfers under the applicable reporting provisions. Form A and Form B are omitted from the principal regulations.
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