Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Section 29A(c) disqualification must be assessed on the date the resolution plan is submitted, and an earlier NPA-based default cannot be relied on once the relevant corporate debtor's CIRP has ended with approval of a resolution plan and change of management. The Supreme Court held that no dues in praesenti survived on that date, so the appellant was not ineligible under Section 29A(c); prior employment and later slump-sale acquisition were insufficient to attract the bar. It further held that Section 29A(j) is only derivative of a valid ineligibility under clauses (a) to (i), so the connected-person objection also failed. The appeals were allowed, the NCLAT orders were set aside, and the resolution plan was directed to be processed further.
Section 29A(c) disqualification must be assessed on the date the resolution plan is submitted, and an earlier NPA-based default cannot be relied on once the relevant corporate debtor's CIRP has ended with approval of a resolution plan and change of management. The Supreme Court held that no dues in praesenti survived on that date, so the appellant was not ineligible under Section 29A(c); prior employment and later slump-sale acquisition were insufficient to attract the bar. It further held that Section 29A(j) is only derivative of a valid ineligibility under clauses (a) to (i), so the connected-person objection also failed. The appeals were allowed, the NCLAT orders were set aside, and the resolution plan was directed to be processed further.
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