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...
IBBI prescribed standard formats for the insolvency resolution process for personal guarantors to corporate debtors under the amended 2019 Regulations. The circular specifies Form A for an insolvency professional's written consent to act as resolution professional, including declarations on registration, disciplinary status, eligibility, disclosures, and concurrent processes; Form B for a creditor's proof of claim, covering claim details, supporting documents, disputes, set-off, security, repayment-plan banking details, and forfeiture election by secured creditors; and Form C for a proxy authorising attendance and voting at creditors' meetings. The enclosed forms are to be used in the process as notified through circular.
IBBI prescribed standard formats for the insolvency resolution process for personal guarantors to corporate debtors under the amended 2019 Regulations. The circular specifies Form A for an insolvency professional's written consent to act as resolution professional, including declarations on registration, disciplinary status, eligibility, disclosures, and concurrent processes; Form B for a creditor's proof of claim, covering claim details, supporting documents, disputes, set-off, security, repayment-plan banking details, and forfeiture election by secured creditors; and Form C for a proxy authorising attendance and voting at creditors' meetings. The enclosed forms are to be used in the process as notified through circular.
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