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...
Classification of printed technical documents: specific Chapter 49.01 entry prevails, enabling claimed customs exemptions for imported manuals and rep...
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
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