Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
On approval of a resolution plan, Section 32A of the IBC protects the corporate debtor on a clean slate basis, so attachment of its property for prior offences cannot continue and the impugned MPID notification was liable to be quashed to that extent. The HC also held that vesting under the MPID Act remains inchoate until the Designated Court makes the attachment absolute; absent such an order, the property had not finally vested in the Competent Authority and remained available to the resolution plan. The writ was maintainable because the issue was a pure question of law, despite the alternative forum.
On approval of a resolution plan, Section 32A of the IBC protects the corporate debtor on a clean slate basis, so attachment of its property for prior offences cannot continue and the impugned MPID notification was liable to be quashed to that extent. The HC also held that vesting under the MPID Act remains inchoate until the Designated Court makes the attachment absolute; absent such an order, the property had not finally vested in the Competent Authority and remained available to the resolution plan. The writ was maintainable because the issue was a pure question of law, despite the alternative forum.
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