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...
Pendency of CIRP against a promoter does not, by itself, bar a society's application for deemed conveyance under MOFA. The Court held that the promoter's duty to convey the land and building arises from statutory and contractual obligations, and that deemed conveyance is a statutory mechanism to perfect the flat purchasers' title, not debt recovery or enforcement of a monetary claim. It further held that there is no inconsistency between MOFA and the IBC requiring exclusion under Section 238, and that the moratorium under Section 14 does not prevent the Competent Authority from deciding the application on merits. The refusal was set aside and the matter restored.
Pendency of CIRP against a promoter does not, by itself, bar a society's application for deemed conveyance under MOFA. The Court held that the promoter's duty to convey the land and building arises from statutory and contractual obligations, and that deemed conveyance is a statutory mechanism to perfect the flat purchasers' title, not debt recovery or enforcement of a monetary claim. It further held that there is no inconsistency between MOFA and the IBC requiring exclusion under Section 238, and that the moratorium under Section 14 does not prevent the Competent Authority from deciding the application on merits. The refusal was set aside and the matter restored.
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