Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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After approval of the corporate insolvency resolution plan by the NCLT, an income-tax assessment founded on a section 148 notice issued only after that approval was impermissible. Applying the principle in Ghanashyam Mishra, the HC treated prior claims as extinguished once the resolution plan was approved, so a post-approval tax demand could not be sustained. The impugned assessment order was therefore unsustainable and was set aside.
After approval of the corporate insolvency resolution plan by the NCLT, an income-tax assessment founded on a section 148 notice issued only after that approval was impermissible. Applying the principle in Ghanashyam Mishra, the HC treated prior claims as extinguished once the resolution plan was approved, so a post-approval tax demand could not be sustained. The impugned assessment order was therefore unsustainable and was set aside.
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