Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Proceedings initiated, continued and concluded against an amalgamating company after it ceased to exist are unsustainable. Although liabilities, existing claims and pending proceedings devolve on the transferee under an amalgamation scheme, post-amalgamation proceedings concerning earlier liabilities must be instituted against the successor company. Reference to, knowledge of, or participation by the successor does not cure proceedings conducted in the name of the non-existent entity, particularly where the order does not address the disclosed amalgamation. The successor has locus to challenge such proceedings because any resulting liability may be fastened upon it. The HC quashed the show cause notice and adjudication order, while leaving merits open and permitting fresh lawful proceedings against the successor.
Proceedings initiated, continued and concluded against an amalgamating company after it ceased to exist are unsustainable. Although liabilities, existing claims and pending proceedings devolve on the transferee under an amalgamation scheme, post-amalgamation proceedings concerning earlier liabilities must be instituted against the successor company. Reference to, knowledge of, or participation by the successor does not cure proceedings conducted in the name of the non-existent entity, particularly where the order does not address the disclosed amalgamation. The successor has locus to challenge such proceedings because any resulting liability may be fastened upon it. The HC quashed the show cause notice and adjudication order, while leaving merits open and permitting fresh lawful proceedings against the successor.
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