Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
An approved resolution plan binds governmental and statutory authorities and operates on a clean-slate basis for tax proceedings relating to pre-approval periods. Where plan clauses expressly extinguish and require withdrawal of pending tax proceedings concerning the corporate debtor, affiliates and subsidiaries, income-tax jurisdiction cannot be exercised inconsistently with the plan. A legal plea based on subsequent undisputed approval of the plan may be admitted in appellate proceedings where it goes to the root of the matter and requires no fresh factual enquiry. Income-tax appeals for the relevant pre-approval assessment years cannot continue; the taxpayer's appeals succeed on this preliminary issue, the Revenue's appeals fail, and merits issues remain open.
An approved resolution plan binds governmental and statutory authorities and operates on a clean-slate basis for tax proceedings relating to pre-approval periods. Where plan clauses expressly extinguish and require withdrawal of pending tax proceedings concerning the corporate debtor, affiliates and subsidiaries, income-tax jurisdiction cannot be exercised inconsistently with the plan. A legal plea based on subsequent undisputed approval of the plan may be admitted in appellate proceedings where it goes to the root of the matter and requires no fresh factual enquiry. Income-tax appeals for the relevant pre-approval assessment years cannot continue; the taxpayer's appeals succeed on this preliminary issue, the Revenue's appeals fail, and merits issues remain open.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4902 
