Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
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 4897 
