Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Committee of Creditors-approved resolution plans bind the Committee and the successful resolution applicant even before approval by the Adjudicating Authority. The withdrawal mechanism does not permit withdrawal of the insolvency application or the approved plan after Committee approval and submission for approval. The Committee cannot withdraw approval, initiate a fresh resolution process, or take decisions affecting the pending plan. The Adjudicating Authority must decide pending approval applications against statutory requirements, considering the corporate debtor's current financial position and cash balance; improved profitability alone does not justify refusing approval where those requirements are met.
Committee of Creditors-approved resolution plans bind the Committee and the successful resolution applicant even before approval by the Adjudicating Authority. The withdrawal mechanism does not permit withdrawal of the insolvency application or the approved plan after Committee approval and submission for approval. The Committee cannot withdraw approval, initiate a fresh resolution process, or take decisions affecting the pending plan. The Adjudicating Authority must decide pending approval applications against statutory requirements, considering the corporate debtor's current financial position and cash balance; improved profitability alone does not justify refusing approval where those requirements are met.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
