Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Insolvency and BankruptcyJanuary 19, 2022Case LawsAT
Nomination of IRP/RP for R-3 company - The appointment of an IRP is clearly provided under Section 22 and the replacement of IRP under Section 27 and therefore, this Application is disposed off with a direction to the CoC to proceed in accordance with law. There is no provision under the Code which empowers one of the Members of the CoC to approach this Tribunal seeking replacement of the IRP or RP when the same is rejected by a majority of Members of the CoC. - AT
Nomination of IRP/RP for R-3 company - The appointment of an IRP is clearly provided under Section 22 and the replacement of IRP under Section 27 and therefore, this Application is disposed off with a direction to the CoC to proceed in accordance with law. There is no provision under the Code which empowers one of the Members of the CoC to approach this Tribunal seeking replacement of the IRP or RP when the same is rejected by a majority of Members of the CoC. - AT
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