Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Insolvency and BankruptcyAugust 8, 2022Case LawsSC
Initiation of CIRP - NCLT admitted the application - NCLAT quashed the proceedings - Financial Creditors - Period of limitation - An acknowledgement made in writing within the period of limitation extends the period of limitation. In this case, there was no acknowledgement of debt within three years from the period on which the account of the Corporate Debtor was declared NPA or within three years from the date on which the loan facilities were recalled. - SC
Initiation of CIRP - NCLT admitted the application - NCLAT quashed the proceedings - Financial Creditors - Period of limitation - An acknowledgement made in writing within the period of limitation extends the period of limitation. In this case, there was no acknowledgement of debt within three years from the period on which the account of the Corporate Debtor was declared NPA or within three years from the date on which the loan facilities were recalled. - SC
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