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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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Insolvency and BankruptcyMarch 20, 2024Case LawsAT
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
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