Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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...
Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational creditors were offered payments through equity rather than cash, which is not aligned with the precedence established by the Supreme Court. - The Tribunal modified the order of the NCLT to ensure that the resolution plan complies with the provisions of Section 30(2)(b)(ii) of the IBC. It directed that the resolution applicant distribute the plan amount to the operational creditors on a pro-rata basis as per the said section, prioritizing cash payments over other forms.
Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational creditors were offered payments through equity rather than cash, which is not aligned with the precedence established by the Supreme Court. - The Tribunal modified the order of the NCLT to ensure that the resolution plan complies with the provisions of Section 30(2)(b)(ii) of the IBC. It directed that the resolution applicant distribute the plan amount to the operational creditors on a pro-rata basis as per the said section, prioritizing cash payments over other forms.
Note: It is a system-generated summary and is for quick reference only.
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