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...
Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the Resolution Plan - The High Court affirmed that once a Resolution Plan is approved under the IBC, it becomes binding on all stakeholders, including creditors and guarantors, extinguishing liabilities prior to its approval. Relying on Supreme Court judgments, the Court reiterated that the legislative intent behind Section 31 of the IBC is to provide a fresh start to the successful resolution applicant, safeguarding against surprise claims. The Court dismissed attempts to distinguish between voluntary and involuntary insolvency, emphasizing that the protection afforded under Section 31 applies uniformly.
Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the Resolution Plan - The High Court affirmed that once a Resolution Plan is approved under the IBC, it becomes binding on all stakeholders, including creditors and guarantors, extinguishing liabilities prior to its approval. Relying on Supreme Court judgments, the Court reiterated that the legislative intent behind Section 31 of the IBC is to provide a fresh start to the successful resolution applicant, safeguarding against surprise claims. The Court dismissed attempts to distinguish between voluntary and involuntary insolvency, emphasizing that the protection afforded under Section 31 applies uniformly.
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