Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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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