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...
The circular no. IBBI/LIQ/61/2023 dated 28th September 2023 regarding liquidators' fee under Regulation 4 of IBBI (Liquidation Process) Regulations, 2016 has been partially modified. The Hon'ble Bombay High Court, in a case involving the Insolvency and Bankruptcy Board of India, invalidated Paragraphs 2.1 and 2.5 of the circular. Consequently, these paragraphs are withdrawn. Insolvency Professionals who have not complied with the circular are required to do so by 31st May 2024. This modification is made u/s 196 of the Insolvency and Bankruptcy Code, 2016.
The circular no. IBBI/LIQ/61/2023 dated 28th September 2023 regarding liquidators' fee under Regulation 4 of IBBI (Liquidation Process) Regulations, 2016 has been partially modified. The Hon'ble Bombay High Court, in a case involving the Insolvency and Bankruptcy Board of India, invalidated Paragraphs 2.1 and 2.5 of the circular. Consequently, these paragraphs are withdrawn. Insolvency Professionals who have not complied with the circular are required to do so by 31st May 2024. This modification is made u/s 196 of the Insolvency and Bankruptcy Code, 2016.
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