Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The ITAT Chandigarh addressed the validity of income tax proceedings against a dissolved/insolvent company. The tribunal held that under Section 31 of the Insolvency and Bankruptcy Code, 2016, liabilities for periods pre-resolution plan approval can only be paid as per the plan terms. Section 238 of the Code mandates its provisions prevail over inconsistent laws like the Income Tax Act, ensuring the resolution plan's integrity. In Garden Silk Mills P. Ltd. case, the IBC's supremacy over the Income Tax Act was affirmed, with Section 14 of the IBC halting proceedings if an Interim Resolution Professional isn't involved.
The ITAT Chandigarh addressed the validity of income tax proceedings against a dissolved/insolvent company. The tribunal held that under Section 31 of the Insolvency and Bankruptcy Code, 2016, liabilities for periods pre-resolution plan approval can only be paid as per the plan terms. Section 238 of the Code mandates its provisions prevail over inconsistent laws like the Income Tax Act, ensuring the resolution plan's integrity. In Garden Silk Mills P. Ltd. case, the IBC's supremacy over the Income Tax Act was affirmed, with Section 14 of the IBC halting proceedings if an Interim Resolution Professional isn't involved.
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