Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
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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