Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
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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