Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
The writ petition challenging notices u/ss 13(2) and 13(4) of the SARFAESI Act, 2002, including alleged arbitrary action for non-compliance with a letter of arrangement dated June 28, 2021, was filed after issuance of the Section 13(4) notice. The Supreme Court in Phoenix ARC held that writ petitions against proposed action u/s 13(4) are an abuse of process due to the efficacious statutory remedy of appeal u/s 17. The Supreme Court in Baghora Polylab held that a contract may be discharged by parties entering into a new contract or accepting modified obligations. Here, the respondent executed documents per the November 11, 2021 letter of arrangement, constituting a new contract substituting the original June 28, 2021 restructuring letter. Thus, the cause of action for specific performance of the June 28 letter no longer survives after accepting the November 11 letter. The High Court's direction to give effect to the June 28 letter was set aside.
The writ petition challenging notices u/ss 13(2) and 13(4) of the SARFAESI Act, 2002, including alleged arbitrary action for non-compliance with a letter of arrangement dated June 28, 2021, was filed after issuance of the Section 13(4) notice. The Supreme Court in Phoenix ARC held that writ petitions against proposed action u/s 13(4) are an abuse of process due to the efficacious statutory remedy of appeal u/s 17. The Supreme Court in Baghora Polylab held that a contract may be discharged by parties entering into a new contract or accepting modified obligations. Here, the respondent executed documents per the November 11, 2021 letter of arrangement, constituting a new contract substituting the original June 28, 2021 restructuring letter. Thus, the cause of action for specific performance of the June 28 letter no longer survives after accepting the November 11 letter. The High Court's direction to give effect to the June 28 letter was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
