Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
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Insolvency and BankruptcyAugust 7, 2024Case LawsHC
Seeking to quash the demand notice for arrears of unpaid electricity charges, the court examined the scope of the Insolvency and Bankruptcy Code (IBC) and the potential for misuse. It held that operational creditors have a right to property under Article 300A of the Constitution, which is a facet of the right to life under Article 21. The Adjudicating Authority is a neutral tribunal to secure the rights of operational creditors against unfair treatment by the Committee of Creditors (CoC). While the Adjudicating Authority cannot substitute its sense of fairness for the CoC's commercial wisdom, it has a revisional jurisdiction to ascertain the correctness of the CoC's actions. The court discussed the finality of the resolution plan, the applicability of the doctrine of Constructive Res Judicata (CST), and the potential for fraud and manipulation in the IBC process. It emphasized the need to protect the interests of operational creditors and questioned the intent of bending backwards to protect one corporate debtor at the risk of exposing public interest to peril.
Seeking to quash the demand notice for arrears of unpaid electricity charges, the court examined the scope of the Insolvency and Bankruptcy Code (IBC) and the potential for misuse. It held that operational creditors have a right to property under Article 300A of the Constitution, which is a facet of the right to life under Article 21. The Adjudicating Authority is a neutral tribunal to secure the rights of operational creditors against unfair treatment by the Committee of Creditors (CoC). While the Adjudicating Authority cannot substitute its sense of fairness for the CoC's commercial wisdom, it has a revisional jurisdiction to ascertain the correctness of the CoC's actions. The court discussed the finality of the resolution plan, the applicability of the doctrine of Constructive Res Judicata (CST), and the potential for fraud and manipulation in the IBC process. It emphasized the need to protect the interests of operational creditors and questioned the intent of bending backwards to protect one corporate debtor at the risk of exposing public interest to peril.
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