Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium was imposed, prohibiting any creation of charge on its properties during the CIRP period. Despite this, the respondents created a charge on the petitioner's properties, violating the IBC's provisions. Subsequently, an acquisition plan for the petitioner-company was approved by the NCLT, extinguishing all existing debts, including tax dues owed to the respondents. The IBC's "Clean Slate" principle mandates the extinguishment of all government dues upon approval of a resolution/acquisition plan. The respondents' claim of priority for tax dues as "Crown Debt" was rejected. The High Court issued a mandamus, directing the removal of the respondents' charge/red entries on the petitioner's properties, as their actions were illegal and arbitrary under the IBC.
Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium was imposed, prohibiting any creation of charge on its properties during the CIRP period. Despite this, the respondents created a charge on the petitioner's properties, violating the IBC's provisions. Subsequently, an acquisition plan for the petitioner-company was approved by the NCLT, extinguishing all existing debts, including tax dues owed to the respondents. The IBC's "Clean Slate" principle mandates the extinguishment of all government dues upon approval of a resolution/acquisition plan. The respondents' claim of priority for tax dues as "Crown Debt" was rejected. The High Court issued a mandamus, directing the removal of the respondents' charge/red entries on the petitioner's properties, as their actions were illegal and arbitrary under the IBC.
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