Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan approved by NCLT provided for payment of Rs. 25 crores towards clearing all statutory dues, including claims by government authorities. Referring to the Supreme Court's decision in Ghanshyam Mishra and Sons Pvt. Ltd. case, the High Court held that on the date of approval of the resolution plan, all claims not part of the plan stand extinguished. Consequently, the petitioner's liability arising under the AP VAT Act or GST Act stands extinguished to the extent of its liability up to the date of approval of the resolution plan. The contention that NCLT's order is not binding due to Section 88 of the GST Act was rejected, as Section 238 of the IBC provides for a non-obstante clause overriding other laws. The High Court allowed the petitions, setting aside the demand-cum-adjudication orders issued by the tax authorities.
The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan approved by NCLT provided for payment of Rs. 25 crores towards clearing all statutory dues, including claims by government authorities. Referring to the Supreme Court's decision in Ghanshyam Mishra and Sons Pvt. Ltd. case, the High Court held that on the date of approval of the resolution plan, all claims not part of the plan stand extinguished. Consequently, the petitioner's liability arising under the AP VAT Act or GST Act stands extinguished to the extent of its liability up to the date of approval of the resolution plan. The contention that NCLT's order is not binding due to Section 88 of the GST Act was rejected, as Section 238 of the IBC provides for a non-obstante clause overriding other laws. The High Court allowed the petitions, setting aside the demand-cum-adjudication orders issued by the tax authorities.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
