Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
Determining the maintainability of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) based on the date of default and the applicability of limitation periods. The key points are: The correct date of default was 26.02.2001 as per the recall notice, not 01.06.2019 mentioned in the application. The limitation period under Article 137 of the Limitation Act, 1963, applies to Section 7 applications. The benefit of excluding the limitation period u/s 22(5) of the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, was wrongly denied by the adjudicating authority. However, even after excluding the relevant periods, the Section 7 application filed on 19.12.2019 was beyond the limitation period. The acknowledgment in the 2015-16 balance sheet was after the expiry of the limitation period. Consequently, the adjudicating authority rightly rejected the Section 7 application as time-barred, and the appeal was dismissed.
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