Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Validity of reassessment proceedings against non-existent entities or amalgamating companies. The key points are: 1) Initiating or continuing proceedings against a dissolved company or one that no longer exists in law would invalidate the proceedings. 2) Once a Scheme of Arrangement is approved, the transferor companies are dissolved by operation of law, and proceedings drawn in their name would be a nullity. 3) Sections 159 and 170 of the Act are not applicable in such cases. 4) Invoking Section 154 for rectification to overcome a jurisdictional error is not permissible. 5) Issuing notices u/s 142(1) bearing the PAN of the erstwhile entity, though a mistake, is not a fundamental flaw or incurable illegality. 6) Failure to apprise the authorities about the approved Scheme of Arrangement renders the proceedings valid. 7) The High Court dismissed petitions where disclosures about the Scheme were not made during assessment proceedings.
Validity of reassessment proceedings against non-existent entities or amalgamating companies. The key points are: 1) Initiating or continuing proceedings against a dissolved company or one that no longer exists in law would invalidate the proceedings. 2) Once a Scheme of Arrangement is approved, the transferor companies are dissolved by operation of law, and proceedings drawn in their name would be a nullity. 3) Sections 159 and 170 of the Act are not applicable in such cases. 4) Invoking Section 154 for rectification to overcome a jurisdictional error is not permissible. 5) Issuing notices u/s 142(1) bearing the PAN of the erstwhile entity, though a mistake, is not a fundamental flaw or incurable illegality. 6) Failure to apprise the authorities about the approved Scheme of Arrangement renders the proceedings valid. 7) The High Court dismissed petitions where disclosures about the Scheme were not made during assessment proceedings.
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