Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
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