Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Upon approval of the Resolution Plan by the NCLT, it is binding on all creditors, including the Central and State Governments, u/s 31 of the Insolvency and Bankruptcy Code. The demands raised against the Petitioner-Company pertaining to the period prior to the Plan Effective Date stand automatically extinguished. The Opposite Parties are directed to revise the demands by limiting them to the period from the Plan Effective Date onwards and raise them afresh against the Petitioner-Company in accordance with the law. The impugned letters raising demands covering the period up to the Plan Effective Date are set aside as unsustainable in law.
Upon approval of the Resolution Plan by the NCLT, it is binding on all creditors, including the Central and State Governments, u/s 31 of the Insolvency and Bankruptcy Code. The demands raised against the Petitioner-Company pertaining to the period prior to the Plan Effective Date stand automatically extinguished. The Opposite Parties are directed to revise the demands by limiting them to the period from the Plan Effective Date onwards and raise them afresh against the Petitioner-Company in accordance with the law. The impugned letters raising demands covering the period up to the Plan Effective Date are set aside as unsustainable in law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
