Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
