Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
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The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending appellate proceedings cannot continue and are liable to be dismissed as infructuous and violative of IBC provisions. This aligns with judicial pronouncements wherein after NCLT approval u/s 13(6) of IBC, the Assessing Officer lacks jurisdiction to reopen assessments. Post Resolution Plan approval, all proceedings against the Corporate Debtor are barred, and only claims as per the plan can be recovered. The Successful Resolution Applicant is entitled to pursue actionable claims favoring the Corporate Debtor after plan approval. Consequently, the assessee's appeal cannot continue and is dismissed as infructuous.
The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending appellate proceedings cannot continue and are liable to be dismissed as infructuous and violative of IBC provisions. This aligns with judicial pronouncements wherein after NCLT approval u/s 13(6) of IBC, the Assessing Officer lacks jurisdiction to reopen assessments. Post Resolution Plan approval, all proceedings against the Corporate Debtor are barred, and only claims as per the plan can be recovered. The Successful Resolution Applicant is entitled to pursue actionable claims favoring the Corporate Debtor after plan approval. Consequently, the assessee's appeal cannot continue and is dismissed as infructuous.
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