Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
The assessee failed to repay a loan to M/s. Mahindra & Mahindra Financial Services Pvt. Ltd., leading to the auctioning of a car during the assessment year. The successful bidder in the auction made a cash payment directly to M/s. Mahindra & Mahindra Financial Services Pvt. Ltd.'s bank account to clear the loan. The Appellate Tribunal held that since the cash payment was made by the bidder and not the assessee, the assessee cannot be penalized u/s 271E for violating section 269T's provisions regarding cash repayment of a loan. Consequently, the assessee's appeal against the penalty was allowed.
The assessee failed to repay a loan to M/s. Mahindra & Mahindra Financial Services Pvt. Ltd., leading to the auctioning of a car during the assessment year. The successful bidder in the auction made a cash payment directly to M/s. Mahindra & Mahindra Financial Services Pvt. Ltd.'s bank account to clear the loan. The Appellate Tribunal held that since the cash payment was made by the bidder and not the assessee, the assessee cannot be penalized u/s 271E for violating section 269T's provisions regarding cash repayment of a loan. Consequently, the assessee's appeal against the penalty was allowed.
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