Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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Assessment/reassessment proceedings against an insolvent company were quashed. A resolution plan was approved by the Tribunal u/s 30(6) of the Insolvency and Bankruptcy Code. The claim lodged by the Deputy Commissioner of Income Tax was verified and admitted during the NCLT proceedings. As per the Code's provisions, no person can initiate or continue proceedings regarding claims for dues relating to the period prior to the resolution plan's approval. Consequently, the Assessment Order passed u/ss 147, 144, and 144B, the order u/s 148A(d), and the notices u/s 148A(b) were quashed and set aside, favoring the assessee.
Assessment/reassessment proceedings against an insolvent company were quashed. A resolution plan was approved by the Tribunal u/s 30(6) of the Insolvency and Bankruptcy Code. The claim lodged by the Deputy Commissioner of Income Tax was verified and admitted during the NCLT proceedings. As per the Code's provisions, no person can initiate or continue proceedings regarding claims for dues relating to the period prior to the resolution plan's approval. Consequently, the Assessment Order passed u/ss 147, 144, and 144B, the order u/s 148A(d), and the notices u/s 148A(b) were quashed and set aside, favoring the assessee.
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