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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The Appellate Tribunal examined the applicability of Section 240A of the Insolvency and Bankruptcy Code (IBC) to the Corporate Debtor registered as an MSME and whether the Successful Resolution Applicant (SRA) was ineligible u/s 29A(c) of the IBC to submit the Resolution Plan. The Adjudicating Authority had held the SRA ineligible, considering the Managing Director's control over the Corporate Debtor and Financial Creditor. However, the Appellate Tribunal observed that the Corporate Debtor's account became a Non-Performing Asset after it was registered as an MSME. Applying Section 240A, the SRA's ineligibility u/s 29A(c) cannot be reckoned when the account was declared non-performing under its management. No other ineligibility was pointed out. The Appellate Tribunal set aside the Adjudicating Authority's order, dismissed the Suspended Director's application, allowed the Resolution Professional's application, and approved the Resolution Plan.
The Appellate Tribunal examined the applicability of Section 240A of the Insolvency and Bankruptcy Code (IBC) to the Corporate Debtor registered as an MSME and whether the Successful Resolution Applicant (SRA) was ineligible u/s 29A(c) of the IBC to submit the Resolution Plan. The Adjudicating Authority had held the SRA ineligible, considering the Managing Director's control over the Corporate Debtor and Financial Creditor. However, the Appellate Tribunal observed that the Corporate Debtor's account became a Non-Performing Asset after it was registered as an MSME. Applying Section 240A, the SRA's ineligibility u/s 29A(c) cannot be reckoned when the account was declared non-performing under its management. No other ineligibility was pointed out. The Appellate Tribunal set aside the Adjudicating Authority's order, dismissed the Suspended Director's application, allowed the Resolution Professional's application, and approved the Resolution Plan.
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