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Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
The Appellate Tribunal upheld the replacement of the Resolution Professional (RP) appointed u/s 97 of the Insolvency and Bankruptcy Code (IBC). The RP had previously represented the Corporate Debtor and Personal Guarantor as counsel in a dispute arising from the same debt, which was a rational ground for the Financial Creditor to form an opinion u/s 98 for replacement. The scheme of Section 98 does not require proving a particular ground for replacement. Although Section 94 allows a debtor to initiate insolvency resolution personally or through an RP, the stage u/s 98 for replacement is subsequent to the RP's appointment u/s 97. The Adjudicating Authority did not err in allowing the Financial Creditor's application for replacement, and the appeal was dismissed.
The Appellate Tribunal upheld the replacement of the Resolution Professional (RP) appointed u/s 97 of the Insolvency and Bankruptcy Code (IBC). The RP had previously represented the Corporate Debtor and Personal Guarantor as counsel in a dispute arising from the same debt, which was a rational ground for the Financial Creditor to form an opinion u/s 98 for replacement. The scheme of Section 98 does not require proving a particular ground for replacement. Although Section 94 allows a debtor to initiate insolvency resolution personally or through an RP, the stage u/s 98 for replacement is subsequent to the RP's appointment u/s 97. The Adjudicating Authority did not err in allowing the Financial Creditor's application for replacement, and the appeal was dismissed.
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