Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
The corporate debtor cannot be prosecuted for prior liability after the approval of the Resolution Plan, as per Section 32-A of the Insolvency & Bankruptcy Code (IBC). However, the protection u/s 32-A is limited to the corporate debtor and does not extend to its Directors who were in charge when the offence was committed or were signatories to the cheque. The Supreme Court in Ajay Kumar Radheshuyam Goenka case clarified that in proceedings u/s 138 of the Negotiable Instruments Act, if the plan is approved or the company dissolved during the pendency, the Directors and other accused cannot escape liability by citing dissolution. They will have to continue facing prosecution. The High Court allowed the Criminal Original Petitions.
The corporate debtor cannot be prosecuted for prior liability after the approval of the Resolution Plan, as per Section 32-A of the Insolvency & Bankruptcy Code (IBC). However, the protection u/s 32-A is limited to the corporate debtor and does not extend to its Directors who were in charge when the offence was committed or were signatories to the cheque. The Supreme Court in Ajay Kumar Radheshuyam Goenka case clarified that in proceedings u/s 138 of the Negotiable Instruments Act, if the plan is approved or the company dissolved during the pendency, the Directors and other accused cannot escape liability by citing dissolution. They will have to continue facing prosecution. The High Court allowed the Criminal Original Petitions.
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TaxTMI 
TaxTMI 
