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 High Court held that the Deed of Guarantee was conditional upon the approval of the CDR package by the CDR-EG and acceptance by all lenders. Since the CDR package was not approved, the Deed of Guarantee did not become operative. The Court declared by way of interim relief that the Deed of Guarantee dated 10 April 2014 has not become operative. However, this interim declaration does not stay the proceedings initiated against the Plaintiff by the banks before the DRT under the RDB Act or the proceedings before the Tribunals under the IBC, 2016. The Tribunals may consider the interim declaration while exercising their statutory jurisdiction.
The High Court held that the Deed of Guarantee was conditional upon the approval of the CDR package by the CDR-EG and acceptance by all lenders. Since the CDR package was not approved, the Deed of Guarantee did not become operative. The Court declared by way of interim relief that the Deed of Guarantee dated 10 April 2014 has not become operative. However, this interim declaration does not stay the proceedings initiated against the Plaintiff by the banks before the DRT under the RDB Act or the proceedings before the Tribunals under the IBC, 2016. The Tribunals may consider the interim declaration while exercising their statutory jurisdiction.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
