Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The HC dismissed the petition filed by the petitioner challenging the rejection of its One Time Settlement (OTS) proposal and seeking relief after commencement of the Corporate Insolvency Resolution Process (CIRP) of its step-down subsidiary/Borrower Entity. The HC held that the petitioner failed to approach the court immediately after the OTS rejection, and the delay clouded its bona fides. The RBI Framework must give way to the CIRP once initiated, as the IBC is a self-contained Code. The HC ruled that it cannot compel the sole Financial Creditor to accept an OTS proposal once the CIRP commences, as it replaces bipartite negotiations with multi-party resolutions involving the Committee of Creditors (CoC). The petitioner had an alternative statutory remedy under the IBC but failed to avail it. The withdrawal from CIRP after the CoC's approval of the Resolution Plan would unsettle the binding settlement with the Successful Resolution Applicant. The power to withdraw u/s 12A is subject to the CoC's approval.
The HC dismissed the petition filed by the petitioner challenging the rejection of its One Time Settlement (OTS) proposal and seeking relief after commencement of the Corporate Insolvency Resolution Process (CIRP) of its step-down subsidiary/Borrower Entity. The HC held that the petitioner failed to approach the court immediately after the OTS rejection, and the delay clouded its bona fides. The RBI Framework must give way to the CIRP once initiated, as the IBC is a self-contained Code. The HC ruled that it cannot compel the sole Financial Creditor to accept an OTS proposal once the CIRP commences, as it replaces bipartite negotiations with multi-party resolutions involving the Committee of Creditors (CoC). The petitioner had an alternative statutory remedy under the IBC but failed to avail it. The withdrawal from CIRP after the CoC's approval of the Resolution Plan would unsettle the binding settlement with the Successful Resolution Applicant. The power to withdraw u/s 12A is subject to the CoC's approval.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
