Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
NCLAT upheld the admission of Pre-Packaged Insolvency Resolution Process (PPIRP) for the Corporate Debtor (CD), a registered MSME. While acknowledging that the Section 54C application was filed beyond the 14-day statutory period after the Section 7 application, the Tribunal determined it would not serve stakeholder interests to invalidate the completed resolution. The CD's resolution involved three consortium bank members, with SBI (47.21%), IDBI (26.70%), and Bank of Baroda (26.09%) vote shares. The Tribunal directed the Successful Resolution Applicant to pay any differential amount due to the dissenting financial creditor within 30 days, in accordance with Section 30(2)(b) of IBC. The resolution plan's implementation was maintained, prioritizing the special protection afforded to MSMEs under Chapter III-A of the IBC.
NCLAT upheld the admission of Pre-Packaged Insolvency Resolution Process (PPIRP) for the Corporate Debtor (CD), a registered MSME. While acknowledging that the Section 54C application was filed beyond the 14-day statutory period after the Section 7 application, the Tribunal determined it would not serve stakeholder interests to invalidate the completed resolution. The CD's resolution involved three consortium bank members, with SBI (47.21%), IDBI (26.70%), and Bank of Baroda (26.09%) vote shares. The Tribunal directed the Successful Resolution Applicant to pay any differential amount due to the dissenting financial creditor within 30 days, in accordance with Section 30(2)(b) of IBC. The resolution plan's implementation was maintained, prioritizing the special protection afforded to MSMEs under Chapter III-A of the IBC.
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