Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
IBBI has mandated that IPs must include a dedicated section in Information Memorandums detailing carry forward losses under the Income Tax Act, 1961. This enhanced disclosure requirement follows an amendment to Regulation 36 of CIRP Regulations and observations that current disclosures lack robustness. IPs must now specifically detail: quantum of available carry forward losses, breakdown under specific heads per tax law, applicable time limits for utilization, and explicit mention if no such losses exist. This framework aims to provide resolution applicants with comprehensive understanding of the corporate debtor's financial position to develop more informed resolution plans.
IBBI has mandated that IPs must include a dedicated section in Information Memorandums detailing carry forward losses under the Income Tax Act, 1961. This enhanced disclosure requirement follows an amendment to Regulation 36 of CIRP Regulations and observations that current disclosures lack robustness. IPs must now specifically detail: quantum of available carry forward losses, breakdown under specific heads per tax law, applicable time limits for utilization, and explicit mention if no such losses exist. This framework aims to provide resolution applicants with comprehensive understanding of the corporate debtor's financial position to develop more informed resolution plans.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
