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...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
NCLAT upheld the Committee of Creditors' (CoC) commercial wisdom in rejecting the resolution plan. The sole CoC member abstained from voting, which was deemed a valid exercise of discretion. The liquidation application was filed with CoC's consent, and an e-auction was conducted where Respondents 4-7 submitted a successful bid of Rs. 20.63 Cr, significantly higher than the Appellant's offer of Rs. 8 Cr. The tribunal confirmed the legality of the liquidation process, emphasizing that the CoC's decision cannot be questioned. The sale certificate was issued to the successful bidders, and the appeal was consequently dismissed, upholding the statutory framework under the Insolvency and Bankruptcy Code.
NCLAT upheld the Committee of Creditors' (CoC) commercial wisdom in rejecting the resolution plan. The sole CoC member abstained from voting, which was deemed a valid exercise of discretion. The liquidation application was filed with CoC's consent, and an e-auction was conducted where Respondents 4-7 submitted a successful bid of Rs. 20.63 Cr, significantly higher than the Appellant's offer of Rs. 8 Cr. The tribunal confirmed the legality of the liquidation process, emphasizing that the CoC's decision cannot be questioned. The sale certificate was issued to the successful bidders, and the appeal was consequently dismissed, upholding the statutory framework under the Insolvency and Bankruptcy Code.
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