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 Committee of Creditors' (CoC) invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant (SRA) for failure to implement the approved Resolution Plan. The Appellate Tribunal found the PBG invocation valid under the Process Memorandum, rejected SRA's arguments about equity infusion, and determined that non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan. The Tribunal directed refund of Rs. 22.09 crores to SRA from the fixed deposit after paying Rs. 20.9 crores to Interim Trade Creditors, denied SRA's 12% interest claim, and dismissed the Bank of Baroda's compensation application. The appeal was disposed of with the Resolution Plan implementation deemed unsustainable by the SRA.
NCLAT upheld the Committee of Creditors' (CoC) invocation of Performance Bank Guarantee (PBG) against the Successful Resolution Applicant (SRA) for failure to implement the approved Resolution Plan. The Appellate Tribunal found the PBG invocation valid under the Process Memorandum, rejected SRA's arguments about equity infusion, and determined that non-disclosure of Transaction Audit Report did not vitiate the Resolution Plan. The Tribunal directed refund of Rs. 22.09 crores to SRA from the fixed deposit after paying Rs. 20.9 crores to Interim Trade Creditors, denied SRA's 12% interest claim, and dismissed the Bank of Baroda's compensation application. The appeal was disposed of with the Resolution Plan implementation deemed unsustainable by the SRA.
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