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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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NCLAT dismissed the appeal challenging liquidated damages deduction from corporate debtor's invoices. The Appellate Tribunal held that liquidated damages deducted during contract performance per purchase order terms remain valid, and the approved resolution plan does not retrospectively invalidate such deductions. The tribunal affirmed the Adjudicating Authority's decision, emphasizing that contract terms prevail and no refund is mandated for damages legitimately assessed during contract execution, even after corporate insolvency resolution process initiation.
NCLAT dismissed the appeal challenging liquidated damages deduction from corporate debtor's invoices. The Appellate Tribunal held that liquidated damages deducted during contract performance per purchase order terms remain valid, and the approved resolution plan does not retrospectively invalidate such deductions. The tribunal affirmed the Adjudicating Authority's decision, emphasizing that contract terms prevail and no refund is mandated for damages legitimately assessed during contract execution, even after corporate insolvency resolution process initiation.
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