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...
NCLAT addressed a dispute regarding an onerous Leave and License Agreement under Regulation 10 of Liquidation Regulations. The Tribunal unanimously held that the transaction dated 07.06.2019 was unprofitable and burdensome, qualifying as an onerous property. Both Technical and Judicial Members concurred that the liquidator could disclaim the contract. The Tribunal definitively ruled that Regulation 10 is not ultra vires to the Insolvency and Bankruptcy Code, as it was validly enacted under Section 35(1)(o). Consequently, the NCLAT dismissed the appeal, upholding the adjudicating authority's original order and confirming the liquidator's power to disclaim the onerous property.
NCLAT addressed a dispute regarding an onerous Leave and License Agreement under Regulation 10 of Liquidation Regulations. The Tribunal unanimously held that the transaction dated 07.06.2019 was unprofitable and burdensome, qualifying as an onerous property. Both Technical and Judicial Members concurred that the liquidator could disclaim the contract. The Tribunal definitively ruled that Regulation 10 is not ultra vires to the Insolvency and Bankruptcy Code, as it was validly enacted under Section 35(1)(o). Consequently, the NCLAT dismissed the appeal, upholding the adjudicating authority's original order and confirming the liquidator's power to disclaim the onerous property.
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