Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
HC ruled on the legality of creating additional dues by GST Department after NCLT's Resolution Plan approval. The court held that once a Resolution Plan is approved under IBC, subsequent claims by creditors are impermissible as they would disrupt the resolution process. The court specifically noted that the tax department was aware of IBC proceedings and had previously filed claims through the Resolution Professional. Consequently, the court quashed the assessment order and demand notice issued under Section 74 of CGST Act, 2017, which were raised post-Resolution Plan approval, thereby protecting the sanctity of the resolution mechanism and preventing potential disruption to the insolvency resolution process.
HC ruled on the legality of creating additional dues by GST Department after NCLT's Resolution Plan approval. The court held that once a Resolution Plan is approved under IBC, subsequent claims by creditors are impermissible as they would disrupt the resolution process. The court specifically noted that the tax department was aware of IBC proceedings and had previously filed claims through the Resolution Professional. Consequently, the court quashed the assessment order and demand notice issued under Section 74 of CGST Act, 2017, which were raised post-Resolution Plan approval, thereby protecting the sanctity of the resolution mechanism and preventing potential disruption to the insolvency resolution process.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
