Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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.
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