Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
SC held that the Resolution Plan submitted by JSW for Bhushan Power and Steel Limited was fundamentally flawed, involving multiple procedural and substantive irregularities. The Court found critical non-compliance with mandatory IBC provisions, including improper implementation of the Resolution Plan, failure of the Resolution Professional to verify eligibility criteria, and dubious conduct by the Committee of Creditors. Consequently, the SC quashed the NCLT and NCLAT orders, effectively setting aside the Resolution Plan and directing a fresh resolution process, emphasizing strict adherence to Insolvency and Bankruptcy Code regulations and time-bound resolution mechanisms.
SC held that the Resolution Plan submitted by JSW for Bhushan Power and Steel Limited was fundamentally flawed, involving multiple procedural and substantive irregularities. The Court found critical non-compliance with mandatory IBC provisions, including improper implementation of the Resolution Plan, failure of the Resolution Professional to verify eligibility criteria, and dubious conduct by the Committee of Creditors. Consequently, the SC quashed the NCLT and NCLAT orders, effectively setting aside the Resolution Plan and directing a fresh resolution process, emphasizing strict adherence to Insolvency and Bankruptcy Code regulations and time-bound resolution mechanisms.
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