Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
