Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
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HC quashed notices issued under FEMA during Corporate Insolvency Resolution Process (CIRP), holding that IBC provisions override FEMA regulations. The court determined that the moratorium under Section 14 of IBC prohibits continuation of legal proceedings against corporate debtor, regardless of when original proceedings were initiated. Section 33(5) and judicial precedents further supported the ruling that IBC protections supersede FEMA provisions. While notices were invalidated, the court clarified that individual directors could still face potential legal action for pre-CIRP misconduct. The petition was ultimately allowed, effectively protecting the corporate debtor's assets during liquidation proceedings.
HC quashed notices issued under FEMA during Corporate Insolvency Resolution Process (CIRP), holding that IBC provisions override FEMA regulations. The court determined that the moratorium under Section 14 of IBC prohibits continuation of legal proceedings against corporate debtor, regardless of when original proceedings were initiated. Section 33(5) and judicial precedents further supported the ruling that IBC protections supersede FEMA provisions. While notices were invalidated, the court clarified that individual directors could still face potential legal action for pre-CIRP misconduct. The petition was ultimately allowed, effectively protecting the corporate debtor's assets during liquidation proceedings.
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