Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
The NCLAT held that suspension of authorisation for assignment (AFA) under Bye-Law 23A does not automatically debar a Resolution Professional (RP) from continuing with pending or existing assignments; it only prohibits the RP from accepting fresh assignments. The Tribunal found no majority opinion supporting the replacement of the RP and set aside the prior order directing such replacement. The statutory framework under the IBBI Regulations indicates that suspension as a penalty restricts new assignments but does not affect ongoing ones. Consequently, the directions for replacing the RP were quashed, and the Adjudicating Authority was permitted to proceed with the plan approval application. The appeal was allowed in part, clarifying the scope of suspension under Bye-Law 23A and protecting the RP's continuation on existing cases.
The NCLAT held that suspension of authorisation for assignment (AFA) under Bye-Law 23A does not automatically debar a Resolution Professional (RP) from continuing with pending or existing assignments; it only prohibits the RP from accepting fresh assignments. The Tribunal found no majority opinion supporting the replacement of the RP and set aside the prior order directing such replacement. The statutory framework under the IBBI Regulations indicates that suspension as a penalty restricts new assignments but does not affect ongoing ones. Consequently, the directions for replacing the RP were quashed, and the Adjudicating Authority was permitted to proceed with the plan approval application. The appeal was allowed in part, clarifying the scope of suspension under Bye-Law 23A and protecting the RP's continuation on existing cases.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
