Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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The NCLAT upheld the adjudicating authority's directive requiring the appellant secured creditor, who realized its security interest outside the liquidation estate under the SARFAESI Act, to deposit proportionate workmen's dues with the liquidator in accordance with Section 13(9) of the SARFAESI Act and Section 326 of the Companies Act, 2013. The secured creditor cannot evade this statutory obligation despite opting out of the liquidation process. However, the tribunal reversed the direction to contribute towards liquidation costs under Section 52(8) of the IBC, clarifying that such costs fall outside the scope of insolvency resolution process costs defined in Section 5(13). Consequently, the appeal was allowed in part, affirming the liability for workmen's dues but negating the requirement to pay liquidation costs from the amount realized.
The NCLAT upheld the adjudicating authority's directive requiring the appellant secured creditor, who realized its security interest outside the liquidation estate under the SARFAESI Act, to deposit proportionate workmen's dues with the liquidator in accordance with Section 13(9) of the SARFAESI Act and Section 326 of the Companies Act, 2013. The secured creditor cannot evade this statutory obligation despite opting out of the liquidation process. However, the tribunal reversed the direction to contribute towards liquidation costs under Section 52(8) of the IBC, clarifying that such costs fall outside the scope of insolvency resolution process costs defined in Section 5(13). Consequently, the appeal was allowed in part, affirming the liability for workmen's dues but negating the requirement to pay liquidation costs from the amount realized.
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