Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
Customs Assessment Portal centralises classification and valuation guidance to support consistent, transparent and informed compliance across stakehol...
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The HC held that income tax proceedings against the dissolved company cannot continue, as the IBC 2016, under Section 238, overrides any inconsistent provisions of the Income-Tax Act. Income-tax dues, classified as Crown debts, do not have priority over secured creditors under insolvency proceedings. The appeals are adjourned sine die, with liberty granted to the parties to seek re-listing after the NCLT either approves a resolution plan or orders the company's winding up. The Court will then determine the viability of proceeding with the appeals.
The HC held that income tax proceedings against the dissolved company cannot continue, as the IBC 2016, under Section 238, overrides any inconsistent provisions of the Income-Tax Act. Income-tax dues, classified as Crown debts, do not have priority over secured creditors under insolvency proceedings. The appeals are adjourned sine die, with liberty granted to the parties to seek re-listing after the NCLT either approves a resolution plan or orders the company's winding up. The Court will then determine the viability of proceeding with the appeals.
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