Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Page of 4801
Press 'Enter' after typing page number.
941 to 960 of 96001 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The HC held that upon sale of the corporate debtor in liquidation as a going concern on a "clean state" basis, all pre-sale dues stand frozen and are extinguished, with creditors' entitlements confined to the Section 53 waterfall; accordingly liability of Petitioner No.1 for tax, interest and penalty for periods prior to the sale cannot be adjudicated outside the insolvency framework. The tax proceedings initiated against the petitioner for FY 2019-2020 were held to be impermissible, the impugned assessment/order was quashed, and the petition disposed of, confirming that a purchaser of the corporate debtor as a going concern is not saddled with antecedent liabilities.
The HC held that upon sale of the corporate debtor in liquidation as a going concern on a "clean state" basis, all pre-sale dues stand frozen and are extinguished, with creditors' entitlements confined to the Section 53 waterfall; accordingly liability of Petitioner No.1 for tax, interest and penalty for periods prior to the sale cannot be adjudicated outside the insolvency framework. The tax proceedings initiated against the petitioner for FY 2019-2020 were held to be impermissible, the impugned assessment/order was quashed, and the petition disposed of, confirming that a purchaser of the corporate debtor as a going concern is not saddled with antecedent liabilities.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
