Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Page of 4792
Press 'Enter' after typing page number.
121 to 140 of 95833 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 4792
Join Channel
TaxTMI 
