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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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NCLAT dismissed the appeal and affirmed the NCLT's order approving the resolution plan for the corporate debtor. It held that, although the appellant's expenditure on the corporate debtor had been acknowledged in prior proceedings, the appellant failed to substantiate its claim as financial or operational debt under the IBC, particularly given the delayed filing, absence of supporting documents, and an exorbitant, contractually unsupported interest component. NCLAT found no contravention of s.30(2)(b) IBC or the CIRP Regulations and reiterated the primacy of the CoC's commercial wisdom, especially where the plan had been approved with 100% voting share. As the resolution plan complied with all mandatory statutory requirements and no material irregularity was established, judicial interference was held to be unwarranted. The successful resolution applicant was permitted to proceed in terms of the approved plan, and the appeal was disposed of.
NCLAT dismissed the appeal and affirmed the NCLT's order approving the resolution plan for the corporate debtor. It held that, although the appellant's expenditure on the corporate debtor had been acknowledged in prior proceedings, the appellant failed to substantiate its claim as financial or operational debt under the IBC, particularly given the delayed filing, absence of supporting documents, and an exorbitant, contractually unsupported interest component. NCLAT found no contravention of s.30(2)(b) IBC or the CIRP Regulations and reiterated the primacy of the CoC's commercial wisdom, especially where the plan had been approved with 100% voting share. As the resolution plan complied with all mandatory statutory requirements and no material irregularity was established, judicial interference was held to be unwarranted. The successful resolution applicant was permitted to proceed in terms of the approved plan, and the appeal was disposed of.
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