Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
HC held that proceedings initiated by the 3rd Respondent before the DRT against the personal guarantor were without jurisdiction, as Section 60(1) IBC mandates that insolvency and related proceedings concerning corporate debtors and their personal guarantors lie before the NCLT. The Court ruled that applications under Section 95(1) are maintainable before NCLT irrespective of pendency of CIRP or liquidation. Consequently, the DRT's order dated 2 May 2022 was declared null and set aside. HC directed the DRT to transfer all pending proceedings in these matters to the NCLT within four weeks, while granting liberty to the 2nd and 3rd Respondents to seek appropriate reliefs before NCLT.
HC held that proceedings initiated by the 3rd Respondent before the DRT against the personal guarantor were without jurisdiction, as Section 60(1) IBC mandates that insolvency and related proceedings concerning corporate debtors and their personal guarantors lie before the NCLT. The Court ruled that applications under Section 95(1) are maintainable before NCLT irrespective of pendency of CIRP or liquidation. Consequently, the DRT's order dated 2 May 2022 was declared null and set aside. HC directed the DRT to transfer all pending proceedings in these matters to the NCLT within four weeks, while granting liberty to the 2nd and 3rd Respondents to seek appropriate reliefs before NCLT.
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