Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
