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...
A Section 9 IBC application by an operational creditor is liable to be rejected where the information utility record reflects a dispute, since Section 9 is a summary remedy for undisputed operational debt and Section 9(5)(ii)(d) mandates rejection upon existence of dispute. As the operational creditor itself produced the information utility certificate showing a recorded dispute, the adjudicating authority erred in admitting the application without addressing that statutory bar; the admission order was set aside and the Section 9 application rejected. Independently, a pre-existing dispute was evident from the corporate debtor's reply to the demand notice disputing liability, attracting Section 9(5)(ii)(d); the appeal was allowed. - NCLAT
A Section 9 IBC application by an operational creditor is liable to be rejected where the information utility record reflects a dispute, since Section 9 is a summary remedy for undisputed operational debt and Section 9(5)(ii)(d) mandates rejection upon existence of dispute. As the operational creditor itself produced the information utility certificate showing a recorded dispute, the adjudicating authority erred in admitting the application without addressing that statutory bar; the admission order was set aside and the Section 9 application rejected. Independently, a pre-existing dispute was evident from the corporate debtor's reply to the demand notice disputing liability, attracting Section 9(5)(ii)(d); the appeal was allowed. - NCLAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
