Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Whether Regulation 12 limitation bars a statutory provident fund claim: Supreme Court precedent (Rainbow Papers) treats Regulation 12 as directory for statutory dues, so delay alone cannot justify rejection - claim survives. Whether EPF/gratuity constitute assets of the corporate debtor under Section 36(4)(iii): prior tribunal authority held EPF/gratuity are not assets of the corporate debtor, so they cannot be treated as estate assets - claim stands. Whether reopened claims may be barred after CoC approval: Supreme Court jurisprudence cautions against reopening plans to avoid endless CIRP, but that principle does not override the Rainbow Papers ruling; impugned rejection on limitation is quashed and matter is remitted to the Adjudicating Authority to reconsider the application on merits (except as to limitation) - NCLAT
Whether Regulation 12 limitation bars a statutory provident fund claim: Supreme Court precedent (Rainbow Papers) treats Regulation 12 as directory for statutory dues, so delay alone cannot justify rejection - claim survives. Whether EPF/gratuity constitute assets of the corporate debtor under Section 36(4)(iii): prior tribunal authority held EPF/gratuity are not assets of the corporate debtor, so they cannot be treated as estate assets - claim stands. Whether reopened claims may be barred after CoC approval: Supreme Court jurisprudence cautions against reopening plans to avoid endless CIRP, but that principle does not override the Rainbow Papers ruling; impugned rejection on limitation is quashed and matter is remitted to the Adjudicating Authority to reconsider the application on merits (except as to limitation) - NCLAT
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