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...
The Appellate Tribunal held that an approved resolution plan, restored and implemented prior to the impugned order, carries binding effect and precludes inconsistent adverse action; accordingly claims not incorporated in the sanctioned plan are extinguished to the extent the plan governs creditor treatment. The tribunal relied on a prior higher-court precedent restoring plan approval and concluded the impugned administrative order could not stand; the impugned order was set aside and the appellant company's appeal allowed, with pending applications disposed of accordingly.
The Appellate Tribunal held that an approved resolution plan, restored and implemented prior to the impugned order, carries binding effect and precludes inconsistent adverse action; accordingly claims not incorporated in the sanctioned plan are extinguished to the extent the plan governs creditor treatment. The tribunal relied on a prior higher-court precedent restoring plan approval and concluded the impugned administrative order could not stand; the impugned order was set aside and the appellant company's appeal allowed, with pending applications disposed of accordingly.
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