Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
The NCLAT held that an 'undertaking' means a going concern-an organised revenue generating business integrated with assets-and not an isolated asset; the 20% quantitative test in the Explanation applies only after a qualitative finding of undertaking, so sale of the Saakar Bungalow (a passive mortgaged property acquired in 2017) was an asset sale that did not require a special resolution. The Tribunal upheld that the purchaser was a bona fide purchaser under the circumstances of a SARFAESI distress sale and that alleged undervaluation, with valuation on an 'as is where is' basis, did not warrant appellate interference in the NCLT's exercise of discretion.
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