Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Section 32A IBC extinguishes a corporate debtor's criminal liability only from the date an approved resolution plan effects a change of management/control to persons unconnected with prior management; the immunity is conditional and aimed at a new management, not past wrongdoers, and therefore was unavailable where no plan was approved. Separately, Section 14 IBC's moratorium merely suspends initiation or continuation of proceedings during CIRP and does not extinguish ongoing criminal liability; consequently the petition for suspension of sentence was dismissed as neither Section 32A nor the moratorium entitled the appellant to relief.
Section 32A IBC extinguishes a corporate debtor's criminal liability only from the date an approved resolution plan effects a change of management/control to persons unconnected with prior management; the immunity is conditional and aimed at a new management, not past wrongdoers, and therefore was unavailable where no plan was approved. Separately, Section 14 IBC's moratorium merely suspends initiation or continuation of proceedings during CIRP and does not extinguish ongoing criminal liability; consequently the petition for suspension of sentence was dismissed as neither Section 32A nor the moratorium entitled the appellant to relief.
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