Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
Approved resolution plans extinguish pre-approval statutory dues that were not claimed in the corporate insolvency resolution process and do not form part of the plan. Applying the clean slate principle, the Appellate Tribunal held that unclaimed Income Tax Department dues and other statutory dues existing on the date of approval could not survive against the successful resolution applicant. It also distinguished extinguishment of past dues from affirmative tax relief: any concession, waiver or relief under the Income Tax Act still requires approach to the competent authority, and that condition was upheld.
Approved resolution plans extinguish pre-approval statutory dues that were not claimed in the corporate insolvency resolution process and do not form part of the plan. Applying the clean slate principle, the Appellate Tribunal held that unclaimed Income Tax Department dues and other statutory dues existing on the date of approval could not survive against the successful resolution applicant. It also distinguished extinguishment of past dues from affirmative tax relief: any concession, waiver or relief under the Income Tax Act still requires approach to the competent authority, and that condition was upheld.
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