Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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Tax liability arising during CIRP was not extinguished by the approved resolution plan, because the plan showed awareness of pending tax compliances, the NCLT did not grant a blanket waiver of statutory dues, and reliefs were left to the appropriate forum. The Court held that the clean slate principle and the Supreme Court rulings in Essar Steel and Ghanashyam Mishra applied to pre-CIRP dues, not liabilities incurred during CIRP; the reassessment challenge therefore failed. On delayed return filing and carry forward of losses, the petitioner was required to seek condonation under the statutory mechanism, including CBDT action under section 119(2)(b), and could not obtain such relief in writ proceedings. The writ petition was dismissed.
Tax liability arising during CIRP was not extinguished by the approved resolution plan, because the plan showed awareness of pending tax compliances, the NCLT did not grant a blanket waiver of statutory dues, and reliefs were left to the appropriate forum. The Court held that the clean slate principle and the Supreme Court rulings in Essar Steel and Ghanashyam Mishra applied to pre-CIRP dues, not liabilities incurred during CIRP; the reassessment challenge therefore failed. On delayed return filing and carry forward of losses, the petitioner was required to seek condonation under the statutory mechanism, including CBDT action under section 119(2)(b), and could not obtain such relief in writ proceedings. The writ petition was dismissed.
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