Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Where a debt had been adjudicated by the DRT and a recovery certificate issued, the liability was treated as a financial debt, and section 7 CIRP could be initiated within three years from the recovery certificate, or at the latest from the DRT order. The applications against the corporate guarantors were therefore not barred by limitation, and they could not reopen limitation by relying only on the original NPA date where joint and several liability had already been fastened. The Tribunal also found that the applications contained material particulars by referring to the DRT orders, the recovery certificate and the quantified default, so rejection for want of a separately stated default date was erroneous. The impugned orders were quashed and the matters remitted for decision on merits.
Where a debt had been adjudicated by the DRT and a recovery certificate issued, the liability was treated as a financial debt, and section 7 CIRP could be initiated within three years from the recovery certificate, or at the latest from the DRT order. The applications against the corporate guarantors were therefore not barred by limitation, and they could not reopen limitation by relying only on the original NPA date where joint and several liability had already been fastened. The Tribunal also found that the applications contained material particulars by referring to the DRT orders, the recovery certificate and the quantified default, so rejection for want of a separately stated default date was erroneous. The impugned orders were quashed and the matters remitted for decision on merits.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
