Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
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...
Interim moratorium under the IBC was held to commence by operation of law once the Section 95 petition was registered, and not to depend on prior intimation to the secured creditor. The DRT therefore erred in refusing relief merely because the bank had not been notified on the correct email address, and its orders were set aside. The Court also found procedural irregularities in NCLT scrutiny and refiling, but held that those errors did not displace the moratorium already triggered on registration. Questions of alleged connivance and the moratorium's effect on the bank and auction purchasers were left open for the NCLT, while the Registry was directed to follow the prescribed scrutiny procedure strictly.
Interim moratorium under the IBC was held to commence by operation of law once the Section 95 petition was registered, and not to depend on prior intimation to the secured creditor. The DRT therefore erred in refusing relief merely because the bank had not been notified on the correct email address, and its orders were set aside. The Court also found procedural irregularities in NCLT scrutiny and refiling, but held that those errors did not displace the moratorium already triggered on registration. Questions of alleged connivance and the moratorium's effect on the bank and auction purchasers were left open for the NCLT, while the Registry was directed to follow the prescribed scrutiny procedure strictly.
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